Flashcards
Unit 3 Business Studies
Flashcards do conjunto (11)
- 1Maslow's Hierachy of Needs
- 2The Trade Descriptions ActBusinesses deal and sell to customers, all must not:
- Give false information
- Fail to give important information
- Act aggressively (force the sale) - 3The Sale of Goods ActProducts and services sold by a business must:
- Be of merchantable quality
- Match their description
- Be fit for purpose - 4Boston MatrixIs a product portfolio analysis tool used to a plan the development of products.
- Star, very successful
- Question mark, Problem
- Cash Cow, Little growth
- Dog, Few propects - 5Extension StrategiesIncreases the life of a product by slightly changing the product so that it has a fresh appeal to the target market or appeals to a new market segment.
- 6Product Life CycleThe stages through which a product passes from its development to being withdrawn from sale.
- 7Customer LoyaltyThe willingness of buyers to make repeated purchases of a product or from a business.
- 8Market SegmentsPart of a market that contains a group of buyers with similar buying habits.
- 9Focus GroupA group of people assembled to participate in a discussion about a product before it's launched.
- 10Qualitative DataData about opinion, judgements and attitudes.
- 11Quantitative DataData that can be expressed as numbers and can be statistically analysed.
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- Business Studies (Unit 3)
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- Lauren Thrower
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