Business studies

• Profit before tax is calculated: operating profit - corporation tax.
• Sole trader - one person who owns the whole business
• Market mapping involves collecting information about competitor. this includes revenue, growth rate and industry sectors
• The main types of marketing mix are product, price, promotion and place
• A market map can be used to identify gaps in the market that competitors are not filling or areas where there is high competition
• A product is what a company sells and a service is what they provide
• Premium pricing is charging more than average prices because customers perceive the product/service has higher value
• market research allows a company to be able to find a target market and see what customers think about there product or service
• Stock control relies on closely monitoring stock and reordering when required
• Private limited company has a maximum 50 shareholder and does not publicly trade share
• A public limited company is owned by share holders and offer shares to the public