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Business A-level > Key Terms > Flashcards

Key Terms Flashcards

1
Q

Entrepreneurs

A

individuals who, typically, set up and run a business and take the risks associated with this.

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2
Q

Intrapreneurs

A

employees who use entrepreneurial skills, without having to risk their own money, to find and develop initiatives that will have financial benefits for their employer.

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3
Q

Brand name

A

a name, term, sign, symbol, design or any other feature that allows consumers to identify the goods and services of a business and to differentiate them from those of competitors.

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4
Q

E-commerce

A

Conducting business transactions online

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5
Q

Online retailing or e-etailing

A

The retailing of goods online

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6
Q

Market

A

a set of arrangements that allows buyers and sellers to communicate and trade in a particular range of goods and services.

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7
Q

Marketing

A

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

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8
Q

Market share

A

the proportion of total sales in a particular market for which one or more businesses or brands are responsible. It is expressed as a percentage and can be calculated by value or volume.

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9
Q

Mass market

A

A very large market in which products with mass appeal are targeted

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10
Q

Niche market

A

A smaller market, usually within a large market or industry

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11
Q

Consumer panels

A

Groups of customers that are asked for feedback about products over period of time

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12
Q

Database

A

an organised collection of data stored electronically with instant access, searching and sorting facilities.

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13
Q

Focus groups

A

where a number of customers are invited to attend a discussion about a product led by market researchers.

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14
Q

Market orientation

A

an approach to business which places the needs of consumers at the centre of the decision-making process

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15
Q

Market research

A

the collection, presentation and analysis of information relating to the marketing and consumption of goods and services.

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16
Q

Market segment

A

part of a whole market where a particular customer group has similar characteristics.

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17
Q

Primary research or field research

A

the gathering of new information which does not already exist

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18
Q

Product orientation

A

an approach to business which places the emphasis upon the production process and the product

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19
Q

Qualitative research

A

the collection of data about attitudes, beliefs and intentions.

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20
Q

Quantitative research

A

the collection of data that can be quantified.

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21
Q

Respondent

A

a person or organisation that answers questions on a survey.

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22
Q

Sample

A

A small group of people who must represent a proportion of a total market when carrying out market research

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23
Q

Secondary research or desk research

A

the collection of data that is already in existence.

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24
Q

Socio-economic groups

A

division of people according the social class.

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25
Q

Added value

A

the extra features that may be offered by a business when selling a product, such as high quality customer service, which helps to exceed customer expectations.

26
Q

Competitive advantage

A

an advantage that enables a business to perform better than its rivals in the market.

27
Q

Market maps or perceptual maps

A

typically a two-dimensional diagram that shows two of the attributes or characteristics of a brand and those of rival brands in the market.

28
Q

Market positioning

A

the view consumers have about the quality, value for money and image of a product in relation to ppthose of competitors,

29
Q

Complementary goods

A

Goods that are purchased together because they are consumed together

30
Q

Product differentiation

A

an attempt by a business to distinguish its product from those of competitors.

31
Q

Reposition

A

change the view consumers have about a product by altering some of its characteristics.

32
Q

Unique selling point (or preposition)

A

the aspect or feature of a product that clearly distinguishes it from its rivals.

33
Q

Demand

A

The quantity of product bought or given price over a given period of time

34
Q

Demand curve

A

A line drawn on a graph that shows how much of a good will be bought at different prices

35
Q

Inferior goods

A

goods for which demand will fall if income rises or rise if income fall.

36
Q

Normal goods

A

goods for which demand will rise if income rises or fall it income falls.

37
Q

Substitute goods

A

goods that can be bought as an alternative to others but preforms the same function

38
Q

Subsidy

A

A grant given to producers, usually to encourage production of a certain good

39
Q

Supply

A

The amount of a product that suppliers make available to the market at any given price in a given period of time

40
Q

Supply curve

A

A line drawn on a graph that shows how much of a good sellers are willing to supply at different prices

41
Q

Equilibrium price/market clearing price

A

The price where supply and demand are equal

42
Q

Excess demand

A

The position where demand is greater than supply at a given price and there are shortages in the market

43
Q

Excess supply

A

The position where supply is greater than demand at a given price and there are unsold goods in the market

44
Q

Total revenue

A

The amount of revenue generated from the sale of goods calculated by multiplying price by quantity in a given period of time

45
Q

Price elastic demand

A

A change in price results in greater change in demand

46
Q

Price elasticity of demand

A

The responsiveness of demand to a change in price

47
Q

Price inelastic demand

A

A change in price results in a proportionately smaller change in demand

48
Q

Discretionary expenditure

A

Non-essential spending or spending that is not automatic

49
Q

Income elastic demand

A

The percentage change in demand for a product is proportionately greater than the percentage change in income

50
Q

Income elasticity of demand

A

The responsiveness of demand to a change in income

51
Q

Income inelastic demand

A

Where the percentage change in demand is proportionately less than the percentage change in income

52
Q

Consumer durables

A

Goods that can be used repeatedly over a period of time, such as cars and household appliances

53
Q

Design mix

A

The range of features that are important when designing a product

54
Q

Ergonomics

A

The study how people interact with their environment and the equipment they use - often in the workplace

55
Q

Ethical sourcing

A

Using materials, components and services from suppliers that respect the environment, treat their workforce well and generally trade with integrity

56
Q

Product design

A

The process of creating a new product or service

57
Q

Recycling

A

Making use of materials that have been discarded as waste

58
Q

Resource depletion

A

The using up of natural resources

59
Q

Waste minimisation

A

Reducing the quantity of resources that are discarded in the production process

60
Q

Above-the-line promotion

A

Placing adverts using the media

Business A-level (12 decks)

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