Business Studies

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  • Created by: Nniner
  • Created on: 21-03-24 07:25
What is Location?
The place where a business decides to site operations
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A business needs to think about c?
Customers if need to be close
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A business needs to think about co?
Competitors - might not want to be too close
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A business needs to think about s?
Suppliers - might need to be close to get raw materials delivered
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A business needs to think about w?
Workers - To make it easy for them to get to work
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What is Price?
The amount charged by a business for it’s products/services
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What affects Price = T?
Technology - Easier to compare competitor prices
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What affects Price = C?
Competition - More choice for customers, prices low
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What affects Price = Q?
Quality - Better materials = more expensive
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What affects Price = U?
USP - Customers pay more for unique
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What is a pricing strategy?
A way a business decides to price their products
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High volume
A business produces a lot of a product at a low cost.
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High margin
Businesses will find ways to charge a higher price.
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Customers differ because of:
The benefits they want
How much they can or willing to pay
Quantities they buy
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Market segmentation
Aim products at a group of people that will be interested in their products.
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Types of Market Segmentation
Age, Gender, Income, Lifestyle
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TV Advertising is where
a businesses promote their products through creating an advert which is displayed on TV
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Advantages of TV Advertising
Wide coverage
Control of message
Repetition means message communicated effectively
Used to build brand loyalty
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Disadvantages of TV Advertising
Often expensive
Impersonal
One way communication
Lacks flexibility
Limited ability to close sale
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What is Social Media
websites and applications that enable us to create and share information or to participate in social networking.
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What are the benefits of social media?
Cheap methods to promote themselves (Twitter, Facebook – free to join)
Collect market research easily and quickly
Get feedback on how to improve (reviews)
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What is sponsorship?
A business will sponsor an event, team or individual in order to build brand awareness
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Advantages of sponsorship
Increased publicity
Increased sales
Free clothing, equipment or payment for wearing sponsor’s clothing
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Disadvantages of sponsorship
Negative events e.g. cheating/drug use may affect reputation
Tied in to a contract and have to do appearances
Dates, times, clothing may be changed to suit sponsor
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What is sales promotion?
Persuading a potential customer to buy the product. Sales promotion is designed to be used as a short-term tactic to boost sales.
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Types of sales promotion
Money off vouchers, Competitions, Free gifts, Loyalty Cards, BOGOF
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Advantages of sales promotion
Achieves quick boost to sales

Encourages customers to trial a product or switch
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Disadvantages of sales promotion
Increase in sales only short term

Customers so hold off buying for future discounts
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What is a point of sales display?
A point-of-sale display (POS display) is a specialised form of sales promotion that is found near, on, or next to a checkout counter (the "point of sale").
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Other cards in this set

Card 2

Front

A business needs to think about c?

Back

Customers if need to be close

Card 3

Front

A business needs to think about co?

Back

Preview of the front of card 3

Card 4

Front

A business needs to think about s?

Back

Preview of the front of card 4

Card 5

Front

A business needs to think about w?

Back

Preview of the front of card 5
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