Definitions Flashcards
Concept Statement
A concise statement that captures the essence of your product or service, particularly its uniqueness.
Feasibility Analysis
An analysis you use to determine the appeal of a business idea and how likely it is to succeed.
Concept Testing
The process of introducing a product or service to potential customers and finding out what they think of it.
Target Marketing
Breaking a market into segments and then directing your marketing efforts at one segment.
Market Segment
A group of customers with common needs and interests, who differ from other groups, and who will respond similarly to a marketing action.
Enzymes
Proteins that speed up chemical reactions in the body.
Hormones
The body’s chemical messengers and metabolic regulators.
Antibodies
Proteins that the body produces to fight disease.
Macronutrients
Nutrients that the body needs in large quantities, such as carbohydrates, proteins and fats. They provide energy when oxidised so they are called the energy nutrients.
Nutrients
Substances in food that provide energy, allow for growth and the normal functioning of the body, and maintain life.
Food Fortification
The addition of specific micronutrients to foods.
Micronutrients
Nutrients that the body needs in small quantities for growth, maintenance and reproduction, such as vitamins and minerals.
Basal Metabolic Rate
The amount of energy you need to stay alive- to breathe, keep your heart pumping and digest food.
Optimal Growth
The best or most favourable conditions for growth.
Microbial Contamination
Contamination of food by micro-organisms such as bacteria.
Chemical Contamination
Contamination of food by chemical substances.
Physical Contamination
Contamination of food by physical objects such as bones, pieces of metal or plastics.
Data
Information such as statistical data which is given in numbers.
Statistics
A collection of information that interprets facts.
Financial Income
The money that a person or family receives within a specific period.
Non-financial Income
Products and services that a person or family receives without using money, somethings by exchanging something else.
Expenditure
The total money spent on goods and services.
Expenditure Patterns
The typical ways in which consumers spend money on goods and services.
Basic Necessities
Water, food, shelter, clothing for survival.
Budget
A detailed breakdown of all your income and planned expenses for a specific period, an itemised money plan.
Savings
The part of a person income that’s not spent on consumer goods or services, but accumulated or invested.
Net Income
All the income that the individual or household receives after all deductions from gross income have been made.
Fixed Expenses
Specific regular amounts that usually involve a contract or agreement.
Variable Expenses
Expenses that change from week to week or month to month, due to price changes, different needs, or different circumstances.
Revolving Credit
Credit that revolves by being constantly renewed as you pay it off.
Non-revolving Credit
A type of credit that is usually granted for a month, by the end of which time you need to pay back the full amount.
Credit Bureau
An agency that collects information about people’s credit worthiness to provide a profile of how they handle their debt.
Debt counsellor
A person who mediates between the consumer and the credit perovider to reach a repayment agreement for debt obligations.
NCR
National Credit Regulator
NCT
National Consumer Tribunal
informal court established for consumer right protection.
NCA
National Credit Act
Created to regulate the credit industry and protect consumers from poor credit practices and unscrupulous lenders etc.
Repo Rate
The official interest rate at which banks borrow money from the South African Reserve Bank.
Voetstoots
When you buy goods as you see them, just as they are.
