Key terms - 1st 3 pages Flashcards
Percentage change in price
Difference / original x 100
Market share
The % of a market that a business controls
Added value
Value added is when a business chooses to enhance the quality of a core product by providing extras to improve a customers experience
Market size
Measured by volume of sales or value
Above the line promotion
Placing adverts using the media
Marketing
A management process involved in identifying anticipating and satisfying consumer requirements profitably
Advertising
Communication between the business and its customers where images are placed in the media to encourage the purchase of product
Marketing mix
Price place promotion and product
Aesthetic’s
How the product looks
Marketing strategy
Set of plans that Aim to achieve a specific marketing objective
Agent or broker
Foreign sales agent is a business which represents products from another business in a new country
Mark up
The amount above cost added to a product before it is placed for sale
Aims
What a business tries to achieve in the long term
Maslow’s Hierarchy of needs
The order of people’s needs started with the basic human requirements
Articles of association
A document that provides details of the internal running of a limited company
Mass market
Products that are sold or advertised to everyone at the same time in the same way
Authority
The power alright to give orders in an organisation
Matrix structure
This is a hierarchy design which groups by project and function
Autocratic leadership
Leaders make all the decisions
Mechanisation
Method of operating or controlling processes using machinery
Automation
Method of operating or controlling processes by automatic means using devices. Reduces needs for human interaction
Merchandising
A promotion specifically at the point of sale of a product
Below the line promotion
Any promotion that does not involve using the media
Memorandum of association
A document that sets out the constitution and states key external details about a limited company
Bonus
A payment in addition to the basic wage for reaching targets
Motivated
The desire to take action to achieve a goal
Brand name
A name term symbol design or other feature that allows customers to identify the goods and services of the business and to differentiate them from those of competitors
Motivators (Hertzberg)
Things at work that result in satisfaction
Boston matrix
2×2 matrix model that analyses a product portfolio according to the growth rate of the market and the relative market share of the product
Multi skilling
And employee is trained to do more than one job
Breaking bulk
Dividing a large quantity of goods received from a supplier before selling them in smaller quantities to customers
Mutual organisation
A business owned by its members who are customers not shareholders
Business choices
Deciding between alternative uses of resources
Niche market
A subsection of the market that caters for specific customer needs and wants
Certification of incorporation
A document that declares a business is allowed to trade as a limited company
Normal good
Products where an increase in customer income means an increase in demand
