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Chinese IGCSE > BUSINESS UNIT 1 KEY TERMS > Flashcards

BUSINESS UNIT 1 KEY TERMS Flashcards

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1
Q

Percentage Change In Price

A

New - Old / Old * 100

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2
Q

Market Share

A

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

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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.

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4
Q

Market Size

A

Measured by volume of sales or value

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5
Q

Above-The-Line Promotion

A

Placing adverts using the media

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6
Q

Marketing

A

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

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7
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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8
Q

Aesthetics

A

What the item looks like

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9
Q

Marketing Mix

A

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

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9
Q

Marketing Strategy

A

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

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9
Q

Maslow’s Hierarchy of Needs

A

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

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9
Q

Aims

A

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

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9
Q

Mark-Up

A

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

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9
Q

Agent or Broker

A

A person who buys and sells goods for other businesses.

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10
Q

Mass Market

A

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

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11
Q

Authority

A

The power or right to give orders in an organisation.

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12
Q

Matrix Structure

A

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

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13
Q

Autocratic Leadership

A

Leader makes all the decisions regarding business operations.

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14
Q

Below-The-Line Promotion

A

Any promotion that does not involve the use of media.

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15
Q

Bonus

A

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

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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.

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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.

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18
Q

Breaking Bulk

A

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

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19
Q

Niche Market

A

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

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20
Q

Normal Good

A

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

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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.

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22
Q

Objectives

A

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

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23
Q

Chain of Command

A

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

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24
Q

Off-the-Job Training

A

Training that takes place away from the work area

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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.

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26
Q

Commission

A

Percentage payment on a sale made to the salesperson.

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27
Q

On-the-Job Training

A

Training that takes place while doing the job.

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28
Q

Competitive Advantage

A

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

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29
Q

Opportunity Cost

A

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

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30
Q

Competitive Pricing

A

To charge a similar amount for goods as competitors.

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30
Q

Complimentary Products

A

Products that need to be consumed together.

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31
Q

Outsourcing

A

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

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32
Q

Partnership

A

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

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33
Q

Consumer Panels

A

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

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34
Q

Consultation

A

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

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35
Q

Part-Time Work

A

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

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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.

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36
Q

Paternalistic Leadership

A

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

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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.

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37
Q

CV

A

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

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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.

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38
Q

Price Elasticity of Demand

A

Percentage Change in Quantity Demanded / Percentage Change in Price

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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.

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39
Q

Delayering

A

Removing layers of management from the hierarchy of an organisation.

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40
Q

Person Specification

A

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

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41
Q

Delegation

A

The act of asking a worker to perform a task.

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41
Q

Piece Rate

A

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

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42
Q

PLC

A

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

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42
Q

Demand

A

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

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42
Q

Democratic Leadership

A

Leaders encourage employee participation in decision making.

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43
Q

Predatory Pricing or Destroyer pricing

A

Setting a low price forcing rivals out of business

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44
Q

Price Elastic Demand

A

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

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45
Q

Demographics

A

The statistical data relating to population.

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46
Q

Differentiation

A

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

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46
Q

Price Elasticity of Demand

A

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

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47
Q

Design Mix

A

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

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48
Q

Price Inelastic Demand

A

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

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49
Q

Direct Selling

A

Producers selling their products directly to consumers

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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 (10 decks)

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