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Business AS > Business Vocabulary > Flashcards

Business Vocabulary Flashcards

1
Q

Marketing

A

The management task that links the business to the customer by identifying and meeting the needs of customer profitability.

It does this by getting the right product at the right price to the right place at the right time.

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2
Q

Marketing objectives

A

The goals set for the marketing department to help the business achieve its overall objectives

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3
Q

Marketing strategy

A

Long-term plan established;listed for achieving marketing objectives.

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4
Q

Market orientation

A

An outward looking approach basing product decisions on customer demand , as established by market research

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5
Q

Product orientation

A

An inward looking approach that focuses on making products and then trying to sell them

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6
Q

Asset led marketing

A

an approach to marketing that bases strategy on the firm’s existing strengths and assets instead of purely on what the customer wants

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7
Q

Societal marketing

A

This approach not only considers the demands of customers but also the effects on all members of the public (society) involved in some way when forms meet these demands

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8
Q

Demand

A

The quantity of a product that consumers are willing and able to buy at a given price in a time period

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9
Q

Supply

A

A quantity of product that firms are prepared to supply at a given price in a time period

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10
Q

Equilibrium price

A

The market price that equates supply and demand for a product

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11
Q

Market size

A

The total level of sales of all producers within a market

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12
Q

Market share

A

The percentage of sales in the total market sold by one business.

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13
Q

Market growth

A

The percentage change in the total size of a market ((volume or value) over a period of time

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14
Q

Direct competitor

A

Business that provide the same or very similar goods or services

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15
Q

USP

Unique selling point

A

The special feature of a product that differentiates it from competitors’ products

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16
Q

Product differentiation

A

Making a product distinctive so that it stands out from competitors’ products in consumers’ perception

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17
Q

Niche marketing

A

Identifying and exploiting a small segment of a larger market by developing product to suit it

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18
Q

Mass marketing

A

Selling the same products to the whole market with no attempt to target groups within it

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19
Q

Market segment

A

A sub-group of a while market in which consumers have similar characteristics

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20
Q

Market segmentation

A

Identifying different segments within a market and targeting different products or services to them

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21
Q

Consumer profile

A

A quantified picture of consumers of a firm’s products, showing proportions of age groups, income levels, location, gender or social class

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22
Q

Market research

A

This is the process of collecting, recording and analysing data about customers, competitors and the market

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23
Q

Primary research

A

The collection of first hand data that is directly related to a firms needs

E.g…….

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24
Q

Consumer goods

A

The physical and tangible goods sold to the general public
They include durable consumer goofed such as cars and washing machines, and non-durable consumer goods, such as food, that can only be used once

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25
Q

Consumer services

A

The non-tangible products sold to the general public

They include hotel accommodation, insurance services and train journeys

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26
Q

Capital goods

A

The physical goods used by industry to aid in the production of other goods and services , such as ,machines and commercial vehicles

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27
Q

Creating value

A

Increasing the difference between the cost of purchasing bought-in materials and the price finished goods are sold for

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28
Q

Added value

A

The difference between the cost of purchasing bought-in materials and the price finished goods are sold for

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29
Q

Opportunity cost

A

The benefit of the next most desired option which is given up

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30
Q

Entrepreneur

A

Someone who takes the financial risk of starting and managing a new venture

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31
Q

Social enterprise

A

A business with many social objectives that reinvests most of its profits benefiting society rather than maximising returns to its owners

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32
Q

Triple bottom line

A

The three objectives of social enterprises: economic, social and environmental

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33
Q

Primary sector business activity

A

Firms engaged in farming, fishing, oil extraction and all other industries that extract natural resources so that they can be used and processed by other firms

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34
Q

Secondary sector business activity

A

Firms that manufacture and process products from natural resources, including computers, brewing, baking, clothes-making and construction

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35
Q

Tertiary sector business activity

A

Firms that provide services to consumers and other businesses such as, retailing, transport, insurance, banking, hotels, tourism and telecommunications

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36
Q

Public sector

A

Comprises organisations accountable to and controlled by central or local government (the state)

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37
Q

Private sector

A

Comprises business owned and controlled by individuals or groups of individuals

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38
Q

Mixed economy

A

Economic resources are owned and controlled by both private and public sectors

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39
Q

Free market economy

A

Economic resources owned largely by the private sector with very little state intervention

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40
Q

Command economy

A

Economic resources are owned, planned and controlled by the state

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41
Q

Sole trader

A

A business in which one person provides the permanent finance and, in return, has full control of the business and is able to keep all profits

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42
Q

Rather ship

A

A business formed by two or more people to carry on a business together, with shared capital, investment and, usually, shared responsibilities.

