Brainscape's Knowledge GenomeTM

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


See full index

Chinese IGCSE > BUSINESS UNIT 1 KEY TERMS > Flashcards

BUSINESS UNIT 1 KEY TERMS Flashcards

You may prefer our related Brainscape-certified flashcards:
Chinese (Mandarin) flashcards
1
Q

Percentage Change In Price

A

New - Old / Old * 100

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

Market Share

A

The percentage of a market that a business, product or service has.

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

Added Value

A

When a business chooses to enhance the quality of a product by providing extras to improve a customer’s experience.

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

Market Size

A

Measured by volume of sales or value

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

Above-The-Line Promotion

A

Placing adverts using the media

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

Marketing

A

A management process involved in identifying, anticipating and satisfying customer needs and wants profitably.

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

Advertising

A

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

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

Aesthetics

A

What the item looks like

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

Marketing Mix

A

Factors used by a business to influence consumers to purchase its products.

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

Marketing Strategy

A

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

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

Maslow’s Hierarchy of Needs

A

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

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

Aims

A

What a business tries to achieve in the long-term.

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

Mark-Up

A

The amount added to the cost of a product before it is placed for sale.

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

Agent or Broker

A

A person who buys and sells goods for other businesses.

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

Mass Market

A

Products or services that are sold and advertised to everyone in the same way.

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

Authority

A

The power or right to give orders in an organisation.

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

Matrix Structure

A

A hierarchy design which groups people into projects to serve a function.

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

Autocratic Leadership

A

Leader makes all the decisions regarding business operations.

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

Below-The-Line Promotion

A

Any promotion that does not involve the use of media.

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

Bonus

A

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

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

Brand Name

A

A name, term, design or any other feature that allows customers to identify the goods and services of a business and to differentiate them from those of rivals.

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

Boston Matrix

A

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

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

Breaking Bulk

A

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

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

Niche Market

A

A subset of a market that caters to the specific needs and wants of customers.

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

Normal Good

A

Products where an increase in consumers’ income = increase in demand

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

Centralisation

A

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

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

Objectives

A

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

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

Chain of Command

A

A series of positions of authority within an organization that are ordered from lowest to highest.

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

Off-the-Job Training

A

Training that takes place away from the work area

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

Collective Bargaining

A

A union representative will speak to the management on behalf of all the workers in a business, usually about working conditions or pay.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Commission

A

Percentage payment on a sale made to the salesperson.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

On-the-Job Training

A

Training that takes place while doing the job.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Competitive Advantage

A

An advantage a business has over its competitors, allowing it to generate higher profits.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Opportunity Cost

A

The cost of the loss of the item not chosen, or the profit from the goods not produced.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Competitive Pricing

A

To charge a similar amount for goods as competitors.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Complimentary Products

A

Products that need to be consumed together.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Outsourcing

A

Giving work to sub-contractors that was originally done in-house.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Partnership

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Consumer Panels

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Consultation

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Part-Time Work

A

Employees that work less than 35 hours a week but still get work benefits.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Cost-Plus Pricing

A

To set the price of a product or service by considered the cost of manufacture and adding a set percentage to the price.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Paternalistic Leadership

A

Leader makes decisions but takes employees’ point of view into consideration.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
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.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

CV

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

Penetration Pricing

A

Setting a low price when launching a new product and raising it after it has established itself in the market.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Price Elasticity of Demand

A

Percentage Change in Quantity Demanded / Percentage Change in Price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

PPP (Performance Related Pay)

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Delayering

A

Removing layers of management from the hierarchy of an organisation.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

Person Specification

A

The characteristics the candidate both needs to have and those which are desired, for example skills and qualifications

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

Delegation

A

The act of asking a worker to perform a task.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

Piece Rate

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

PLC

A

Shares are floated on the stock market and can be bought by anyone

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

Demand

A

Amount customers willing to buy at a given price and time.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

Democratic Leadership

A

Leaders encourage employee participation in decision making.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

Predatory Pricing or Destroyer pricing

A

Setting a low price forcing rivals out of business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

Price Elastic Demand

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

Demographics

A

The statistical data relating to population.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

Differentiation

A

A business’ attempt to distinguish its products and services, in order for customers to recognise it as superior.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

Price Elasticity of Demand

A

How much demand for a good or service is likely to fluctuate with a change in price.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

Design Mix

A

The range of features that are important when designing a product - Aesthetics, Economics and Function

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

Price Inelastic Demand

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

Direct Selling

A

Producers selling their products directly to consumers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

Price Skimming

A

Setting a high price initially and then lowering it later.

51
Q

Pricing Strategy

A

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

52
Q

Distribution channel (place)

A

Where a product is sold and how many stages it takes to get to a customer.

53
Q

Primary Research

A

The gathering of new information which does not already exist.

53
Q

Dynamic market

A

A market that is constantly changing to suit customers needs and wants.

54
Q

E-Commerce

A

Conducting business transactions online.

55
Q

Private Equity Company

A

A business usually owned by private individuals backed by financial institutions.

56
Q

Economies of Scale

A

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

57
Q

Product Design

A

The process of creating a new product or service.

58
Q

Empowerment

A

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

58
Q

Emotional Branding

A

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

59
Q

Product Life Cycle

A

The stages that a product moves through over time.

60
Q

Product Lines

A

A group of products that are very similar.

61
Q

Entrepreneur

A

A person who sets up a business, taking financial risks in the hope of making a profit

62
Q

Equilibrium Price

A

The price where supply and demand are equal.

63
Q

Product Orientation

A

A business approach where companies focus on their products.

64
Q

Ethical Stance

A

To trade in a way that is respectful of people, animals, or the environment.

