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Cambridge National – Enterprise & Marketing RO64: Marketing & Enterprise Concepts.

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Cambridge National Enterprise & Marketing

RO64: Marketing & Enterprise Concepts Exam Tips & Key Terms List

Name Teacher


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Learning Outcome 1: Understand how to target a market Key Term Definition

Customer Segmentation

Market Segmentation

Age Segmentation

Gender Segmentation

Occupation Segmentation

Income Segmentation

Lifestyle Segmentation

Geographic Segmentation

Market Share

Quality

Convenience

Price

Marker Research

Primary Research


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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


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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


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Break-Even Point

Break-Even Graph

Margin of Safety

Profit Calculation

Profit

Profit per unit calculation


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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


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Product Design

External factors

Technological Developments

Recession

Boom

Copyright

Patent

Product Safety Standards

Value Added

Target Market

Advertising


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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


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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


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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


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Small Business Grants

Personal Savings

Business Plan

Aims and Objectives

Cash Flow

Business Strategy

Sales Plan

Marketing Plan

Financial Forecasts


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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


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Stock Control

Logistics

Cash-Flow monitoring

Financial Reporting

Invoices

Budgets

Suppliers

Supply Chain


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Top Tips for the EXAM The exam has TWO parts

Part A Part B

• Multiple Choice Questions

• These test your KNOWLEDGE

• 16 questions

• 16 marks

• 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

cambridge national enterprise & marketing · cambridge national . enterprise & marketing ....

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