Cambridge National Enterprise & Marketing

Transcription

1 Cambridge National Enterprise & Marketing RO64: Marketing & Enterprise Concepts Exam Tips & Key Terms List Name Teacher 1 P age

2 Learning Outcome 1: Understand how to target a market Key Term Definition Customer Market Age Gender Occupation Income Lifestyle Geographic Market Share Quality Convenience Price Marker Research Primary Research 2 P age

3 Secondary Research Observations Questionnaires Surveys Focus Group Consumer Trials Internal Data Books / newspaper / trade magazine Government Publications / Statistics Customer Feedback Customer Comment Card Online Surveys Customer Retention Market Mapping 3 P age

4 Learning Outcome 2: Understand what makes a product or service financially viable Key Term Definition Fixed Costs Variable Costs Total Costs Utilities Salaries Rent Raw Materials Components Stock Packaging Sales Revenue Sales Revenue Calculation Break-Even Break-Even Formula 4 P age

5 Break-Even Point Break-Even Graph Margin of Safety Profit Calculation Profit Profit per unit calculation 5 P age

6 Learning Outcome 3: Understand product development Key Term Definition The Product Lifecycle Development Introduction Growth Maturity Decline Extension Strategies Product Differentiation Brand Image Marketing Mix USP Selling Price Product Function Product Features 6 P age

7 Product Design External factors Technological Developments Recession Boom Copyright Patent Product Safety Standards Value Added Target Market Advertising 7 P age

8 Learning Outcome 4: Understand how to attract and retain customers Key Term Definition Income Level Competitors Price Production Cost Pricing Strategies Competitive Pricing Psychological Pricing Price Skimming Price Penetration Advertising Leaflets Social Media Websites Newspapers Magazines 8 P age

9 Radio Sales Promotion Discounts Competitions BOGOF Point of Sale Advertising Free Gifts / Product Trails Loyalty Schemes Customer Service Customer Retention Customer Engagement After Sales Service 9 P age

10 Learning Outcome 5: Understand factors for consideration when starting up a business Key Term Definition Sole Trader Partnership Limited Lability Partnership Sleeping Partner Franchise Franchisee Franchisor HMRC Limited Liability Unlimited Liability Bank Loan Finance from Family and friends Crowdfunding Business Angels 10 P age

11 Small Business Grants Personal Savings Business Plan Aims and Objectives Cash Flow Business Strategy Sales Plan Marketing Plan Financial Forecasts 11 P age

12 Learning Outcome 6: Understand different functional activities needed to support a business start-up Key Term Definition Functional Areas Human Resources PURPOSE Operations PURPOSE Finance PURPOSE Marketing PURPOSE Recruitment and Selection Training and Development Performance Management Health & Safety Employment Legislation The Marketing Mix Market Research Production Planning Quality Control 12 P age

13 Stock Control Logistics Cash-Flow monitoring Financial Reporting Invoices Budgets Suppliers Supply Chain 13 P age

14 The exam has TWO parts Part A Multiple Choice Questions These test your KNOWLEDGE 16 questions 16 marks Top Tips for the EXAM Part B Written answers scenario-based questions There are 64 marks available in section B Question Command Words include: Identify State Explain Calculate Analyse Recommend These command words require DIFFERENT exam skills 14 P age