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Business > Business Theme 1 > Flashcards

Business Theme 1 Flashcards

1
Q

Brand name

A

A name, term, sign, symbol that allows consumers to identify the goods and services of a business and to differentiate them from those of competitors.

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2
Q

E-commerce

A

Conducting business transactions online

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3
Q

Online retailing

A

The retailing of goods online

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4
Q

Market

A

A set of arrangements that allows buyers and sellers to communicate and trade in a particular range of good and services

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5
Q

Marketing

A

A management process involved in identifying anticipating and satisfying consumer requirements profitability

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6
Q

Market share

A

The proportion of total sales in a particular market for which one of more business or brands responsible. It is expressed as a percentage and can be calculated by value or volume.

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7
Q

Mass market

A

A very large market in which products with mass appeal are targeted

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8
Q

Niche market

A

A smaller market usually within a large market or industry

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9
Q

Consumer panels

A

Groups of customers are asked for feedback about products over a period of time

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10
Q

Database

A

An organised collection of data stored electronically within instant access searching and sorting facilities

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11
Q

Focus groups

A

Where a number of customers are invited to attend a discussion about a product led by market researchers

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12
Q

Market orientation

A

An approach to businesses which places the needs of consumers at the centre of the decision making process

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13
Q

Market research

A

The collection presentation and analysis of information relating to the marketing and consumption of goods and services

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14
Q

Market segmentation

A

Part of a while market where a particular customer group has similar characteristics

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15
Q

Primary research

A

Gathering of new information

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16
Q

Product orientation

A

An approach to business which places the emphasis upon the production process and the product itself

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17
Q

Qualitative research

A

The collection of data about attitudes beliefs and intentions

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18
Q

Quantitative research

A

The collection of data that can be quantified

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19
Q

Respondent

A

A person or organisation that answers questions in a survey

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20
Q

Sample

A

A small group of people who must represent a proportion of a total market when carrying out market research

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21
Q

Secondary research

A

The collection of data that is already in existence

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22
Q

Socio-economic groups

A

Division of people according to social class

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23
Q

Added value

A

The extra features that may be offered by a business when selling a product such as high quality customer service which helps to exceed customer expectations

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24
Q

Competitive advantage

A

An advantage that enables a business to perform better than its rivals in the market

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25
Q

Market maps or perceptual maps

A

Typically a two dimensional diagram that shows two of the attributes or characteristics of a brand and those of rival brands in the market

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26
Q

Marketing positioning

A

The view consumers have about the quality, value, for money and image of a product in relation to those of competitors

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27
Q

Product differentiation

A

An attempt by a business to distinguish its products from those of competitors

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28
Q

Reposition

A

Change the view consumers have about a product by altering some of its characteristics.

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29
Q

Unique selling point(or proposition)

A

The aspect or feature of a product that clearly distinguishes it from its rivals.

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30
Q

Complementary good

A

Goods that are purchased together because they are consumed together

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31
Q

Demand

A

The quantity of a product brought at a given price over a given time period.

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32
Q

Demand curve

A

A line drawn on a graph that shows how much of a good will be brought at different prices

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33
Q

Inferior goods

A

Goods for which demand will fall if income rises or rise if income falls

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34
Q

Normal goods

A

Goods for which demand will rise if income rises or falls if income falls

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35
Q

Substitute goods

A

Good that can be brought as an alternative to others but perform the same function

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36
Q

Subsidy

A

A grant given to producers usually to encourage production of a certain good

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37
Q

Supply

A

The amount of a product that suppliers make available to the market at any given price in a given period of time

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38
Q

Supply curve

A

A line drawn on a graph that shows how much of a good sellers are willing to supply at different prices

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39
Q

Equilibrium price/market clearing price

A

The price where supply and demand are equal

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40
Q

Excess demand

A

The position where demand is greater than supply at a given price and there are shortages in the market

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41
Q

Excess supply

A

The position where supply is greater than demand at a given price and there are unsold goods in the market

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42
Q

Total revenue/total expenditure

A

The amount of revenue generated from the sale of goods calculated by multiplying price by quantity in a given period of time

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43
Q

Price elastic demand

A

A change in price results in a greater change in demand

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44
Q

Price elasticity of demand

A

The responsiveness of demand to the change of price

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45
Q

Price inelastic demand

A

A change in price results in a proportionately smaller change in demand

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46
Q

Discretionary expenditure

A

Nom-essential spending or spending that is not automatic

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47
Q

Income elastic demand

A

The percentage change in demand for a product is proportionately greater than the percentage change in income

