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Business Management > Definitions > Flashcards

Definitions Flashcards

1
Q

Market

A

A place or process whereby customers and suppliers trade

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2
Q

Marketing

A

the management process involved in identifying, anticipating and satisfying consumer requirements profitably.

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3
Q

management process

A

requires people to take responsibility for decision making

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4
Q

identifying

A

identify the customers needs and want through market research and data analysis

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5
Q

anticipating

A

predict what is customers might want in the future

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6
Q

satisfying

A

satisfied customers are more likely to become loyal customers

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7
Q

profitably

A

marketing is about earning profit

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8
Q

Market segmentation

A

the process of splitting a market into distinct consumer groups to better meet their needs

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9
Q

market segment

A

a distinct group of customers with similar characteristics, e.g. age, gender, income, ethnicity and religion.

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10
Q

Targeting

A

The process of devising an appropriate marketing mix and marketing strategies for different market segment.

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11
Q

Target market

A

a particular market segment that a business aims to focus its marketing effort on

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12
Q

market research

A

the process of collecting, recording and analyzing data about the customers, competitors and market for a product.

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13
Q

primary research

A

the collection of first-hand data for the specific needs of business

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14
Q

secondary research

A

the collection of data from second-hand sources

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15
Q

Objectives

A

A statement of a specific target to achieve the aim of a business

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16
Q

the importance of objectives

A
  1. Help to motivate staff
  2. provide direction for all individuals and departments of a business
    Provide basis for measuring and controlling the performance of a business.
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17
Q

Primary sector

A

grow and gather natural resources (agriculture, forestry, fishing and animal husbandry)

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18
Q

Secondary sector

A

where raw materials are made into products

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19
Q

Tertiary sector

A

providing service to final consumers or business

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20
Q

Public sector

A

owned by the government, objectives: increase the number of students entering higher education, increase special needs provision in school, reduce response time of emergency services.

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21
Q

Factors of production

A

Land: all natural resources
Labour: employee
Capital: machinery, equipment and finance
Enterprise/Entrepreneur: people prepared to take the risk of setting up business and organize the land, labour and capital

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22
Q

The purpose of business

A

To use the factors of production to create goods and services in order to satisfy the needs and wants of people, organizations and governments.

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23
Q

Stakeholders

A

Any person or organization with an interest in and is affected the activities and performance of a business.

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24
Q

Sole trader

A

a business owned and
managed by one person

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25
Q

partnership

A

a business owned and managed by two or more people

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26
Q

limited companies (5)

A
  1. owned by shareholders
  2. profit is distributed to shareholders through dividends
  3. capital is raised by selling shares
  4. incorporated/limited liability business
  5. AGM is must
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27
Q

Organizational Structures

A

The formal, internal framework of a business that shows how it is managed or organized

28
Q

Hierarchy

A

the number of layers of formal authority in an organization
(people who are on the same level in the organization have the same status)

29
Q

Chain of command (3)

A
  1. The route through which authority is passed down through an organization
  2. the chain of command can be short or long)
  3. Each person in the chain of command is directly responsible to the person immediately above them and directly responsible for the person directly below them
30
Q

Span of control

A

the number of subordinates directly reporting to each supervisor/manager

31
Q

Subordinate

A

The employee who is below another employee in the organization’s hierarchy

32
Q

Flat hierarchy

A

few levels of authority

33
Q

Roles, responsibility and inter-relationship of Directors and CEO
(5)

A
  1. Setting Strategies - the long-term plans for the business
  2. Making sure that resources are available to achieve objectives
  3. Reviewing the performances of managers
  4. Protecting the interests of shareholders and other stakeholders
  5. Providing leadership to ensure the success of the business
34
Q

Roles, responsibility and inter-relationship of Managers (5)

A
  1. Making sure that the decisions of the directors are carried out
  2. Delegating tasks to members of their department
  3. Taking the decisions needed to achieve departmental targets
  4. Motivating employees in the department so that they work hard to achieve the department’s and company’s objectives
  5. Solving day-to-day problems that may arise within the department
35
Q

Roles, responsibility and inter-relationship of supervisors and employees
(2)

A
  1. Complete their tasks efficiently and at the required quality standard set by managers
  2. Work towards achieving individual, group or departmental targets.
36
Q

