Key Terms

Question 1

What Is A Market Share?

Answer 1

The % of a market that a business, service or product has

Question 2

what is percentage change in price?

Answer 2

new price - old price/ old price x 100

Question 3

what is added value?

Answer 3

when you increase the quality of a product to make it sell more

Question 4

how is market size measured?

Answer 4

it is measured by the volume of sales

Question 5

what is above the line advertising?

Answer 5

placing adverts using the media

Question 6

what is marketing?

Answer 6

A process where you identify, anticipating and satisfying consumer requirements

Question 7

what is advertising?

Answer 7

where you try and inform consumers about your goods and services

Question 8

what is the marketing mix?

Answer 8

the 4p’s price, promotion, place, product

Question 9

what is aesthetics?

Answer 9

what a product looks like

Question 10

what is a marketing strategy?

Answer 10

a plan to achieve your market objective.

Question 11

what is an agent/broker?

Answer 11

someone who represents products from a business in a new country.

Question 12

what is a mark-up?

Answer 12

the cost added to the product before sale.

Question 13

what are aims?

Answer 13

what a business tries to achieve

Question 14

what is Maslow’s hierarchy of needs?

Answer 14

the order of peoples needs starting with basic human requirements

Question 15

what are articles of association?

Answer 15

a document showing how a business (limited) is running internally

Question 16

what is a mass market?

Answer 16

where goods and services are market to everyone, there is more competition and prices are lower

Question 17

what is authority?

Answer 17

the power that someone holds in an organisation

Question 18

what is the matrix structure?

Answer 18

this is a hierarchy design which group s by project and function

Question 19

what is a autocratic leadership?

Answer 19

leader makes all decisions

Question 20

what is mechanisation?

Answer 20

when a part of the production process is done by machinery

Question 21

what is automation?

Answer 21

method of operating or controlling processes by automatic means using devices. reduces need for human interaction

Question 22

what is merchandising?

Answer 22

a promotion specifically at the point of sales of a product

Question 23

what is below the line promotion?

Answer 23

any promotion that does not involve using the media

Question 24

what is memorandum of association?

Answer 24

A document that sets out the constitution and states key external details about a limited company.

Question 25

what is a bonus?

Answer 25

A payment in addition to the basic wage

Question 26

what does it mean to be motivated?

Answer 26

the desire to achieve a goal

Question 27

what is a brand name?

Answer 27

a name, symbol, term or design that is associated with that company

Question 28

what are motivators (Hertzberg) ?

Answer 28

things at work that result in satisfaction

Question 29

what is the Boston matrix?

Answer 29

shows the market share and growth rate of cash cows, dogs, stars and problem child

Question 30

what is multi skilling?

Answer 30

when you train employees to do more that one job

Question 31

what is breaking bulk?

Answer 31

when you divide a large quantity of goods before selling them to customers

Question 32

what is mutual organisations?

Answer 32

a business owned by its members, who are customers not shareholders.

Question 33

what is business choices?

Answer 33

deciding between alternative uses of resources

Question 34

what is a niche market?

Answer 34

a small subsection of a mass market were prices are higher but there is less competition

Question 35

what is a certification of incorporation?

Answer 35

a document that declares a business can trade as a limited company

Question 36

what is a normal good?

Answer 36

product were an increase in income means an increase in demand