1
Q
Definition of the market
A
The market is where consumers and sellers meet to exchange goods and services
2
Q
Definition of the law of demand
A
The law of demand is where consumers have an inverse relationship between the price and quantity demanded (as the prices increase, demand decreases)
3
Q
Definition of demand
A
Demand is the quantity of a good or service that a consumer is willing and able to purchase at a given price in a specific time period
4
Q
What causes demand curve to shift?
A
- Price of competitors products
- Prices of complementary products
- Consumer income (state of the economy, specifically unemployment)
- Trends in fashion (tastes and preferences)
- Advertising and branding
- Demographics
- External threats
- Seasonality
5
Q
Definition of demography
A
Demography refers to the statistics about a population showing data such as number of people in each age group
Business
flashcards
Decks in class (77)
# Cards
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Theme 1.1.1 - The Market16
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Theme 1.1.2 - Market Research31
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Theme 1.1.3 - Market Positioning11
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Theme 1.2.1 - Demand5
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Theme 1.2.2 - Supply5
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Theme 1.2.4 - Price Elasticity of Demand10
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Theme 1.2.5 - Income Elasticity of Demand8
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Theme 1.3.1 - Product/Service Design9
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Theme 1.3.2 - Branding and Promotion49
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Theme 1.3.3 - Pricing Strategies21
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Theme 1.3.4 - Distribution10
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Theme 1.3.5 - Marketing Strategy14
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Theme 1.4.1 - Approaches to Staffing46
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Theme 1.4.2 - Recruitment, Selection and Training17
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Theme 1.4.3 - Organisational Design21
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Theme 1.4.4 - Motivation in Theory and Practice24
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Theme 1.4.5 - Leadership15
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Theme 1.5.1 - Role of an Entrepreneur11
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Theme 1.5.2 - Entrepreneurial Motives and Characteristics10
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Theme 1.5.3 - Business Objectives6
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Theme 1.5.4 - Forms of Business25
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Theme 1.5.5 - Business Choices2
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Theme 1.5.6 - Moving from Entrepreneur to Leader9
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2.1.1/2 - Internal and External Finance40
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2.1.3 - Liability10
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2.1.4 - Planning29
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2.2.1 - Sales Forecasting10
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2.2.2 - Sales, Revenue and Costs12
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2.2.3 - Break-even12
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2.2.4 - Budgets16
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2.3.1 - Profit13
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2.3.2 - Liquidity14
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2.3.3 - Business Failure4
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2.4.1 - Production, Productivity and Efficiency59
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2.4.2 - Capacity Utilisation9
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2.4.3 - Stock Control20
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2.4.4 - Quality Management23
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2.5.1 - Economic Influences34
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2.5.2 - Legislation20
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2.5.3 - The Competitive Environment11
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Theme 3.1.1 - Corporate Objectives16
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Theme 3.1.2 - Theories of Corporate Strategy24
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Theme 3.1.3 - SWOT Analysis5
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Theme 3.1.4 - Impact of External Influences16
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Theme 3.2.1 - Growth8
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Theme 3.2.2 - Mergers and Takeovers23
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Theme 3.2.3 - Organic Growth5
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Theme 3.2.4 - Reasons for Staying Small5
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Theme 3.3.1 - Quantitative Sales Forecasting17
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Theme 3.3.2 - Investment appraisal17
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Theme 3.3.3 - Decision Trees9
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Theme 3.3.4 - Critical Path Analysis9
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Theme 3.4.1 - Corporate Influences16
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Theme 3.4.2 - Corporate Culture12
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Theme 3.4.3 - Shareholders vs Stakeholders11
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Theme 3.4.4 - Business Ethics11
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Theme 3.5.1 - Interpretation of Financial Statements18
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Theme 3.5.2 - Ratio Analysis15
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Theme 3.5.3 - Human Resources29
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Theme 3.6.1 - Causes and Effects of Change22
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Theme 3.6.2 - Key Factors in Change9
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Theme 3.6.3 - Scenario Planning15
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4.1.1 - Growing Economies10
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4.1.2 - International Trade and Business Growth12
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4.1.3 - Factors Contributing to Increased Globalisation7
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4.1.4 - Protectionism12
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4.1.5 - Trading Blocs3
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4.2.1 - Conditions That Prompt Change12
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4.2.2 & 4.2.3 - Assessment of a Country as a Market/Production Location2
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4.2.4 - Reasons for Global Mergers or Joint Ventures6
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4.2.5 - Global Competitiveness13
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4.3.1 - Marketing17
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4.3.2 - Niche Markets4
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4.3.3 - Cultural and Social Factors7
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4.4.1 - The Impact of MNCs22
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4.4.2 - Ethics5
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4.4.3 - Controlling MNCs8