Self-actualization

A

Reaching one’s full potential

37
Q

Esteem needs

A

respect, recognition, status

38
Q

Social needs

A

Accepted, friendship, belonging to a group

39
Q

Safety needs

A

Health, job security, free from threats

40
Q

Physical needs

A

Water, food, shelter, clothing and rest

41
Q

Importance of Maslow’s hierarchy of needs (2)

A
  1. Improve employee motivation
  2. Increase business efficiency, reduce business costs and improve profitability improve competitiveness.
42
Q

Limitations of Maslow’s hierarchy of needs (4)

A
  1. It is often difficult to identify how much of need has been met and which level each employee is on.
  2. Money might also satisfy esteem needs as well as those lower down the hierarchy
  3. Not everyone has the same needs as those in Maslow’s hierarchy
  4. Self-actualization is rarely, if ever, achieved. Therefore, unless more challenging tasks are always being provided, it is unlikely that work will help to satisfy this need. There is the risk that if jobs are no longer challenging, employees will become demotivated.
  5. There is no explanation of what motivates people who have achieved self-actualization. E.g. Bill Gates.
43
Q

Hygiene Factors (Def + 5)

A

Factors necessary for people to work but not make people work harder:
1. Working Conditions
2. Relationship with others
3. Salary or wage
4. Supervision - leadership style
5. Company policy and administration

44
Q

Motivator (Def + 5)

A

Factors which encourage people to work harder:
1. The work itself - the task employees do
2. Responsibility
3. Advancement - opportunity for promotion
4. Self-achievement
5. Recognition of achievement - recognized by management and colleagues.

45
Q

Profit and Loss Account/Income Statement

A

A financial statement of a firm’s trading activities over a period of time, usually one year. It shows the profit or loss of a business.

46
Q

Sales revenue/turnover

A

Price * quantity sold

47
Q

Gross profit

A

turnover - the cost of goods sold

48
Q

Net profit

A

Gross profit - expenses

49
Q

Cost of goods sold

A

The direct cost of the goods that are actually sold, e.g. direct material, direct labour

50
Q

Expenses

A

Indirect costs of production, e.g. insurance, rent, management salaries

51
Q

Internal Growth (organic growth)

A

An organization expands using its own capabilities and resources without involving other organizations

52
Q

External Growth

A

A business relies on third-party organizations for growth

53
Q

Strategetic Alliances (4)

A
  1. More than two businesses may be part of the alliance
  2. No new business is created. SA is typically an agreement to work together for mutual benefit.
  3. Individual businesses in the alliance remain independent
  4. Strategic alliances are more fluid than a joint venture
54
Q

Product

A

Any good or service produced to satisfy the needs or wants of customers.

54
Q

Branding

A

The use of an exclusive name, symbol or design to identify a specific product or organization. It is a form of differentiating a firm’s products from those of its competitors

55
Q

Brand image

A

The general impression of a product held by consumers

56
Q

Importance of Branding

A
  1. Consumers recognize its product more easily when
    looking at similar products
  2. Its product can be priced higher than less well-known brands
  3. It is easier to launch new products on the market
    because consumers already know and trust the brand, and so are more likely to try it than if it was from an unknown brand – brand loyalty
57
Q

Below-the-line Promotion

A

the use of non-mass media promotional activities, allowing the business to have direct control, aimed directly at a target audience rather than a generic audience

58
Q

Place

A

Channels of distribution – how a product gets from the producer to the final consumer

59
Q

Retailers

A

The seller of products to the final consumers, e.g. Walmart, 7-Eleven, Tesco

60
Q

Wholesalers

A

Buy large quantities of products directly from manufacturers and then separate the bulk purchases into smaller units for resale, mainly to retailers

61
Q

Price

A

the amount paid by a customer to purchase a good or service

62
Q

position/perception map

A

A position/perception map is a visual tool that reveals customer perceptions of a product or brand in relation to its competitors.

63
Q

packaging

A

The way in which a product is presented to the consumer, e.g. colour, shapes, sizes and material

64
Q

Promotion

A

marketing activities used to communicate with customers to inform and persuade them to buy the product

65
Q

Above-the-line Promotion

A

Paid-for marketing communication via independent mass media

Business Management (1 decks)

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