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Chinese IGCSE > Business Unit 1 > Flashcards

Business Unit 1 Flashcards

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1
Q

Brand name

A

A name, term, design or any other feature 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

The use of electronic systems to sell goods and services.

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3
Q

Liquidation

A

The act of closing a company by selling its assets, in order to pay off its debts.

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4
Q

Market

A

A place where buyers and sellers meet to exchange a particular range of goods and services.

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5
Q

Marketing

A

A management process which involves identifying, anticipating and satisfying consumer needs and wants profitably.

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6
Q

Market Share

A

The proportion of total sales in a particular market. It is expressed as a percentage.

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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

Online Retailing

A

The retailing of goods online.

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10
Q

Consumer Panel

A

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

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11
Q

Database

A

An organised collection of data stored electronically with instant access, searching and storing facilities.

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12
Q

Focus Group

A

A number of customers are invited to attend a discussion about a product run by market researchers.

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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

Primary Research

A

The gathering of information that does not already exist.

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15
Q

Qualitative Research

A

The collection of data about attitudes, beliefs and intentions.

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16
Q

Quantitative Research

A

The collection of data that can be quantified.

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17
Q

Quota Sampling

A

Respondents are selected in a non-random manner in the same proportion as they exist in the whole population.

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18
Q

Random Sampling

A

Respondents are selected for an interview at random.

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19
Q

Sample

A

A small group of people that must represent a proportion of the total market when carrying out market research.

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20
Q

Secondary Research

A

The collection of data that is already in existence.

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21
Q

Stratified Sampling

A

A method of quota sampling in which respondents are chosen at random.

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22
Q

Adding Value

A

Offering extra features when selling a product such as high-quality customer service, which helps to exceed customer expectations.

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23
Q

Competitive Advantage

A

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

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24
Q

Market Maps

A

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

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25
Q

Market Orientation

A

An approach to business which places the needs of consumers at the centre of the decision-making process.

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26
Q

Product Orientation

A

An approach to business that solely focuses on the production process of a specific product and does not take into account market conditions.

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27
Q

Market Positioning

A

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

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28
Q

Market Segments

A

Parts of the whole market where a particular customer group has similar characteristics.

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29
Q

Socio-Economic Groups

A

Divisions of people according to social class.

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30
Q

Unique Selling Point

A

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

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31
Q

Complementary Goods

A

Goods that are purchased together because they are consumed together.

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32
Q

Demand

A

The quantity of a product bought at a given price at a given time period.

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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 fall if income falls.

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35
Q

Substitute Goods

A

Goods that can be bought 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 the production of a certain product.

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37
Q

Supply

A

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

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38
Q

Equilibrium Price

A

The price where supply and demand are equal.

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39
Q

Total Revenue

A

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

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40
Q

Price Elastic Demand

A

A change in price results in a greater change in demand.

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41
Q

Price Elasticity of Demand

A

The responsiveness of demand to a change in price.

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42
Q

Price Inelastic Demand

A

A change in price results in a proportionally smaller change in demand.

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43
Q

Income Elastic

A

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

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44
Q

Income Elasticity of Demand

A

The responsiveness of demand to a change in income.

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45
Q

Boston Matrix

A

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

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46
Q

Extension Strategies

A

Methods used to prolong the life of a product.

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47
Q

Marketing Mix

A

The mix of marketing elements used by a company, which are known as the 4Ps: product, price, place, promotion.

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48
Q

Marketing Objectives

A

Goals that a business attempts to achieve through its marketing activities.

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49
Q

Marketing Strategy

A

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

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50
Q

Product Lines

A

A group of products that are very similar.

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51
Q

Product Portfolio

A

The collection of products a business is currently marketing.

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52
Q

Design Mix

A

The range of features that are important when designing a product - cost, aesthetics, function.

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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 conduct trade with integrity.

54
Q

Product Design

A

The process of creating a new product or service.

55
Q

Recycling

A

Making use of materials that have been discarded as waste.

56
Q

Waste Minimisation

A

Reducing the quantity of resources that are discarded within the production process.

57
Q

Above-The-Line Promotion

A

Placing adverts using the media.

58
Q

Advertising

A

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

59
Q

Below-The-Line Promotion

A

Any promotion that does not involve the use of media.

60
Q

Emotional Branding

A

The practice of using the emotions of a customer to build a brand.

61
Q

Public Relations

A

An organisation’s attempt to communicate with interested parties.

62
Q

Sponsorship

A

Making a financial contribution to an event in return for publicity.

63
Q

Competitive Pricing

A

Pricing Strategies based on the prices charged by rivals.

64
Q

Cost-plus Pricing

A

Adding a percentage (mark-up) to the cost of producing a product to get the price.

