1
Q
What is demand?
A
The quantity customers are willing and able to buy at a given price in a time period
2
Q
What is the law of demand in relation to price?
A
It has an inverse relationship with price
3
Q
What 7 examples cause changes in demand?
A
-Price
-Income
-Preferences in fashion
-Advertising and branding
-Demographic change
-External shocks
-Seasonal factors
4
Q
What happens to demand when income increases and why?
A
When income increases, demand increases as people are able to buy more in a budget
5
Q
What is the substitution effect of a price change?
A
Customers may choose a substitute if it is as good and cheaper
6
Q
What are complementary products?
A
Products that may be bought together
7
Q
Where does demand sit on a demand and supply graph
A
demand- down
Business theme 1
flashcards
Decks in class (31)
# Cards
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1.1.1 Intro to marketing6
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1.1.2 The market12
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1.1.3 Market research17
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1.1.4 Market positioning11
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1.2.1 Demand7
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1.2.2 Supply4
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1.2.3 Market equilibrium10
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1.2.4 Price elasticity of demand9
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1.2.5 Income elasticity of demand7
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1.3.1 Product and service design7
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1.3.2 Branding and promotion26
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1.3.3 Pricing strategies20
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1.3.4 Distribution13
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1.3.5 Product life cycle and portfolio31
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1.3.5 Marketing strategies11
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1.4.1 Approaches to staffing33
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1.4.2 Recruitment, selection and training20
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1.4.3 Organisational design22
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1.4.4 Motivational theories24
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1.4.5 leadership15
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1.5.1 The role of an entrepreneur13
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1.5.2 Entrepreneurial motives and characteristics7
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1.5.3 Business Objectives12
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1.5.4 Forms of businesses25
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1.5.5 Business choices5
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1.5.6 Business leadership10
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1.1 KEY TERM21
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1.2 KEY TERM14
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1.3 KEY TERM67
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1.4 KEY TERM67
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1.5 KEY TERM23