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48
Q

Income elasticity of demand

A

The responsiveness of demand to a change in income

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49
Q

Income inelastic demand

A

Where the percentage change in demand is proportionately less than the percentage change in income

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50
Q

Consumer durables

A

Goods that can be used repeatedly over a period of time, such as cars and household appliances

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51
Q

Design mix

A

The range of features that are important when designing a product

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52
Q

Ergonomics

A

The study of how people interact with their environment and the equipment they use, often in the workplace

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53
Q

Ethical sourcing

A

Using materials components and services from suppliers that respect the environment treat the workforce well and generally trade with integrity

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54
Q

Product design

A

The process of creating a new product or service

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55
Q

Recycling

A

Making use of materials that have been discarded as waste

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56
Q

Resource depletion

A

The using up of natural resources

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57
Q

Waste minimisation

A

Reducing the quantity of resources that are discarded in the production process

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58
Q

Above the line promotion

A

Placing adverts adverts using the media

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59
Q

Advertising

A

Communication between a business and its customers where images are placed in the media to encourage the purchase of products

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60
Q

Below the line promotion

A

Any promotion the does not involve using the media

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61
Q

Emotional branding

A

The practice of using the emotions of a consumer to build a brand

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62
Q

Generic brands

A

Products that only contains the name of the product category rather than the company or product name

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63
Q

Manufacturer brands

A

Brands created by the producers of goods or services

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64
Q

Marketing mix

A

The elements of a business’s marketing that are designed to meet the needs of customers. The four elements are often called the 4p’s- product, price, promotion, and place.

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65
Q

Merchandising

A

A promotion specifically at the point of sale of a product

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66
Q

Own label, distributor or private brands

A

Products that are manufactured for wholesalers or retailers by other businesses

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67
Q

Point of sale

A

Any point where a consumer buys a product

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68
Q

Promotion

A

An attempt to obtain and retain consumer buys a product

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69
Q

Public relations

A

An organisations attempt to communicate with interested parties

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70
Q

Sales promotions

A

Methods of promoting products in the short term to boost sales

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71
Q

Sponsorships

A

Making a financial contribution to an event in return for publicity

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72
Q

Virtual marketing

A

Any strategy that encourages people to pass on messages to others about a product or a business electronically.

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73
Q

Competitive pricing

A

Pricing strategies based on the prices charged by rivals

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74
Q

Cost plus pricing

A

Adding a percentage to the costs of producing a product to get the price

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75
Q

Mark up

A

The percentage added to unit cost that makes a profit for a business when setting the price

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76
Q

Penetration pricing

A

Setting a low price when launching a new product in order to get established in the market

77
Q

Predatory or destroyer pricing

A

Setting a low price forcing rivals out of businesses

78
Q

Pricing strategy

A

The pricing policies or methods using by a business when deciding what to charge for its products

79
Q

Product life cycle

A

Shows the different stages in the life of a product and the sales that can be expected at each stage

80
Q

Psychological pricing

A

Setting the price slightly below a round figure

81
Q

Skimming

A

Setting a high price initially and then lowering it later

82
Q

Units costs

A

The same as average costs (total costs/output)

83
Q

Agent or broker

A

An intermediary that brings together buyers and sellers

84
Q

Breaking-bulk

A

Diving a large quantity of goods received from a supplier before selling them on in smaller quantities to customers

85
Q

Direct selling

A

Producers selling their products directly to consumers

86
Q

Distribution

A

The delivery of goods from the producers to the consumers

87
Q

Distribution channel

A

The route taken by a product from the producer to the customer

88
Q

E-commerce

A

The use of electronic systems to sell goods and services

89
Q

Intermediaries

A

Links between the producer and the consumer

90
Q

Retailer

A

A business that buys goods from manufacturers and wholesalers and sells them in small quantities to consumers

91
Q

Wholesaler

A

A business that buy goods from manufacturers and sells them in smaller quantities to retailers

92
Q

Boston matrix

A

A 2x2 matrix model that analyses a product portfolio according to the growth rate of the market and the relative market share of products within the market