65
Q

Mark-up

A

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

66
Q

Penetration Pricing

A

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

67
Q

Predatory Pricing

A

Setting a low price forcing rivals out of business.

68
Q

Pricing Strategy

A

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

69
Q

Psychological Pricing

A

Setting the price slightly below a round figure.

70
Q

Skimming

A

Setting a high price initially and then lowering it later.

71
Q

Agent or Broker

A

An intermediary that brings together buyers and sellers.

72
Q

Breaking Bulk

A

Dividing a large quantity of good received from a supplier before selling them on in smaller quantities to customers.

73
Q

Direct Selling

A

Producers selling their products directly to consumers

74
Q

Distribution

A

The delivery of goods from producer to consumer.

75
Q

Intermediaries

A

Links between the producer and the consumers.

75
Q

Distribution Channel

A

The route taken by a product from producer to the consumer.

76
Q

Retailer

A

A business that buys goods from manufacturers and wholesalers, and sells them in smaller quantities to consumers.

77
Q

Wholesalers

A

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

78
Q

Collective Bargaining

A

A method of determining conditions of work and terms of employment through negotiations between employee and employer representatives.

79
Q

Flexible Workforce

A

A workforce that can respond, in quantity and type, to changes in market demand.

80
Q

Home Workers

A

People who undertake their regular work from home.

81
Q

Multiskilling

A

The process of increasing the skills of employees

82
Q

Outsourcing

A

Getting other people or businesses to undertake work that was originally done in-house.

83
Q

Trade Unions

A

Organisations of workers that exist to promote the interests of their members.

84
Q

Zero-hours Contract

A

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

85
Q

Curriculum Vitae (CV)

A

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

86
Q

External Recruitment

A

Appointing workers from outside the business.

87
Q

Induction Training

A

Training given to new employees when they first start a job.

88
Q

Internal Recruitment

A

Appointing workers from inside the business.

89
Q

Job Description

A

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

90
Q

Off-The-Job Training

A

Training that takes place away from the work area.

91
Q

On-The-Job Training

A

Training that takes place while doing the job.

92
Q

Person Specification

A

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

93
Q

Training

A

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

94
Q

Authority

A

The right to command and make decisions.

95
Q

Centralisation

A

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

96
Q

Chain of Command

A

The way authority and power is organised in business.

97
Q

Decentralisation

A

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

98
Q

Delayering

A

Removing layers of management from the hierarchy of the organisation.

99
Q

Delegation

A

The passing of authority further down the managerial hierarchy.

100
Q

Empowerment

A

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

101
Q

Hierarchy

A

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

102
Q

Span Of Control

A

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

103
Q

Subordinates

A

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

104
Q

Bonus

A

A payment in addition to the basic wage for reaching targets or in recognition for a service.

105
Q

Commission

A

Percentage payment on a sale made to the salesperson.

106
Q

Consultation

A

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

107
Q

Hygiene factors

A

Factors at work that may results in dissatisfaction if they are unfulfilled.

108
Q

Job Enlargement

A

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

109
Q

Job Enrichment

A

Giving employees greater responsibility and recognition by ‘vertically’ extending their work role.

110
Q

Job Rotation

A

The period changing of jobs or tasks.

111
Q

Maslow’s Hierarchy of Needs

A

The order of people’s needs starting with basic human requirements in the workplace.

112
Q

Motivators - Herzberg’s Theory

A

Factors at work that result in employee satisfaction.

113
Q

Performance-related Pay

A

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

114
Q

Piece Rates

A

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

115
Q

Profit Sharing

A

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

116
Q

Autocratic Leadership

A

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

117
Q

Democratic Leadership

A

A leadership style where managers allow others to participate in the decision-making process.

118
Q

Laissez-Faire Leadership

A

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

119
Q

Paternalistic Leadership

A

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

120
Q

Entrepreneurs

A

Individuals who set up and run a business and assess the risks associated with this.

121
Q

Intrapreneurs

A

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

122
Q

Profit Maximisation

A

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

123
Q

Profit Satisficing

A

Making enough profit just to satisfy the needs of the business owners.

124
Q

Objectives

A

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

125
Q

Sales Maximisation

A

An attempt to sell as much as possible in a given time period - in an attempt to generate high levels of revenue.

126
Q

Opportunity Cost

A

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

127
Q

Trade-Off

A

Where a decision-maker faces a compromise between two different alternatives.

128
Q

Partnership

A

2-20 people who set up a business together as joint owners.

129
Q

Price Elastacity of Demand

A

Percentage change in quantity demanded / percentage change in price * 100

130
Q

Income Elasticity of Demand

A

Percentage change in quantity demanded / percentage change in income * 100

131
Q

Economies of Scale

A

The reduction in average costs enjoyed by a business as output increases.

Chinese IGCSE (10 decks)

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