Key Terms - Theme 1 Flashcards
Percentage change in price
(New price - old price)
divided by old price
x100
Market share
The percentage of a market that a single business, product, or service owns
Added value
When a business decides to enhance the quality of a product/service by providing extras to improve a customers experience
Market size
The size of a market, that is measured by sales volume or value
Above the line promotion
Any promotion that involves using the media
Marketing
A management process that involves identifying, anticipating and satisfying customer requirements profitability
Advertising
Communication between a business and it’s customers where images are placed in the media to encourage the purchase of products
Marketing mix
How a business uses the 4P elements strategically. The 4P’s are: price, product, place and promotion
Aesthetics
What the product looks like
Marketing strategy
A set of plans that aim to meet a specific business objective
Agent or broker
A foreign sales agent is a business that represents products from another business in a new country
Mark-up
The amount above cost that is added to a product before it is placed for sale
Aims
What a business tries to achieve in the long term
Maslow hierarchy of needs
The order of people’s needs starting with basic human requirements
Articles of association
A document that provides details of the internal running of a limited company
Mass market
A larger and more competitive market where products and services are sold and advertised to everyone
Authority
The power or right to give orders in an organisation
Matrix structure
This is a hierarchy design which groups by project and function
Autocratic leadership
Leader makes all of the decisions
Mechanisation
Method of operating or controlling processes using machinery
Automation
Method of operating or controlling processes by automatic means using devices. Reduces need 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
