A LEVEL BUSINESS - EDEXCEL

• Partnerships involve two or more people working together to run a business, with all partners having equal say in decision making.
• Price refers to how much consumers pay for products or services, which can be set by businesses based on factors such as costs, competition, demand, and profit margins.
• Sole traders have unlimited liability, meaning they can be held personally liable for the debts of their business if it goes bankrupt.
• Product refers to all aspects of the product that are important to customers, including quality, features, design, packaging, branding, warranty, etc.
• Oligopoly is a market structure dominated by a small number of large firms, often producing similar or identical products, with high barriers to entry.
• The main types of business structure are sole trader, partnership, private limited company (PLC), public limited company (PLC) and not-for-profit organisation.
• Monopolistic competition is a market structure with many firms selling similar but not identical products, with low barriers to entry and some pricing power.
• The main aim of the marketing mix is to satisfy customer needs
• Perfect competition is a market structure characterized by a large number of small firms producing homogeneous products with perfect information and ease of entry and exit.
• Limited Liability Partnership (LLP): An alternative form of partnership where the liability is limited to the amount invested by each partner.
• Advantages of Limited Liability Partnership include unlimited tax allowances, no need for annual accounts, and protection against personal bankruptcy.
• Product is the goods or services that are sold by a business, including their features, quality, design, packaging, branding, and pricing strategy.
• The product life cycle is a model that describes the stages through which a product passes from its introduction into the market until it reaches maturity and eventually declines.
• Disadvantages of Limited Liability Partnership include higher costs compared to other forms of ownership, potential loss of control over company decisions, and increased complexity due to legal requirements.
• A monopolistic competition market has many buyers but few sellers, resulting in low barriers to entry and exit.
• Promotion involves marketing strategies used by businesses to promote their products or services, such as advertising, sales promotions, public relations, personal selling, direct mail, sponsorship, guerrilla marketing, and online promotion.
• Promotion involves communicating information about a product or service to potential buyers through various marketing channels like advertising, sales promotions, public relations, personal selling, direct mail, sponsorship, guerrilla marketing, etc.
• Market share is the percentage of sales revenue generated by one firm compared to total industry sales
• Productivity measures the efficiency of production processes and output per unit of input used.
• Promotion involves communicating information about a product or service to potential buyers through various channels like advertising, sales promotions, public relations, personal selling, direct marketing, sponsorship, guerrilla marketing, and viral marketing.
• A monopoly is a single firm dominating an entire industry, having no close competitors and being able to charge whatever price it wants due to its lack of substitutes.
• Market share is the percentage of total sales revenue generated by one firm compared to its competitors in an industry.
• Market share is the percentage of sales revenue generated by one firm compared to total industry sales.
• Profitability measures the financial success of a business over time, calculated using net income (revenue minus expenses) divided by total assets.
• Profit is calculated by subtracting total expenses from revenue, representing the amount earned over and above what was spent running the business.
• Market share is the percentage of total sales revenue that a firm has within its industry.
• Profitability is measured using ratios such as gross profit margin (GPM) and net profit margin (NPM), indicating the percentage of revenue left over after deducting expenses.
• A monopolist has no close competitors and faces little threat from new entrants due to high barriers to entry
• Disadvantages of Limited Liability Partnership include higher costs compared to other forms of partnership, more complex legal requirements, and potential conflicts between partners regarding profits and losses.
• Porter's Five Forces Model helps analyze the competitive forces within an industry, including supplier power, buyer power, threat of substitutes, rivalry among existing competitors, and new entrants.
• Place refers to how a product reaches its customers through distribution channels such as wholesalers, retailers, agents, direct sales, e-commerce, and franchising.
• A monopoly is a single firm dominating an entire market, with no close substitutes and significant barriers to entry.
• Market share is the percentage of sales revenue generated by one firm compared to total sales revenue in the whole market.
• Monopolies are markets where there is only one supplier of a good or service, leading to higher prices and lower output than would occur under perfect competition.
• Price elasticity measures how responsive demand is to changes in price
• Price is the value paid by customers for a good or service, determined by factors such as demand, supply, costs, competitors' prices, and perceived value.
• Price is the value paid by customers for a good or service, determined by factors such as demand, supply, costs, competitors' prices, and perceived value.
• A monopolist is a single seller who dominates an entire market.
• A monopolist is a single seller who dominates an entire market.
• Pricing strategies include cost-plus pricing (adding a markup to cover costs), value-based pricing (setting prices based on perceived customer benefits), penetration pricing (lower initial price to attract new customers), skimming pricing (higher initial price to capture early adopters), psychological pricing (using numbers to influence consumer behavior), dynamic pricing (changing prices based on supply/demand conditions).