Master this deck with 81 terms through effective study methods.
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Includes a point, two linked strands of analysis, and a key term.
They logically develop the impact and show cause and effect.
Explain how or why something happens using a logical chain.
They improve marks by building a logical chain of analysis.
Analysis of one option with arguments for and against plus a justified conclusion.
It shows application to the case study and increases marks.
Factors that drive a customer to purchase a product.
Setting a price that covers costs while being acceptable to customers.
Satisfied customers are likely to recommend the product, boosting demand.
A place for buyers and sellers to exchange goods and services.
Gathering information to aid business decisions regarding customers and the market.
It confirms demand before product launch, minimizing failure chances.
Data based on opinions and attitudes.
Numerical data suitable for statistical analysis.
It results in poor decision-making due to inaccurate data.
Using a representative sample for accurate results.
Employing appropriate methods to gather relevant data.
Dividing a market into groups with similar characteristics.
Targets specific needs, enhancing customer satisfaction and sales.
It can be costly to cater to multiple market segments.
A diagram showing product positions based on two variables.
It compares only two variables and may rely on opinion.
Businesses vying to supply goods/services to the same customers.
Businesses may lower prices to stay competitive.
A long-term goal of a business.
A short-term measurable target.
To cover costs and remain operational in early stages.
Costs that remain unchanged regardless of output.
Costs that fluctuate directly with output levels.
Money received from sales.
Revenue minus total costs.
It raises revenue per unit, potentially increasing profit if demand holds.
The output level where total revenue equals total costs.
It allows the business to start making profit sooner.
The difference between actual sales and break-even sales.
It lowers the risk of incurring a loss.
The movement of money into and out of a business.
Total inflows minus total outflows.
An estimate of future cash inflows and outflows.
Identifies potential cash shortages.
Falling sales due to competition.
When outflows exceed inflows, causing a cash shortage.
The business may struggle to pay suppliers.
When inflows exceed outflows.
A person who starts a business and takes financial risks.
A business operating under another firm's brand and model.
An established brand reduces risk.
Lack of independence and profit sharing.
Owners are liable only up to their investment amount.
Owners are personally responsible for all business debts.
The owner retains all profits.
Unlimited liability increases financial risk.
A business owned by 2 to 20 individuals.
Risk and expertise are shared among partners.
A private limited company with non-publicly sold shares.
Limited liability protects personal assets of owners.
It allows monitoring of rivals and attracts shared customers.
The number of people passing a specific location.
It increases potential customer numbers and sales.
Buying and selling goods over the internet.
Lower operating costs due to no physical store.
Lack of personal interaction with customers.
Product, Price, Place, Promotion.
To meet customer needs and drive sales.
The good or service offered for sale.
Activities to inform and persuade customers.
The location where the product is sold.
The amount customers pay for a product.
A document detailing how a business will operate.
It helps secure financing from lenders.
An objective that is Specific, Measurable, Achievable, Relevant, and Time-bound.
It increases competition, often leading to lower prices.
Enables cheaper digital marketing methods like social media.
Customers and employees.
Their motivation impacts productivity and customer satisfaction.
Customers desire low prices while owners seek high profits.
Laws that businesses must comply with.
To ensure products are safe and accurately described.
Businesses may incur fines or face closure.
A recession can reduce demand, necessitating price cuts.
They increase borrowing costs, discouraging investment.