Definitions Flashcards
What is organic growth?
Growth achieved by increasing sales
What is a merger?
Two companies joining to create a larger company
What is an acquisition?
One company taking control of another company by buying all of its shares
What is a joint venture?
Two or more businesses working together on a particular project
What are a businesses main stakeholders?
Employees Shareholders/owners Customers Lenders Suppliers Local community Competition Government
What is a stakeholder?
A person or party with an interest in the success of a business
What are key stakeholders?
Ones with large influence on the business, will often effect the decision making process
What is a market?
Any situation where buyers and sellers are in contact in order to establish a price
What are barriers to entry?
The factors that could prevent a business from entering and competing in a market
What are barriers to exit?
The factors that could prevent a business from leaving a market, even if it would like to
What is equilibrium in terms of supply and demand?
The situation in a market when demand is equal to supply
What is a substitute good?
An alternative product that serves the same purpose
What is a complementary product?
A product that is used, and therefore bought, in conjunction with another product
What is a subsidy?
A payment from the government to encourage a business to increase supply
What is free trade?
Trade without tariffs or quotas being imposed when products are trades
What is a single market?
A market in which there is a single set of laws or regulations to the movement of products, people and money. All businesses in the single market must abide by these
What is globalisation?
Growth in the world to the point where businesses can trade the same in the global market as they can in a domestic market
What is workforce planning?
The process used to plan the number and quality of employees that will be required, both short and long term
What is outsourcing?
The usage of external labour to undertake a specific job or contract
What are the different types of primary research?
Interviews Surveys/questionnaires Observation Consumer panels Focus groups Trial marketing
What are the secondary research sources? (Internal sources)
Sales data/figures
Previous survey results
Customer information
Company reports
What are the secondary research sources? (External sources)
Market research companies The internet Trade publications Newspapers and magazines Competitors Government statistics and reports
List all sampling methods
Simple random sampling Systematic sampling Quota sampling Convenience sampling Proportionate stratified sampling Disproportionate stratified sampling Cluster or multi stage sampling
