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Business Theme 1 > Key Words > Flashcards

Key Words Flashcards

1
Q

Added value

A

when a business chooses to enhance the quality of a core product by providing extras to improve a customer’s utility/experience

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2
Q

Percentage change in price calculation

A

Price new – Price old

Price old x 100

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3
Q

Above the line promotion

A

Placing adverts using the media

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4
Q

Advertising

A

Communication between a business and its customers where images are placed in the media to encourage the purchase of products

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5
Q

Aesthetics

A

What the item looks like

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6
Q

Agent or broker

A

Foreign sales agent is a business which represents products from another business in a new country

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7
Q

Market share

A

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

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8
Q

Market size

A

Measured by volume of sales or value

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9
Q

Marketing

A

management process involved in identifying, anticipating and satisfying consumer requirements profitably

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10
Q

Marketing mix

A

Price, place, promotion and product, how a business uses these 4 elements strategically

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11
Q

Marketing strategy

A

A Set of plans that aim to achieve a specific marketing objective.

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12
Q

Mark up

A

The amount above cost added to a product before it is placed for sale

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13
Q

Aims

A

What a business tries to achieve in the long term

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14
Q

Articles of association

A

document that provides details of the internal running of a limited company

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15
Q

Authority

A

This is the power or right to give orders in an organisation

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16
Q

Autocratic leader

A

Leader makes all the decisions

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17
Q

Automation

A

Method of operating or controlling processes by automatic means using devices. Reduces need for human interaction.

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18
Q

Below the line promotion

A

Any promotion that does not involve using the media

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19
Q

Maslows hierarchy of needs

A

The order of people’s needs starting with the basic human requirements.

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20
Q

Mass market

A

Products or services that are sold or advertised to everyone at the same time in the same way

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21
Q

Matrix structure

A

This is a hierarchy design which groups by project and function

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22
Q

Mechanisation

A

Method of operating or controlling processes using machinery

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23
Q

Merchandising

A

promotion specifically at the point of sale of a product

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24
Q

Memorandum of association

A

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

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25
Q

Bonus

A

payment in addition to the basic wage for reaching targets or in recognition for service.

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26
Q

Brand

A

name, term, symbol, sign, design or other feature that allows consumers to identify the goods and services of a business and to differentiate them from those of competitors.

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27
Q

Boston matrix

A

A 2x2 matrix model that analyses a product portfolio according to the growth rate of the market and the relative market share of products within the market.

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28
Q

Breaking- bulk

A

Dividing a large quantity of goods received from a supplier before selling them on in smaller quantities to customers

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29
Q

Business choices

A

Deciding between alternative uses of resources.

30
Q

Certificate of incorporation

A

document that declares a business is allowed to trade as a limited company

31
Q

Motivated

A

The desire to take action to achieve a goal

32
Q

Multi skilling

A

An employee is trained to do more than one job, for example an electrician is trained to plaster walls

33
Q

Mutual organisation

A

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

34
Q

Niche market

A

subset of a normal market that caters for specific consumer needs and wants

35
Q

Normal good

A

Products where an increase in consumer’s income means an increase in demand

36
Q

Centralisation

A

type of business organisation where major decisions are made at the centre or core of the organisation and then passed down the chain of command.

37
Q

Chain of command

A

This is the route that orders travel down in an organisation and complaints travel up

38
Q

Collective bargaining

A

union representative will speak to the management on behalf of all the workers in a business, usually about working conditions or pay

39
Q

Co operative

A

A business organisation owned by its members, who have equal voting rights.

40
Q

Commission

A

Percentage payment on a sale made to the salesperson.

41
Q

Competitive advantage

A

advantage a business has over its competitors, allowing it to generate larger than average turnover for the industry

42
Q

Objectives

A

The goals or targets set by a business to help achieve its long-term purpose

43
Q

Off the job training

A

Training that takes place away from the area of work.

44
Q

Online retailing

A

The retailing of goods online.

45
Q

Online businesses

A

business that uses the global communications infrastructure of the internet as a trading base

46
Q

On the job training

A

Training that takes place while doing the job

47
Q

Opportunity costs

A

The cost of the loss of the item not chosen, or the profit from the goods not produced

48
Q

Competitive pricing

A

To charge a similar amount for goods as are charged elsewhere

49
Q

Complimentary products

A

Products that need to be used together, for example a printer will need ink

50
Q

Consumer durables

A

Goods that can be used repeatedly over a period of time, such as cars and household appliances.

51
Q

Consumer panels

A

Groups of customers are asked for feedback about products over a period of time.

52
Q

Consultation

A

Listening to the views of employees before making key decisions that affect them

53
Q

Cost plus pricing

A

To set the price of a product or service by calculating the cost then adding a set amount or % to it.

54
Q

Organisational chart

A

diagram that shows the different job roles in a business and how they relate to each other.

55
Q

Outsourcing

A

Getting other people or businesses to undertake work that was originally done in house

56
Q

Own- label, distributor or private land

A

Products that are manufactured for wholesalers or retailers by other businesses

57
Q

Partnership

A

Two to 20 people who set up a business together as joint owners e.g. vets, solicitors, dentists

58
Q

Part time

A

Employees work less than 35 hours a week but still get sick pay and work benefits

59
Q

Paternalistic leadership,

A

Leader makes decisions but takes employees point of view into consideration

60
Q

Curriculum virtae

A

A document that lists personal details, qualifications, work experience, referees and other information about the jobseeker.

61
Q

Database

A

An organised collection of data stored electronically with instant access, searching and sorting facilities.

62
Q

Deed of partnership

A

Binding legal document that states the formal rights of partners.

63
Q

Decentralisation

A

type of business organisation where decision making is pushed down the chain of command and away from the centre of the organisation.

64
Q

Delayering

A

Removing layers of management from the hierarchy of an organisation

65
Q

Delegation

A

The act of asking a worker to perform a task

66
Q

Payment by results

A

Payment methods that rewards workers for the quantity and quality of work they produce.

67
Q

PED

A

change in Q demanded __________________________________

% change in price

68
Q

Penetration pricing

A

Setting a low price when launching a new product in order to get established in the market.

69
Q

Performance related pay

A

payment system designed for non-manual workers where pay increases are given if performance targets are met.

70
Q

Person specification

A

The characteristics the candidate both needs to have and those which are desired, for example skills and qualifications

71
Q

Piece rate

A

payment system where employees are paid an agreed rate for every item produced

Business Theme 1 (1 decks)

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