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43
Q

Limited liability

A

The only liability, or potential loss, a shareholder has if the company fails is the amount invested in the comps by, not the total wealth of the shareholder

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44
Q

Private limited company

A

A small to medium sized business that is owned by t=shareholders who are often members of the same family

This company cannot sell shares to the general public

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45
Q

Share

A

A certificate confirming part ownership of a company and entitling the shareholder owner to dividends and certain shareholder rights

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46
Q

Shareholder

A

A person or institution owning shares in a limited company

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47
Q

Public limited company

A

A limited company , often a large business, with legal right to sell shares to the general public

Share prices are quoted quoted on the national stock exchange

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48
Q

Memorandum of association

A

This states the name of the company, the address of the head office, through which it can be contacted, the maximum share capital for which the company seeks authorisation and declared aims of the business

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49
Q

articles of association

A

This document covers the internal working and control the business

For example, the names of directors and procedures to be followed at meetings will be details

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50
Q

Franchise

A

A business that uses the name, logo and the trading systems of an existing business

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51
Q

Joint venture

A

Two or more businesses agree to work closely together on a particular project and create a separate business division to do so

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52
Q

Holding company

A

A business organisation that owns and controls a number of separate business, but does not unite them into one unified company

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53
Q

Public corporation

A

A business enterprise owned and controlled by the state

Also known as nationalised industry

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54
Q

Revenue

A

Total value of sales made by a business in a given time period

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55
Q

Capital employed

A

The total value of all long term finance invested into the business

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56
Q

Market capitalisation

A

The total value of a company’s issued shares

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57
Q

Market share

A

Sakes off the business as a proportion of total market sale s

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58
Q

Internal growth

A

Expansion of business by means of opening new branches, shops or factories (also known as organic growth)

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59
Q

Mission statement

A

A statement of the business’ core aims, phrased in a way to motivate employees and to stimulate interest by outside groups

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60
Q

Corporate social responsibility

A

This concept applies to those businesses that consider the interests of society by taking responsibility for the impact of their decisions and activities on customers, employees, communities and the environment

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61
Q

Management by objective

A

A method of coordinating and motivating all staff in an organisation by dividing its overall aim into specific targets for each department manager and employee

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62
Q

Ethic code (code of conduct)

A

A document detailing a company’s rules and guidelines on staff behaviour that must be followed by all employees

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63
Q

Stakeholders

A

People or groups of people who can be affected- and therefore have an interest in- any action by an organisation

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64
Q

Corporate social responsibility

A

The concept that accepts that businesses should consider the interest of society in their activities and decision, beyond the legal obligations that they have

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65
Q

Family business

A

A business that is actively owned and managed by at least 2 members of the same family

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66
Q

Monopoly

A

When a company has 25% of market shares

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67
Q

Oligopoly

A

When more than one business has over 25% of market shares

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68
Q

Dividends

A

The shareholder’s part of the company’s profit

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69
Q

Secondary research

A

…

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70
Q

Qualitative research

A

Research into the in-depth motivations behind consumer buying behaviour

-open questions that gathers indefinite answers

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71
Q

Quantitative research

A

Research that leads to numerical results that can be statistically analysed

-Closed questions that gather easy, basic data
E.g. how many times have you been to Portugal on a holiday

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72
Q

Focus groups

A

A group of people who are asked about their attitude towards a product, service, advertisement or new style of packaging

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73
Q

Sample

A

The group of people taking part in a market research survey selected to be representative of the overall target market

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74
Q

Random sampling

A

Every member of the target population has an equal chance of being selected

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75
Q

Stratified sampling

A

This draws a sample from a specified sub-group or segment of the population and uses random sampling to select an appropriate number from each stratum

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76
Q

Quota sampling

A

When the population has been stratifies and the interviewer selects an appropriate number of respondents from each stratum

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77
Q

Cluster sampling

A

Using owner or a number of specific groups to draw samples form and not selecting from the whole population e.g. using one town or region

