Year 10 Business Studies Flashcards

Q&A style flashcards for quick memorization of Year 10 Business Studies topics.

What is marketing?

Identifying and meeting customer needs profitably.

What is a market?

A place where buyers and sellers interact.

What is market segmentation?

Dividing a market into groups with similar characteristics.

What is the target market?

The specific group a product is aimed at.

What are the roles of marketing?

Identify customer needs, keep loyalty, gain market share, communicate with customers.

What causes changes in spending patterns?

Trends, income, tech, age, health awareness.

How do businesses respond to changes?

New products, rebranding, pricing changes, targeted ads.

Name 3 ways to present market research data.

Bar chart, pie chart, table.

What is a pie chart used for?

Showing proportions or percentages.

What is cost-plus pricing?

Adding a markup to the cost of production.

What is penetration pricing?

Setting low prices to attract customers quickly.

What is skimming pricing?

High prices for a new, unique product.

What is psychological pricing?

Setting prices like $9.99 to make it seem cheaper.

What questions help choose a pricing method?

Cost? Competitors? Value? Demand? Target market?

What are the 5 stages of the product life cycle?

Development, Introduction, Growth, Maturity, Decline.

When do you apply extension strategies?

During maturity or decline to boost sales.

Name 3 problems when entering a foreign market.

Language, laws, culture, currency, unfamiliar market.

Name Maslow's needs from bottom to top.

Physical → Safety → Love → Esteem → Self-actualization.

Give 2 financial rewards.

Salary, bonus.

Give 2 non-financial rewards.

Promotion, praise.

What is the first step of recruitment?

Job analysis.

What is the last step of recruitment?

Selection (hiring).

Name 3 departments in a business.

Marketing, Finance, HR.

What is a tall organization?

Many layers, narrow control span, slow decisions.

What is a flat organization?

Few layers, fast decisions, wide control span.

What is on-the-job training?

Training at the workplace.

What is induction training for?

New employees.

Give 3 communication barriers.

Language, noise, emotional distractions.