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Flashcards in Some topic 2 mostly 3 Deck (35)
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1

The marketing mix:

- price
- products
- place
- promotion.

2

Cost plus pricing:

You get the cost to make the product, multiply it by a fixed amount to make a certain amount of profit.

3

Competitor pricing:

Set a price on what competitors prices are if the product is simular of identical to yours.

4

Promotional pricing:

The reduction of price to attract customers to sell more products with smaller margins. E.G:
- BOGOF
-multipacks
- 3 for 2

5

Price skimming:

This is where the product is more advanced than that of competitors and therefore a price I set high as customers will pay for new technology.

6

Penetration pricing.

When a business is new to the market a price is set lower than business competitors as they are not very well known.

7

Stages of a products life:

Introduction - growth stage - majority stage - decline stage.

8

Extension strategies to stop the decline.

- adapt product.
- change shape, colour, flavour.
- 2 for £2
- new product which is very simular.
- update it.

9

Advantages of selling directly to customers:

- relationships with customer. Loyalty.
- you get all the profit.
- quicker.
- cheaper.

10

A wholesaler is :

A person or company that buys and sells in large quantities at lower prices to retailers.

11

Advantages of wholesalers:

- sell to small shop.
- buy in large quantities.
- regular purchases from the business.
- good for marketing
- less stress and work for company.

12

Innovations are:

Improving existing products.

13

Invention

Coming up with a new, unique product.

14

Digital distribution benefits:

- faster to reach customers.
- can sell tiered access.
- can keep in contact with customers.

15

Digital distribution disadvantages:

- privacy.
- intense online competition.
- the initial set-up cost.
- many customers expect everything digital to be free.

16

Types of sales promotion:

- price reduction
- loss leaders.
- competitions
- free samples.

17

Loss leaders:

A product below cost price to attract customers into the shop. To spend more money.

18

Why use competitions ?

- promotes our business.
- get more regular customers.
-easy to do via social media.
- cheap

19

Why do businesses use free samples:

- introduce new customers.
- to get regular customers.
- easy to do in the street.
- you can get feedback.

20

The jones effect:

If everyone else has one they would want to join the crowd.

21

Early discounts to events:

- more organised
- more sales revenue
- predicts sales and profits.

22

Internal recruitment:

When the business fills a vacancy from a existing member of staff

23

External recruitment:

Filling a vacancy from an applicant not related to the business.

24

Job description:

A document that describes the duties of a worker.

25

Person spec:

A profile of the type of person needed to fill the vacancy. For example, traits and quantities.

26

What’s in the job description.

- job title.
- pay
- contract type
- reporting to
- duties

27

What’s in a person spec:

-Experience
- education
- skills
- astributes

28

How to advertise a job vacancy.

- company website.
- social media
- specialist magazines
- job centre.
- recruitment company.
- internal advertising.

29

reasons for short-listing.

- quicker to appoint.
- saves money.
- everyone invited has a chance.
- no embarrassment for over or under qualified applicants.

30

Advantages of CV

- you can make yourself sound good.
- you can give lots of info.
- express yourself.