IGCSE Business Flashcards
Kaizen
a Japanese business philosophy of continuous improvement of working practices, personal efficiency
Lean production
Lean production is an approach to management that focuses on cutting out waste, whilst ensuring quality
Gross Domestic Product
the total value of output of goods and services
4 step of Trade Cycle
Growth, Boom, Recession, Slump
Inflation
The increase in the average price level of goods and services sold
Unemployment
When people who are willing to work can’t find a job
Mass Market
Where there is a very large number of sales of a product
Niche Market
A small, usually specialized, segment of a much larger market
Market Segment
An identifiable sub-group of a whole market in which consumers have similar characteristics or preferences
What are ways of segmenting a market
By socio-economic group
By age
By region/location
By gender
By use of the product
By lifestyle