Geographic segmented sampling

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78
Q

Brand

A

An identifying symbol, name, image or trademark that distinguished a product from its competitors

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79
Q

Intangible attributes of a product

A

Subjective opinions of customers about a product that cannot be measured or compared easily

80
Q

Marketing mix

A

The four key decisions that must be taken in the effective marketing of a product

81
Q

Customer relationship management (CRM)

A

Using marketing activities to establish successful customer relationships so that existing customer loyalty can be maintained

82
Q

Tangible attributes of a product

A

Measurable features of a product that can be easily compared with other products

83
Q

Product

A

The end result of the production process sold on the market to satisfy customer need

84
Q

Product positioning

A

The consumer perception of a product or service as compared to it’s competitors

85
Q

Product portfolio analysis

A

Analysing the range of existing products of a business to distribute resources between them

86
Q

Product life cycle

A

The pattern of sales recorded bu a product from lain he to withdrawal from the market and is one of the main forms of product portfolio analysis

87
Q

Consumer durable

A

Manufactured product that can be reused and is expected to have a reasonably long life, such as a car or washing machine

88
Q

Extension strategies

A

These are marketing plans that extend the period of maturity stage of the product before a brand new one is needed

89
Q

Price elasticity of demand

A

Measures the responsiveness of demand following a change in price

90
Q

Mark-up pricing

A

Adding a fixed mark-up for profit to the unit price of a product

91
Q

Target pricing

A

Setting a price that will give a required rate of return at a certain level of output/sales

92
Q

Full-cost pricing

A

Setting a price by calculating a unit cost for the product (allocated fixed and variable costs) and then adding a fixed profit margin

93
Q

Contribution-cost pricing

A

Setting prices based on the variable costs of making a product in order to make a contribution towards fixed costs and profits

94
Q

Competition-based pricing

A

A firm will base its price upon the price set by its competitors

95
Q

Dynamic pricing

A

Offering goods at a price that changes according to the level of demand and the customer’s ability to pay

96
Q

Penetration pricing

A

Setting a relatively low price often supporting by strong promotion in order to achieve a high volume of sales

97
Q

Market skimming

A

Setting a high price for a new product when a firm has a unique or highly differentiated product with low price elasticity of demand

98
Q

Promotion

A

The use of advertising, sales promotion, personal selling, direct mail, trade fairs, sponsorship and public relations to inform customers and persuade them to buy

99
Q

Promotion mix

A

The combination of promotional techniques that a firm uses to sell a product

100
Q

Above the line promotion

A

A form of promotion that is undertaken by a business by paying for communication with consumers

101
Q

Advertising

A

Paid-for communication with consumers to inform and persuade, e.g. TV, cinema advertising

102
Q

Below the line promotion

A

Promotion that is not a directly-paid for means of communication but based on short-term incentives to purchase

103
Q

Sales promotion

A

Incentives such as special offers or special deals directed at consumers or retailers to achieve short-term sales increases and repeat purchases by consumers

104
Q

Personal selling

A

A member of the staff communicates with one consumer with the aim of selling the product and establishing a long-term relationship between company and consumer

105
Q

Sponsorship

A

Payment by a company to the organisers of an event or team/individuals so that the company name becomes associated with the event/team/individual

106
Q

Public relations

A

The deliberate use of free publicity provided by newspapers, TV ad other media to communicate with and achieve understanding by the public

107
Q

Branding

A

The strategy of differentiating products from those of competitors by creating an identifiable image and clear expectations about a product

108
Q

Marketing or promotion budget

A

The financial amount made available by a business for spending on marketing/promotion during a certain time period

109
Q

Channel of distribution

A

This refers to the chain of intermediaries a product passes through from producer to final consumer

110
Q

Internet marketing

A

This refers to advertising and marketing activities that use the internet, email and mobile communications to encourage direct sails via electronic commerce

111
Q

E commerce

A

The buying and selling of goods and services by businesses and consumers through an electronic medium

112
Q

Viral marketing

A

The use of social media sites or text message to increase brand awareness or sell products

113
Q

Integrated marketing mix

A

The key marketing decisions complements each other and work together to give customers a consistent message about the product

114
Q

Start up capital

A

The capital needed by an entrepreneur to set up a business

115
Q

Working capital

A

The capital needed to pay for raw materials, day-to-day running costs and credit offered to customers

