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MOCK EXAM YEAR 10
| Question | Answer |
|---|---|
| Creativity | A characteristic of successful entrepreneurs; Generating original and imaginative ideas or solutions. |
| Innovation | A characteristic of successful entrepreneurs; Introducing new or improved methods, products |
| Risk-taking | A characteristic of successful entrepreneurs; Willingness to take chances and embrace uncertainty |
| Communication | A characteristic of successful entrepreneurs; Exchanging information and ideas effectively |
| Negotiation | A characteristic of successful entrepreneurs; Discussions to reach agreements or resolve conflicts. |
| Confidence | A characteristic of successful entrepreneurs; Belief in oneself and abilities to achieve desired outcomes. |
| Determination | A characteristic of successful entrepreneurs; Persistence and drive to overcome challenges |
| Financial Gain | A reward for risk taking with Increasing wealth or monetary benefits. |
| Gaining independence | A rewards for risk taking; achieving freedom and self-reliance. |
| Self-satisfaction | A rewards for risk taking; Fulfillment and happiness from personal achievements. |
| Making a difference | A rewards for risk taking; Creating positive impact or contributing to a meaningful cause. |
| Market Research | Research into the market, what are customers wants and needs |
| Understanding the market | Knowing who your customers are, their wants and needs, and who are your rivals? |
| Reducing Risk | A main purpose of market research to reduce the risk of making mistakes |
| Aiding decision making | A main purpose of market research to help you make decisions |
| Primary research | Gathering information yourself that has not been collected before. |
| Field Research | Alternative term for primary research |
| Focus Group | A group of people assembled to participate in a discussion about a product |
| Observations | Customers are watched to see how they behave in certain situations |
| Consumer Trials | When a product/service is made available for people to trial to gain feedback |
| Survey | Series of questions to gather feedback either on paper or through digital/online means |
| Test Marketing | Where a product or service is released on a small scale to test its popularity/success |
| Secondary research | Using research that others have already completed such as statistics |
| Desk Research | An alternative term for Secondary research |
| Competitors Data | Data about your rival businesses |
| Government publications | Documents such as the census and other statistics about the population |
| Purchased Research Material | Data purchased from specialist research companies |
| MINTEL | Award–winning provider of purchased Market Research |
| Internal data | Data already held by the company such as sales or customer information |
| Books and newspapers | Professionally written and reliable secondary source |
| Qualitative Data | Descriptive data useful for more insight and explanation e.g. opinions |
| Quantitative Data | Factual information usually in number form or percentages |
| Market Segmentation | The breaking up of a market into groups such as gender and age |
| Targeted Marketing | A benefit of market segmentation where you can advertise more easily to customers |
| Costs | Expenses that business incur when producing and selling their products |
| Fixed costs | Costs that stay the same regardless of any change in output |
| Advertising costs | Fixed cost to pay for advertising materials e.g. posters and flyers |
| Insurance | Fixed cost to protect the business and employees |
| Loan interest | Fixed cost for the interest added to money borrowed from lenders |
| Rent | Fixed cost to pay for the rental of an office, shop or factory |
| Salaries | Fixed cost for employees yearly wage |
| Utilities | Fixed cost to pay for water, gas and electric |
| Variable cost | Costs that varies with a change in output |
| Raw materials | Variable cost for the actual materials required to make a product e.g. leather, plastic |
| Components | Variable cost for the actual components in a product e.g. screws and nails |
| Packaging costs | Variable cost for the packagine for each product e.g. box, wrapping |
| Wages | Variable cost for the actual hourly rate paid to employees |
| Total costs | Total fixed costs + Total Variable costs |
| Revenue | Amount of money coming in from selling products or services |
| Formula to calculate Revenue | Quantity * Selling price |
| Total Revenue | the amount of money made in total |
| Total revenue formula | selling price per unit * output level |
| Formula to calculate profit/loss | REVENUE –TOTAL COSTS |
| Profit | when revenue is BIGGER than total costs |
| Loss | when revenue is smaller than total costs |
| Break–even | occurs when total costs equal total revenue |
| Lack of cash | Lack of cash can have consequences like not being able to buy new materials or spend on advertising |
| Marketing Mix | a set of tools used for achieving marketing goals e.g. Product, Price, Place, Promotion |
| Leaflet | printed materials used to provide information or promote something. |
| Product Placement | Where products or brands are integrated into movies, TV shows etc to increase brand awareness |
| Celebrity endorsement | Where a famous person promotes a product or service to leverage their influence and credibility |
| Press/media releases | official statements provided to the media to announce news, products etc |
| The product life cycle | shows how a products goes from development and launch until it is removed from sale |
| Development | Creating and testing the product before sale |
| Introduction | Launching the product into the market |
| Growth | when sales are increasing at their fastest rate |
| Maturity | sales are near their highest, but the rate of growth is slowing down |
| Decline | final stage of the cycle, when sales begin to fall |
| Pricing Strategies | Methods that a business uses to attract customers to buy a product |
| Competitive pricing | Setting a price that is similar to that of a competitor |
| Price skimming | Introduce the product at a high price when there is little/no competition |
| Psychological pricing | Setting a price that appears to be attractive to customers e.g. £999 instead of £1000 |
| Price penetration | Introducing the product at a lower price to attract customers than increasing it gradually over time |
| Sole Trader | One person who owns and controls their own business but they can employ other people. |
| Franchise | A business where the owner grants a licence to another business to operate its brand |
| Limited liability | A partnership in which the partners are not personally liable for the debt |
| Unlimited liability | Where the business owners are liable for all of the debts |
| Source of capital | Sources of income for a business |
| Revenue stream | Sources of finance; Where the money is coming from |
| Owners Savings | Money put into the business by the owner |
| Business Angel | A wealthy entrepreneur priovdes the money with a % share of profits |
| Grants | Start up grants available from banks, charities or the government |
| Crowdfunding | When groups of investors join together to fund a project |
| Friends and Family | Common source of finance but offers risks to personal relationships |
| Bank Loan | Long term source of finance offered by banks with interest |
| Capital | The money needed to start or expand a business |
| Support for Enterprise | Places to find help with your business |
| Local council enterprise department | Help from the local council to give you advice and support |
| Accountants | Experts in finance that can support with taxes and money advice |
| Solicitors | Experts in legal issues that offer advice with things like copyright and data protection |
| Chamber of Commerce | A group that helps local businesses with with resources and community engagement. |
| Government support | Help for businesses from the government with grants, tax incentives, training programs, and advice |
| Charities | Free help with advice on various aspects such as fundraising, marketing and community engagement |
Created by:
weirdog
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