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Business A Level > Key Terms for bus 1 > Flashcards

Key Terms for bus 1 Flashcards

1
Q

Markets

A

Are places where buyers and sellers meet to exchange products

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2
Q

Mass marketing

A

Creating a product which appeals to the whole market

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3
Q

Niche marketing

A

Aiming a product at a specific type of consumer

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4
Q

Competition

A

When two or more businesses try to sell products to the same group of consumers

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5
Q

Risk

A

Is the uncertainty a business takes

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6
Q

Primary market research

A

Collect new data

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7
Q

Secondary market research

A

Collects existing data

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8
Q

Quantitive data

A

Uses secondary market research to identify facts

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9
Q

Qualitative data

A

Uses primary research to identify consumers opinions

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10
Q

Market segmentation

A

Breaking up a market in to submarkets

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11
Q

Market mapping

A

Process that plots two features of all products in the market

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12
Q

Competitive advantage

A

Set of features firm has that consumers see as being superior to others in the market

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13
Q

Product differentiation

A

When a business successfully distinguishes its products from rivals

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14
Q

Added value

A

The difference between the revenue from selling out put and the cost of inputs

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15
Q

Demand

A

The amount of a product to consumers are willing and able to buy at various prices

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16
Q

Supply

A

The amount of a product produces are willing and able to sell at various prices

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17
Q

Equilibrium price

A

Is the price where quantity demanded for a product equals the quantity supplied

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18
Q

Excess demand

A

When quantity Demanded for a product exceeds the quantity supplied

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19
Q

Excess supply

A

When quantity supplied for a product exceeds quantity demanded

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20
Q

PED

A

The responsiveness of quantity demanded to be given change in priceFirms income from selling out put

21
Q

Total revenue

A

Firms income from selling output

22
Q

Income elasticity of demand

A

The responsiveness of demand to a given change in consumer income

23
Q

Marketing mix

A

Product, price, promotion, and place

24
Q

Product

A

Goods and services

25
Q

Above the line Promotion

A

Advertising in the media e.g. TV and newspapers

26
Q

Brand

A

A name, term, design, symbol which differentiates firm from others in the market

27
Q

Branding

A

Process of creating a brand

28
Q

Re-branding

A

When a new name, term, is given to a product / firm

29
Q

Emotional branding

A

Aims to connect the brand with the consumer for long-term

30
Q

Cost plus pricing

A

Price is set by adding a mark up to average cost

31
Q

Price skimming

A

Where firms set a high price to Maximise sales revenue

32
Q

Price penetration

A

When firms set a low price to maximise sales volume

33
Q

Competitive pricing

A

Setting a price which takes account of prices set by other competitors

34
Q

Psychological pricing

A

Setting a price Slightly below around number e.g. 99p

35
Q

Distribution

A

The delivery of products from the producer to the consumer

36
Q

Product life-cycle

A

Three stages of a product life introduction, growth, maturity, and decline

37
Q

Extension strategy

A

Strategy to make products last longer in their working life

38
Q

Product portfolio

A

The range of goods and services offered by an organisation

39
Q

Customer loyalty

A

The willingness of customers to make repeat purchases

40
Q

Dismissal

A

Employment is terminated against the will of an employee

41
Q

Redundancy

A

Is when a role within a business is removed to reduce size of workforce

42
Q

Trade unions

A

Can organise collective baragaining for many workers and take action to improve working conditions

43
Q

Recruitment

A

Process by which a business seeks the right person for a job

44
Q

Chain of command

A

The way in which instructions are passed down a business from superiors to subordinates

45
Q

Line manager

A

Is a member of staff directly responsible for soboordinates

46
Q

Authority

A

Is the power managers have to direct subordinates and make decisions

47
Q

Delegation

A

Occurs when managers entrust tasks or decisions to subordinates

48
Q

Centralisation

A

Authority is retained by senior managers at the top.

49
Q

Decentralisation

A

Authority is delegated down the chain of command to subordinates

Business A Level (21 decks)

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