93
Q

Extension strategies

A

Methods used to prolong the life of a product

94
Q

Marketing strategies

A

A set of plans that aim to achieve a specific marketing objective

95
Q

Product lines

A

A group of products that are very similar

96
Q

Product portfolio

A

the collection products a business is currently marketing

97
Q

Collective bargaining

A

A method of determining conditions of work and terms of employment though negotiations between employers and employee representatives

98
Q

Flexible workforce

A

A workforce that can respond in quantity and toe to changed in market demand

99
Q

Home workers

A

People who undertake their regular work from home

100
Q

Industrial action

A

Disruptive measures taken by workers to apply pressure on employers when disagreements cannot be resolved

101
Q

Outsourcing

A

Getting other people or business to undertake work that was originally done in house

102
Q

Multi skilling

A

The process of increasing the skills of employees

103
Q

Trade unions

A

Organisations of workers that exist to exist to promote the interest of their members

104
Q

Zero hours contract

A

A contract that does not guarantee any particular number of hours work

105
Q

Curriculum vitae

A

A document that lists personal details qualifications work experience referees and other information about the jobseeker

106
Q

External recruitment

A

Appointing workers from outside the business

107
Q

Induction training

A

Training given to new employees when they first start a job

108
Q

Internal recruitment

A

Appointing workers from inside the businesses

109
Q

Job descriptions

A

A document that shows clearly the tasks duties and responsibilities expected of a worker for a particular job

110
Q

Off the job training

A

Training that takes place away from the work area

111
Q

On the job training

A

Training that takes place while doing the job

112
Q

Person specification

A

A personal profile of the type of person needed to do a particular job

113
Q

Training

A

A process that involves increasing the knowledge and skills of a worker to enable them to do their jobs more effectively

114
Q

Authority

A

The right to command and make decisions.

115
Q

Centralisation

A

A type of business organisation where major decisions are made at the centre or core of the organisation and then passed down the chain of command

116
Q

Chain of command

A

The way authority and power is organised in an organisation

117
Q

Decentralisation

A

A type of business organisation where design making is pushed down the chain of command and away from the centre of the organisation

118
Q

Delayering

A

Removing layers of management from the hierarchy of an organisation

119
Q

Delegation

A

Authority to pass down from superior to subordinate

120
Q

Formal organisation

A

The internal structure of a business as shown by an organisational chart

121
Q

Hierarchy

A

The order or levels of responsibility in an organisation from the lowest to the highest

122
Q

Organisational chart

A

A diagram that shows the different job roles in a business and how they relate to each other

123
Q

Responsibility

A

The duty to complete a task

124
Q

Span of control

A

The number of people a person is directly responsible for in a business

125
Q

Subordinates

A

People in the hierarchy who work under the control of a senior worker

126
Q

Bonus

A

A payment in addition to the basic wage for readers hung targets or in recognition for service

127
Q

Commission

A

Percentage payment on a sale made to the salesperson

128
Q

Consultation

A

Listening to the views of employees before making key decisions that affect them

129
Q

Delegation

A

The passing of authority further down the managerial heirarchy

130
Q

Empowerment

A

Giving official authority to make the decisions and control their own work activities

131
Q

Hawthorne effect

A

The idea that Workers are motivated by recognition given to them as a group

132
Q

Hygiene / maintenance factors

A

Things that work that result in dissatisfaction

133
Q

Job enlargement

A

Giving an employee more work to do of a similar nature; horizontally extending their work role

134
Q

Job enrichment

A

Giving employees greater responsibility and recognition by virtually extending their work role

135
Q

Job rotation

A

The periodic changing in jobs or tasks

136
Q

Maslow hierarchy of needs

A

The order of people’s needs starting with basic human requirements

137
Q

Motivated

A

The desire to take action to achieve a goal

138
Q

Motivators

A

Things at work that result in satisfaction

139
Q

Payment by results

A

Payment methods ghat reward workers for the quantity and quality of work they produce

140
Q

Performance related pay (PRP)

A

A payment system designed for non-manual workers where pay increases are given in performance targets are met

141
Q

Piece rates

A

A payment system where employees are paid an agreed rate for every item produced

142
Q

Profit sharing

A

Where workers are given a share of the profits, usually as a part of their pay

143
Q

Scientific management

A

A theory that suggests there is a “best way” to perform work tasks

144
Q

Self actualisation

A

A level in maslow’s hierarchy where people realise their full potential

145
Q

Team working

A

Organising people into working groups that have a common aim

146
Q

Autocratic leadership

A

A leadership style where a manager makes all the decisions without consultation

147
Q

Democratic leadership

A

A leadership style where managers allow others to participate in decision making

148
Q

Laissez-fairs leadership

A

A leadership style where employees are encouraged to make their own decisions within certain limits

