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Business > definitions > Flashcards

definitions Flashcards

1
Q

direct distribution

A

a customer buys directly from you

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2
Q

intermediatory distribution

A

a customer buys your product from retailer shops

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3
Q

multichannel distribution

A

a business using more than 1 channel of distribution. e.g retailer + e-commerce

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4
Q

e-commerce

A

companies and individuals that buy and sell goods and services over the internet

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5
Q

target market

A

a group of customers that business aims to attract

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6
Q

market segmentation

A

the way in which market is broken down into sub-groups with similar wants, needs and characteristics

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7
Q

market mapping

A

visually organising competitors in a specific industry to understand their positions and potential market trends

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8
Q

CRM

A

customer relationship management - principles, practices and guidelines a business has to follow when interacting with its customers

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9
Q

guerilla marketing

A

use of unconventional methods in order to boost sales

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10
Q

promotional mix

A

the blend of marketing and communication elements

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11
Q

fiscal policy

A

the use of government spending and setting taxes

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12
Q

monetary policy

A

setting interest rates

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13
Q

bank of england

A

central bank that controls the supply of money and sets interest rates

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14
Q

base rate

A

interest rate set by the benk of england

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15
Q

VAT

A

value added tax

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16
Q

competition

A

a rivalry where brands have common goal that can’t be shared

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17
Q

interest rates

A

cost of borrowing and reward for saving

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18
Q

exchange rates

A

value of one currency in relation to another

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19
Q

inflation

A

the rate of increase in prices over time - how quickly money lose its purchasing ability

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20
Q

unemployment

A

number of unemployed people who are ABLE to work

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21
Q

GDP

A

value of all products and services bought/produced in a country over a year

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22
Q

dividends

A

a distribution of profits by a corporation to its shareholders

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23
Q

market capitalisation

A

total value of a company based on current share price and the number of stocks

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24
Q

productivity

A

the rate at which you produce the output

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25
Q

efficiency

A

how much input you use to produce the output

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26
Q

quality control

A

the process of checking the quality of already existing product

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27
Q

quality assurance

A

the process of preventing the reduction of the quality

28
Q

procurement

A

purchasing

29
Q

cash flow

A

money flowing in and out of the business

30
Q

trade credit

A

time given to pay back

31
Q

logistics

A

transport management of stock

32
Q

lead time

A

time between re-order and delivery

33
Q

kaizen

A

continuous improvement

34
Q

lean production

A

philosophy of improving efficiency by reducing waste whilst ensuring quality

35
Q

cell production

A

everything you need is close to you = no mobility issues

36
Q

mass customisation

A

customising goods in large quantities

37
Q

critical path

A

the longest activities that have to be completed on time if the project is to meet its deadline

38
Q

market capitalisation of a business

A

how much it costs to buy 100% of a company

39
Q

direct marketing

A

directly asking a customer to buy from you e.g. email

40
Q

indirect marketing

A

building general awareness of the brand

41
Q

profitability / profit margin

A

the percentage of revenue that company keeps as a profit

42
Q

monopoly

A

one firm dominating the market (more than 25%)

43
Q

oligopoly

A

small number of firms dominating the market

44
Q

real income

A

income adjusted for inflation

45
Q

correlation

A

relationship between 2 factors

46
Q

negative correlation

A

2 factors change in the opposite ways

47
Q

positive correlation

A

2 factors change in the same way

48
Q

extrapolation

A

making predictions about the future based on past trends

49
Q

confidence data

A

how certain people are that they represent the whole population

50
Q

confidence interval

A

the range of possible outcomes

51
Q

economies of scale

A
  • benefit of buying in bulk. e.g. discounts
  • the ability to spread costs among all the products = lower unit cost
52
Q

chain of command

A

the formal line of authority within an organization, outlining who reports to whom and the hierarchical structure of responsibility

53
Q

span of control

A

the number of direct reports a manager or supervisor oversees

54
Q

Functional structure

A

organises a company based on specialized functional areas or departments, such as marketing, finance, human resources, sales, and operations

55
Q

product structure

A

organises the company based on its individual product lines or services

56
Q

regional territory

A

organises the company based on the geographical territory

57
Q

variance analysis

A

the difference between the planned (budgeted) figure and the actual figure

58
Q

liquidity

A

difference between current assets and current liabilities

59
Q

current liabilities

A

debt that needs to be repaid within one year (trade credit)

60
Q

current assets

A

used in a day to day running of the business e.g. cash in bank

61
Q

debt factoring

A

business sells its accounts receivables to a third party at a discount, enabling companies to immediately unlock cash tied up in unpaid invoices without having to wait the usual payment terms

62
Q

trade credit

A

when a supplier allows a business to pay for supplies after they’ve been received

63
Q

overdraft

A

when a bank allows you to over spend on a current account

64
Q

receivables days

A

average number of days it takes customers to pay

65
Q

payables days

A

average number of days it takes to pay suppliers

Business (4 decks)

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