Edexcel A Level Business Exam Bundle

% mark up - (Difference in price/original cost) X 100 % change - ((New value - old value)/old value) X 100 Price elasticity of demand (PED) - % change in quantity demanded/% change in price Income elasticity of demand (YED) - % change in quantity demanded/% change in income N...

Types of market - Mass, niche and dynamic Market orientation - The needs of the consumer placed at the centre Product orientation - Emphasis placed on the production process and the product itself Quantitative market research - Collection of numerical information Qualitative ...

Resource managemnt - Aspects of the business which are directly linked to the fulfilment of customer orders Job production - The production of one off items to meet the specific needs of each individual cusotmer Batch production - Identical items are produced in groups( batches), each...

Economies of Scale - Factors that cause costs per unit to fall as production increases Franchise - A business that sells the rights to use its name and trading methods Generic Brand - A brand that is so famous that people use its name instead of the name of the product Product Diff...

Job Production - where a single product is made at a time Advantages of Job Production - high quality due to skilled workers, motivated due to variable work, customised products, premium price Disadvantages of Job Production - high labour costs, slow production, expensive specialist t...

Production - It is the total number of units which are produced in a given time period. Job production - It is when there are production made to tailor to the consumer needs. o Advantages - It is tailored to the consumer needs and charges a higher price. o Disadvantages - Time-consuming...

Pull factors - Factors that entice firms into new markets and are the opportunities that businesses can take advantage of when selling into overseas markets Push factors - Factors in the existing market that encourage an organisation to seek international opportunities Risk - The prob...