149
Q

Paternalistic leadership

A

A leadership style where the leader makes decisions but takes into account the welfare of employees

150
Q

Entrepreneurs

A

Individuals who, typically, set up and run a business and take the risks associated with this

151
Q

Intrapreneurs

A

Employees who use their entrepreneurial skills without having to risk their own money to find and develop initiatives that will have financial benefits for their employer

152
Q

Profit maximisation

A

An attempt to make as much profit as possible in a given period of time

153
Q

Profit satisfying

A

Making enough profit to satisfy the needs of the business owner

154
Q

Aims

A

What a business tries to achieve in the long term.

155
Q

Objectives

A

The goals or targets set by a business to help achieve its long term purpose

156
Q

Sales maximisation

A

An attempt to sell as much as possible in a given time period (or an attempt to generate as much sales revenue as possible in a given time period)

157
Q

Articles of association

A

A document that provides details of the internal running of a limited company

158
Q

Certificate of incorporation

A

A document that declares a business is allowed to trade as a limited company

159
Q

Co operative

A

A business organisation owned by its members who have equal voting rights

160
Q

Deed of partnership

A

A binding legal document that states the formal rights of partners

161
Q

Franchise

A

A business model in which a business (the franchisor) allows another operator (the franchises) to trade under their name

162
Q

Lifestyle business

A

A business that aims to make enough money and provide the flexibility needed to support a particular lifestyle for the owner

163
Q

Limited company

A

A business organisation thay has a separate legal entity from that of its owner

164
Q

Limited liability

A

A legal status which means that a business lender is only liable for the original amount of money invested in the business

165
Q

Limited partnership

A

A partnership where some members contribute capital and enjoy a share of profit but do not participate in the running of the business at least one partner must have unlimited liability

166
Q

Memorandum of association

A

A document that sets out the constitution and states key external details about a limited company

167
Q

Mutual organisation

A

A business owned by its members who are customers not shareholders

168
Q

Online business

A

A business that uses the global communications infrastructure of the internet as a trading base

169
Q

Partnership

A

A business organisation that is usually owned by between 2-20 people

170
Q

Primary sector

A

Production involving the conversion of raw materials from the earth

171
Q

Secondary sector

A

Production involving the conversion of raw materials into finished and semi finished goods

172
Q

Sleeping partner

A

A partner that contributes capital and enjoys a share of the profit but takes no active role in running the business

173
Q

Social enterprise

A

A business that trades with the objective of improving human or environmental well-being -charities and workers’ co-operatives, for example

174
Q

Sole trader / sole proprietor

A

A business organisation which had a single owner

175
Q

Tertiary sector

A

The production of services in the economy

176
Q

Unlimited liability

A

A legal status which means that the owner of a business is personally liable for all business debts

177
Q

Private equity company

A

A business usually owned by private individuals backed by financial institutions

178
Q

Public limited company

A

A company owned by shareholders where the shares can be traded openly on the stock market

179
Q

Stock market

A

A market for second hand shares

180
Q

Stock market flotation it initial public offering

A

The process of a company ‘going public’- making shares available to the public for the first time

181
Q

Choices

A

In business, deciding between alternative uses of resources

182
Q

Opportunity cost

A

When choosing between different alternatives, the opportunity cost is the benefit lost from the next best alternative to the one that has been chosen

183
Q

Trade offs

A

In business, where a decision-maker faces a compromise between two different alternatives; for example, between paying dividends to shareholders and re-investing profits in the business

184
Q

Capital

A

The money provided by the owners in a business

185
Q

Capital expenditure

A

Spending on business resources that can be used repeatedly over a period of time

186
Q

Internal finance

A

Money generated by the business or urs current owners

187
Q

Retained profits

A

Profit after tax that is ‘ploughed back’ into the business

188
Q

Revenue expenditure

A

Spending in the business resources that have already been consumers or will be very shortly

189
Q

Sake and leaseback

A

The practice of selling assets, such as property or machinery, and leasing them back from the buyer

Business (1 decks)

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