Working capital = current assets - current liabilities

116
Q

Capital expenditure

A

The purchase of assets that are expected to last for more than one year (long lasting), such as building and machinery

117
Q

Revenue expenditure

A

Spending on all costs and assets other than fixed assets and includes wages and salaries

118
Q

Liquidity

A

The ability of a firm to be able to pay its short-term debts

119
Q

Liquidation

A

When a firm ceases trading and its assets are sold for cash to pay suppliers and other creditors

120
Q

Overdraft

A

The bank agrees to a business borrowing up to an agreed limit as and when required

121
Q

Factoring

A

Selling of claims over trades receivables to a debt factor in exchange for immediate liquidity- only a proportion of the value of the debts will be received as cash ( this is the debt factor’s profit)

122
Q

Hire purchase

A

An asset is sold to a company that agrees to pay fixed repayments over an agreed time period- the assets belong to the company (it is leasing until the final payment is made)

123
Q

Leasing

A

Obtaining the use of equipment of vehicles and paying a rental to leasing charge over a fixed period, this avoids the need for the business to raise long-term capital to buy the asset; ownership remains with the leasing company

124
Q

Equity finance

A

Permanent finance raised by companies through the sales of shares

125
Q

Long term loans

A

Loans that do not have to be repaid for at least one year

126
Q

Long term bonds or debentures

A

Bonds issued by companies to raise debt finance, often with a fixed rate of interest

127
Q

Rights issue

A

Existing shareholders are given the right to buy additional shares at a discounted price

128
Q

Trade recievables

A

The value of payments to be received from customers who have bough goods on credit

129
Q

Venture capital

A

Risk capital invested in business start-ups or expanding small businesses that have goof profit potential but do not find it easy to gain finance from other sources

130
Q

Micro finance

A

Providing financial services for poor and low-income customers who do not have access to banking services, such as loans and overdrafts offered by traditional commercial banks

131
Q

Crowd funding

A

.the use of small amounts of capital from a large number of individuals to finance a new business venture

132
Q

Business plan

A

A detailed document giving evidence about a new or existing business, and that aims to convince external lenders and investors to extend finance to the business

133
Q

Direct costs

A

These costs can be clearly identified with each unit of production and can be allocated to a cost centre

134
Q

Indirect costs

A

Costs that cannot be identified with a unit of production or allocated accurately to a cost centre

135
Q

Fixed costs

A

Costs that do not vary with the output in the short run

136
Q

Variable costs

A

Costs that vary with output

137
Q

Marginal costs

A

The extra cost of producing one more unit of output

138
Q

Break-even point of production

A

The level of output at which total costs equal total revenue and neither a profit or a loss is made

139
Q

Margin of safety

A

The amount by which the sales level exceeds the break-even level output

140
Q

Contribution per unit

A

Selling price less variable cost per unit

141
Q

c23

A

9

142
Q

Operations planning

A

Preparing input resources to supply products to meet expected demand

143
Q

CAD

A

Computer aided design

The use of computer programs to create 2D or 3D graphical representations of physical objects

144
Q

CAM

A

Computer aided manufacturing

The use of computer software to control machine tools and related machinery in te manufacturing of components or complete products

145
Q

Operational flexibility

A

Gather ability of a business to vary both the level of production and the range of products following changes in customer demand

146
Q

Process innovation

A

The use of a new or much improved method or service delivery method

147
Q

Job production

A

Producing a one-off item specially designed for the customer

148
Q

Batch production

A

Producing a limited number of identical products- each item in the batch passes through one stage of production before passing on to the next stage

149
Q

Mass customisation

A

Mass customisation is the use of flexible computer aided production systems to meet individual customers requirements at mass-production cost levels

150
Q

Optimal location

A

A business location that gives the best combination of quantitative and qualitative factors

151
Q

Quantitative factors

A

These are measurable in financial terms and will have a direct impact on either the costs of a site or the revenues from it and its profitability

152
Q

Qualitative factors

A

Non measurable factors that may influence business decisions

153
Q

Multi site location

A

A business that operates from more than one location

154
Q

Offshoring

A

(Outsourcing in a different country; tax!)