65
Q

Profit Maximisation

A

The aim of the business is to make as high profits as is possible in the time frame.

66
Q

Profit Satisficing

A

The aim of the business is to make just enough profit to satisfy the owners but with other managers objectives.

66
Q

Extension Strategy

A

A plan to extend the maturity stage of a product life cycle of a product.

66
Q

Profit Sharing

A

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

67
Q

Promotion

A

An attempt to obtain and retain customers by drawing their attention to a firm or its products.

67
Q

External Recruitment

A

Appointing workers from outside of the business.

68
Q

Flat Structure

A

This is a hierarchy design which has few layers and short chain of command but a wide span of control.

69
Q

Psychological Pricing

A

Setting the price slightly below a round figure.

70
Q

Flexible Workforce

A

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

70
Q

Public Relations

A

An organisation’s attempt to communicate with interested parties.

71
Q

Qualitative Data

A

The gathering of non-numerical data e.g. opinions, beliefs, etc.

72
Q

Quantitative Data

A

Numerical data, e.g. statistics.

73
Q

Focus Groups

A

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

74
Q

Recruitment

A

Process by which a job vacancy is identified & potential employees are notified

75
Q

Formal Organisation

A

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

76
Q

Recycling

A

Making use of materials that have been discarded as waste.

77
Q

Franchise

A

A business idea which is sold to other owners who run it under a licence and pay royalties, in return they get branding and marketing support.

77
Q

Franchisee

A

The person who buys the franchise.

78
Q

Responsibility

A

The duty to complete a task.

79
Q

Franchisor

A

The person who sells the franchise.

80
Q

Function

A

What the item is used for.

80
Q

Resource Depletion

A

The overconsumption of natural resources.

80
Q

Risk

A

The possibility of financial loss.

80
Q

Retailer

A

A business that sells goods to consumers.

81
Q

Government Subsidy

A

A grant or gift of money from the government to encourage supply of certain goods.

82
Q

Hierarchy

A

A system in an organisation where people are ranked according to the authority that they have.

82
Q

Sales maximisation

A

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

83
Q

Sales promotion

A

Methods of promoting products in the short term to boost sales.

84
Q

Sample

A

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

85
Q

Hygiene Factors (Hertzberg)

A

Factors that do not motivate employees, but if they are not fulfilled may result in dissatisfaction.

86
Q

Income elastic demand

A

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

86
Q

Income elasticity of demand

A

How much demand changes when the consumer has a change in income.

87
Q

Secondary market research

A

Information which already exists.

88
Q

Income inelastic demand

A

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

89
Q

Social Entrepreneurship

A

To trade with the goal of helping the community in some way.

90
Q

Induction Training

A

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

91
Q

Socio Economic Groups

A

Division of people according to social class.

92
Q

Inferior good

A

Products where an increase in consumers income means a decrease in demand

93
Q

Sole trader

A

Person who sets up business on their own - unlimited liability.

94
Q

Innovation

A

The process of creating new ideas, inventions, methods, etc.

95
Q

Span of control

A

This is the number of subordinates that a supervisor or manager is in charge of.

96
Q

Intermediaries

A

Links between the producer and the consumer.

97
Q

Sponsorship

A

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

98
Q

Internal Recruitment

A

Appointing workers from inside the business.

99
Q

Intrapreneur

A

An employee who possesses entrepreneurial skills - does not risk financial loss in the same way as a leader.

100
Q

Strong brand

A

A brand that is recognised by everyone.

101
Q

Subordinates

A

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

102
Q

Stock market

A

A market for second hand shares.

103
Q

Job Description

A

Identifies tasks and responsibilities involved in the job.

104
Q

Stock market flotation

A

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

105
Q

Job enlargement

A

Giving an employee work of a similar responsibility to do.

106
Q

Job enrichment

A

Method used to motivate employees by giving them increased responsibility and variety in their jobs

107
Q

Substitute products

A

A product or service that can easily be replaced with another by customers.

108
Q

Job rotation

A

Moving an employee from one department to the next - multiskilling.

109
Q

Laissez-faire Leadership

A

Leaders allow employees to make their own decisions.

109
Q

Supply

A

The amount of a specific good or service that is avaliable in the market.

110
Q

Leader

A

Same as management plus is a visionary who motivates their workers, a strategist and a problem solver

111
Q

Tall Structure

A

This is a hierarchy design which has a long chain of command but a short span of control.

112
Q

Team working

A

Employees in small groups with a similar aim

113
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.

114
Q

Limited Liability

A

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

115
Q

Limited Company

A

A business organisation that has a separate legal entity from that of its owners.

115
Q

Temporary Staff

A

Employees hired at a company for a limited time period.

116
Q

Limited Partnership

A

A partnership where some members contribute capital and enjoy a share of the profits, but do not participate in the running of the business.

117
Q

Trade Union

A

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

118
Q

Uncertainty

A

Something in the future which is not known.

118
Q

Management

A

Authority to make decisions in the best interest of the business

119
Q

Training

A

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

120
Q

Market

A

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

121
Q

Unlimited Liability

A

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

122
Q

USP

A

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

123
Q

Market orientation

A

To sell products or services based on customer needs and wants

124
Q

Market Positioning

A

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

125
Q

Waste minimisation

A

Business way of making sure that there is no waste in the production process.

126
Q

Market Research

A

The collection, presentation and analysis of information relating to the marketing and consumption of good and services.

127
Q

Market segmentation

A

A whole market can be divided into sections called segments.

128
Q

Wholesaler

A

A business that sells goods to retailers.

129
Q

Zero Hours Contracts

A

Employees are called into work only when they are needed, they get no work benefits and cannot be guaranteed work.

Chinese IGCSE (9 decks)

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