Key Terms Flashcards
What Is A Market Share?
The % of a market that a business, service or product has
what is percentage change in price?
new price - old price/ old price x 100
what is added value?
when you increase the quality of a product to make it sell more
how is market size measured?
it is measured by the volume of sales
what is above the line advertising?
placing adverts using the media
what is marketing?
A process where you identify, anticipating and satisfying consumer requirements
what is advertising?
where you try and inform consumers about your goods and services
what is the marketing mix?
the 4p’s price, promotion, place, product
what is aesthetics?
what a product looks like
what is a marketing strategy?
a plan to achieve your market objective.
what is an agent/broker?
someone who represents products from a business in a new country.
what is a mark-up?
the cost added to the product before sale.
what are aims?
what a business tries to achieve
what is Maslow’s hierarchy of needs?
the order of peoples needs starting with basic human requirements
what are articles of association?
a document showing how a business (limited) is running internally
what is a mass market?
where goods and services are market to everyone, there is more competition and prices are lower
what is authority?
the power that someone holds in an organisation
what is the matrix structure?
this is a hierarchy design which group s by project and function
what is a autocratic leadership?
leader makes all decisions
what is mechanisation?
when a part of the production process is done by machinery
what is automation?
method of operating or controlling processes by automatic means using devices. reduces need for human interaction
what is merchandising?
a promotion specifically at the point of sales of a product
what is below the line promotion?
any promotion that does not involve using the media
what is memorandum of association?
A document that sets out the constitution and states key external details about a limited company.
what is a bonus?
A payment in addition to the basic wage
what does it mean to be motivated?
the desire to achieve a goal
what is a brand name?
a name, symbol, term or design that is associated with that company
what are motivators (Hertzberg) ?
things at work that result in satisfaction
what is the Boston matrix?
shows the market share and growth rate of cash cows, dogs, stars and problem child
what is multi skilling?
when you train employees to do more that one job
what is breaking bulk?
when you divide a large quantity of goods before selling them to customers
what is mutual organisations?
a business owned by its members, who are customers not shareholders.
what is business choices?
deciding between alternative uses of resources
what is a niche market?
a small subsection of a mass market were prices are higher but there is less competition
what is a certification of incorporation?
a document that declares a business can trade as a limited company
what is a normal good?
product were an increase in income means an increase in demand
