Business Revision Flashcards 0.0 / 5 ? Business StudiesEverythingGCSEEdexcel Created by: JaydenStottCreated on: 23-03-18 12:57 WhAt aRe thE teN KEY qualitieS to bEinG an EntrPreneUr DetErminAtion anD DriVE, LucK, AbilItY To PlaN, WillIng to taKe RiskS, TakInG the INITIATIVE, ConfiDEnce, BeiNG PerSuasiVE, ABle to MAke DECiSiONS 1 of 23 What IS LaTeral ThinkIng Thinking OUTside THE BoX anD CreaTIvelY 2 of 23 What are THE two Ways to THINK DelibEratley Blue SKy ThinKinG and SIx THINking HAts 3 of 23 what is calculated RISK PuttiNG A NumeRIcal valUE on A RIsk 4 of 23 An InventItion is a What A new Product or Way of Doing thINGs 5 of 23 an INNOvATiON is A WHat An UPGrade to AN invEntion 6 of 23 What isthe legal right to an invention? A patent 7 of 23 What is the exclusive right to publish and sell literary, musical or artistic work? Copyright 8 of 23 What is a name, symbol or other device identifiying a product such as a logo. A trademark 9 of 23 How can someone provide good customer service Give information/advice, have a range of payment options, provide after-sales service 10 of 23 Whata are some beneifts to good customer service? Can add value to the brand, Give the company competitive advantages and create customer loyalty. 11 of 23 What is market segmentation The process of splitting the whole market into segments depending on the characteristiucs of the customers 12 of 23 What are sine ways to segment the market? Age, Gender, Race, Religion, Interests 13 of 23 How is mARKET MAPPING HElpful To identify a gap in the market 14 of 23 What is adding value? The difference between the cost of the inputs and the price of the product 15 of 23 What can add value to a product Building a brand, customer service, product features, convenience, design and functionality 16 of 23 What is the marketing Mix? A.k.A the four P's, Product, Price, Place, Promotion 17 of 23 What is product What the business is selling 18 of 23 What is price How much the product or service is selling for 19 of 23 What is place? Distributing the product eo it can be easily accesed. 20 of 23 What is Promotion? Making sure the customer knows about the product. 21 of 23 What are the different types of objectives? Financial and Non-financial 22 of 23 Is personal satisfaction a financal or non finacal objectvice.? Non finacal 23 of 23
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