Change in Economic Climate
Market trends
Impact of competition - ANS-A developing business needs to generate new ideas;
otherwise, its products become
... [Show More] outdated and customers may switch to competitor's
products.
When making decisions the business should take into account three main factors.
when making decisions, what are the 3 main things that businesses need to take into
account?
Businesses need to generate ideas to ensure success. - ANS-Why must business
generate ideas?
Gaps in market
competitors
current market trends
demands on products
cost of products
profit made - ANS-Start-up businesses need to show potential investors there is a
market for their products. What are the 6 factors start-up business will use to convince
investors?
Business Cycles
Unemployment
Fiscal Policy
Monetary policy
Reset of interest
Government Social Policy
Rate of technological changes
international events - ANS-Changes in the economic climate are external which impacts
business decisions.
What are the 8 factors in the Economic climate that affects a business?
Both sellers and buyers - ANS-What are market trends influenced by?
Developing innovative products
Advertising
Creating a brand image
Creating new distribution Channels
Joining together with other sellers - ANS-How do sellers influence the market?
(5)
Quality
Brand image
After-sales service
Reviews by other customers
price
customer service
Availability of cheaper substitutes - ANS-What is the 7 consumer choice?
Pattern to their expenditure
Providing feedback to sellers - ANS-How do buyers influence the market?
(2)
The fewer the layers the flatter the structure.
This referees to ......? - ANS-Business structure
To provides goods and services to customers. - ANS-Why do businesses exist?
Its core aims and objective/product and service - ANS-What does a business purpose
mean?
Sole Trader
Partnership
Public Limited
Private Limited
Franchise (not for profit) - ANS-What are the 4 ownership types?
Marketing
Finance
Production
Research and development - ANS-What are the 4 project team?
First hand research - ANS-What type of research is primary research?
Second hand research - ANS-What type of research is secondary research?... [Show Less]