this is money going out a business such as wages and bills
money spent on the building of the business
8. what is inflow in a business?
this is cash coming into the business such as sales and sponsers
profit a business makes
overall cost total
9. what is quality assurance
this is step by step management which checks the quality of the product throughout the making of it.
this is checking the quality of the product at the end
10. whats the order of the product life cycle?
1. introduction 2.maturity 3. growth 4. decline
1. introduction 2. growth 3. maturity 4. decline
1.growth 2. introduction 3.decline 4. maturity
11. why is repeat purchase so important?
because then we know the customer approves
it increases the amount of sales of the product and less risk of declining
because you get to know the customer
12. what is break even?
when your money is divided in the business
this is when the revenue is equal to the costs
the middle of your time owning a business
13. whats quality control?
this is making sure the product is of a high standard. and checking the productivity of the product at the end
step by step management in checking the quality
14. what is meant by branding
being popular with the customers
a product with a unique character that differentiates them for instance in design or image
having a big company
15. what is the boston matrix for?
to give money to the business
this allows a business to see how successful there product is in terms of its market share and growth
to keep the business happy
to advertise business
16. what is primary data?
research that can be collected by yourself e.g) questionnairs
quantitative data
research already available that is done by someone else e.g) web research
qualitive data
17. what are extension strategies?
these are used to try prevent sales going to decline e.g) developing a wider product range
extensions to the building
strategies when selling
18. what is a buffer stock for?
hygiene of the store
a buffer stock is a way of guaranteeing their is always stock in place but not too much of it, new stock will be delivered just as the old stock runs out.