The relocation of a business process done in one country to the same or another company in another country

155
Q

Outsourcing :SKRGLERJGI PIT$

A

The relocation of a business process done in another…

156
Q

Multinational

A

a business with operations or production bases in more than one country

157
Q

Trade barriers

A

Taxes (tariffs) or other limitations on the free international movement of goods and services

158
Q

Scale of operation

A

The maximum output that can be achieved using the available inputs (resources)

This scale can only be increased in the long term by employing more of all inputs

159
Q

Economies of scale

A

Reductions in a firms unit (average) costs of production that result from an increase in the scale of operations

160
Q

Diseconomies of scale

A

Factors that cause average costs of production to rise when the scale of operation is increases

161
Q

Enterprise resource planning

A

The use of a single computer application to plan the purchase and use of resources in an organisation to improve the efficiency of operations

162
Q

Supply chain

A

All of the stages int eh production process from obtaining raw ,materials to selling to the consumer - form point of origin to point of consumption

163
Q

Sustainability

A

Production systems that prevent waste by using the minimum of non-renewable resources so that levels of production can be kept going in the future

164
Q

Transformation process

A

The process from which inputs, like raw materials, are put through to. Produce outputs

165
Q

Income statement

A

Records the revenue, costs and profit or less of a business over a given time period

166
Q

Gross profit

A

Equal to sales revenue less cost of sales

167
Q

Revenue

A

The total value of sales mad enduring the trading period = selling price x quantity sold

168
Q

Cost of sales

A

This is the direct cost of goods that were sold during the financial year

169
Q

Low quality profit vs high quality profit

A

One off profit that cannot easily be repeated or sustained

Vs

Profit that can be repeated and sustained

170
Q

Statement of financial position

A

An accounting statement that records the values of a business’ assets, liabilities and shareholders’ equity at one point in time

171
Q

Liability

A

A financial obligation of a business that it is required to pay in the future

172
Q

Share capital

A

The total value of capital raised from shareholders by the issue of shares

173
Q

Intellectual capital or property

A

The amount by which the market value of a firm exceeds its tangible assets less liabilities

An intangible asset

174
Q

Goodwill

A

Arises when a business is valued at or sold for more than the balance sheet -sheet value of its assets

175
Q

Cash flow statement

A

Record of the cash received by a business over a period of time and the cash outflows form the business

176
Q

Liquidity

A

The ability of a firm to pay its short term debts

177
Q

Liquid assets

A

Current assets - inventories =liquid assets

178
Q

Window dressing

A

Presenting the company accounts in favourable light - to flatter the business performance

179
Q

Liquidation

A

When a firm ceases trading and its assets are sold for cash to pay suppliers and other creditors

180
Q

Insolvent

A

When a business cannot meet its short term debts

181
Q

Bad debt

A

Unpaid customers’ bills that are now very unlikely to ever be paid

182
Q

Overtrading

A

Expanding a business rapidly without obtaining all of the necessarily finance so that a cash-flow shortage develops

183
Q

Creditors

A

Suppliers who have agreed to supply products on credit who haven’t been paid yet

184
Q

Manager

A

A person responsible or setting objectives, organising resources and motivating staff so thar the organisations aims are met

185
Q

Leadership

A

This is the art of privations a group of people towards achieving a common objective

186
Q

Autocratic leadership

A

A style of leadership that keeps all decision-making at the centre of the organisation

187
Q

Democratic leadership

A

A leadership style tear promotes the active participation of workers in taking decisions

188
Q

Paternalistic leadership

A

A leadership style based on the approach that the manager is in a better position than the workers to know what is best for an organisation

189
Q

Laissez faire

A

A leadership style that leaves much of the business decision making to the workforce

A hands off approach and the reverse of autocratic style

190
Q

Informal leader

A

A person who has no formal authority but has the respect of colleagues and some power over them

191
Q

Emotional intelligence

A

The ability of managers to understand their own emotions and those of the people they work with to achieve better business performance

192
Q

Motivation

A

The internal and external factors that stimulate people to take actions that lead to achieving a goal

193
Q

Self actualisation

A

A sense of self- fulfilment reached by feeling enriched and developed by what one has learned and achieved

194
Q

Job enrichment

A

Aims to use the full capabilities of workers by giving them the opportunity to do more challenging and fulfilling work

195
Q

Hygiene factors

A

Aspects of a workers job that have the potential to cause dissatisfaction

Business AS (16 decks)

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