Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business > Business As Usual > Flashcards

Business As Usual Flashcards

1
Q

Mass market

A

Largest part of the market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Niche market

A

Smaller part of the market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Primary Research

A

Questionnaires, research conducted first hand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Secondary Research

A

Online data, data conducted by somebody else

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Quantitative data

A

Numerical data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Qualitative data

A

Non numerical, descriptive data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Market Segmentation

A

Dividing the market into segments depending on demographics such as age, income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Product Orientation

A

Designing a product and then finding a market for it

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Market Orientation

A

Creating a product based on the needs of the market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Competitive Advantage

A

factors allowing a company to produce goods better or more cheaply than rivals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Market Mapping

A

method of using a graph to visually plot a businesses position in the market against competitors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Demand

A

Quantity willing or able to be purchased

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Factors affecting demand

A

Income, seasonality, advertising and branding, taste and fashion trends, price of substitutes or complimentary goods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Supply

A

Quantity willing or able to be supplied

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Factors affecting supply

A

Technology, changes to production

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Graph move right or left when shifts in Supply and demand

A

Up to the right, down to the left

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

How to calculate PED

A

% change of demand / % change of price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Its elastic when…

A

answer is more than one - products with lots of substitutes are more likely to be elastic

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Its inelastic when…

A

answer is less than one

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Calculate YED

A

% change in quantity demanded / % change in income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Function

A

how the product works, what it does

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Economic cost

A

How much it costs to make

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Aesthetics

A

How the product appeals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Methods of promotion

A

advertising, direct marketing, word of mouth, public relations, sales promotions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Psychological pricing

A

Pricing below a round number to create illusion of ‘cheaper’

26
Q

Cost plus pricing

A

Add a mark up to the cost of a product to make a guaranteed profit

27
Q

Competitive pricing

A

Price at similar prices to competitiors

28
Q

predatory pricing

A

pricing extremely low to eliminate the competition

29
Q

price skimming

A

charge a high initial price and gradually lower to attract price-sensitive customers

30
Q

penetration pricing

A

marketing strategy used by businesses to attract customers to a new product

31
Q

Distribution channel

A

process a product goes from producer to consumer

32
Q

Boston Matrix : 4 types

A

Dog, star, problem child, cash cow

33
Q

Product life cycle

A

Intro, growth, maturity, decline

34
Q

Type of workers

A

Temporary, part time, full time, permanent

35
Q

Flexible workforce

A

Multi skilled, mix of part time and full time, flexible hours and work from home, using temp contracts at certain times, outsourcing

36
Q

reducing the workforce

A

Dismissal, firing an employee
Redundancy, paying off a worker who is no longer needed

37
Q

tall structures

A

more layers with a narrow span of control

38
Q

flat structures

A

have less layers but a wider span of control

39
Q

matrix structure

A

no traditional hierarchy as people report to multiple managers

40
Q

centralisation

A

decision making happens at the top of a business

41
Q

decentralisation

A

decision making is delegated away from a central authoritative group

42
Q

autocratic

A

firm decisions comes from one individual at the top of hierarchy

43
Q

democratic

A

consultation happens on decisions, but leader makes ultimate decision

44
Q

paternalistic

A

leader considers subordinates part of a family

45
Q

laissez faire

A

laid back

46
Q

entrepreneur

A

someone who shows initiative and takes risks by starting a business

47
Q

roles of an entrepreneur

A

creating and starting a business, running and expanding the business, innovation

48
Q

skills of an entrepreneur

A

creativity, resilience, risk-taking, organisation, determination

49
Q

financial objectives

A

profit maximisation, profit satisfying, survival

50
Q

non financial objectives

A

ethics or social reasons, independence and control

51
Q

limited liability

A

personal assets are protected

52
Q

unlimited liability

A

personal assets are not protected

53
Q

sole trader

A

one person on their own running a business that has no separate legal identity

54
Q

partnership

A

2-21 people sharing the risk and work of a business

55
Q

private limited company

A

a registered company under private ownership

56
Q

public limited company

A

a registered company that has been floated on the stock market

57
Q

franchise

A

a company sells another business the right to sell its products

58
Q

social enteprise

A

business with special social objectives that serve a primary purpose

59
Q

opportunity cost

A

what is sacrificed when a decision is made

60
Q

trade off

A

the more of one thing a business has, the less of another

61
Q

moving from entrepreneur to a leader happens because..

A

scale and growth
- may need help
- may need new skills
- may have to give up some control

Business (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions