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Business ownership
Marketing
Marketing mix
Marketing mix 2
100

Name two forms of business

Sole trader

Partnership

Public Company

Not for profit

Franchise

100

What is target marketing?

Marketing your product to a segment or a niche.

100

What are the main elements of marketing mix

Place, price, product, promotion

100

What is the term for: a way of obtaining information to form or create a description of the typical customers. This is then used to assist in the future decision making of the business.

Customer profiling

200

Name two aspects of a business to consider when starting a business

Tax

Ownership

Liability

Succession

Sources of finance

200

Name the other two market characteristics. The first one is Geographic

Demographic and psychographic

200

Features, packaging, Customer service, branding are all associated with what type of marketing. (one of the Ps)

Product

200

2 reasons place (location) is important

more passing traffic, type of clientele, close to target market

300

What would be the best business set up for tax exemptions?


Not for profit

300

What is the term for the communication of information about the product to the target market, while also influencing the behaviour and attitudes of the consumer

Promotion

300

Identify two different ways that a café could promote is business/products

  • Advertising – social media, internet, mass media, print
  • Sales – deals, loyalty, coupons, samples, etc
  • Publicity – launches, media releases, sponsorships.
300

What is the term for: all the ways that a business can create an identity that the customer can see and be reassured by.

Physical Presence 

400

One way could you get publicity as a business

Sponsorship, media spots, launch events/party

400

What can a business do to improve physical presence?

Signage, Web page, uniforms

400

3 ways customer profiling might influence a business such as a restaurant?

food options, e.g. healthy food choices

opening times, e.g. before work, after work, weekends

locations, e.g. access to easy parking, near grocery stores.

500

2 ways you might promote a business or product

Advertising, Sales, Publicity, In store samples

500

2 things you could do as a business to build customer relations

Give aways (free glass of wine), loyalty programs (tenth coffee free), special treatment (reserve the best table)

500

Name the three pricing strategies to attract new customers

Skim pricing: set a high price for unique products

Penetration pricing: set lower prices for products than the competitors.

Psychological pricing: prices such as $3.99 in stead of $4 - seems better value