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Business Studies GCSE - Unit 3 > Keywords > Flashcards

Keywords Flashcards

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1
Q

Marketing

A

The management process that is responsible for anticipating, identifying and satisfying customer needs PROFITABLY

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2
Q

Market research

A

The process of gaining information about customers, competitors and market trends through collecting primary and secondary data.

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3
Q

Primary data

A

Information that has been gathered for a specific purpose through direct investigation, e.g. observation, surveys and experiments

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4
Q

Secondary data

A

Information that already exists such as accounts and sales records, government statistics, newspaper and internet articles and reports from advertising agencies.

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5
Q

Quantitative data

A

Data that can be expressed as number and can be statistically analysed.

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6
Q

Qualitative data

A

Data about opinions, judgements and attitudes,

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7
Q

Survey

A

Research involving asking questions of people or organisations

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8
Q

Respondents

A

Those who provide data for a survey usually by answering questions

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9
Q

Market Segment

A

Part of a market that contains a group of buyers with similar buying habits

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10
Q

Sample

A

A small group out of the total population which is selected to take part in a survey

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11
Q

Questionnaire

A

A list of questions to be answered by respondents, designed to give information about consumer’s tastes.

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12
Q

Product Trial

A

When customers buy a good for the first time and assess whether or not they want to buy it again.

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13
Q

Public Relations

A

Promotion of a positive image about a product or business through giving information about the product to the general public

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14
Q

Viral Marketing

A

Getting individuals to spread a message about a product through their social networks, e.g. Facebook or their group of friends

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15
Q

Penetration Pricing

A

Setting an initial low price for a new product so that it is attractive to customers. The price is likely to be raised later as the product gains market share.

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16
Q

Trade Buyers

A

Buyers of good which then sell those goods on to consumers or other buyers - they include supermarket chains and wholesalers

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17
Q

Retailers

A

Businesses which specialise in selling goods in small quantities to the consumer

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18
Q

Customer Loyalty

A

The willingness of buyers to make repeated purchases of a product or from a business

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19
Q

Repeat Purchase

A

When a customer buys a product more than once

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20
Q

Product Life Cycle

A

The stages through which a product passes from its development to being withdrawn from sale ; the phases are Research and Development, Launching The Product, Growth, Maturity, Saturation, Decline

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21
Q

Research and Development

A

The process of scientific and technological research and then development of the findings of that research before a product is launched.

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22
Q

Extension Strategy

A

Method used to increase the life of a product and prevent it from falling into decline

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23
Q

Product Portfolio / Product Mix

A

The combination or range of products that a business sells

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24
Q

Product Portfolio Analysis

A

Investigation of the combination of products sold by a business

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25
Q

Boston Matrix

A

A model which analyses a product portfolio according to the growth rate of the whole market and the relative market of a product within that market; a product is placed in one of four categories - Star, Cash Cow, Problem Child or Dog

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26
Q

Brand

A

A named product which consumers see as being different from other products and which they can associate and identify with

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27
Q

Generic Product

A

A product made by a number of different businesses in which customers see very little or no difference between the product of another business.

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28
Q

Own Brand

A

A product which is sold under the brand name of a supermarket chain or other retailer rather than under the name of the business which manufactures the product.

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29
Q

Product Differentiation

A

Making one product different from another in some way, e.g. through the quality of a product, its design, packaging or advertising

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30
Q

Premium Pricing

A

A price which is above average for products of a particular type

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31
Q

Marketing Mix

A

A combination of factors which help a business to take into account customer needs when selling a product, usually summarised as the 4 P’s (Price, Product, Promotion and Place)

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32
Q

Design Mix

A

The range of variables which contribute to successful design - function, cost and appearance

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33
Q

Stocks

A

Materials that a business holds. They could be materials waiting to be used in the production process and some could be finished stock waiting to be delivered to customers.

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34
Q

Maximum stock levels

A

The highest amount of stock to be kept by a business

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35
Q

Re-order level

A

The amount of stock held by a business at which an order for new stock is placed with suppliers

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36
Q

Just in Time (JIT)

A

A stock management system where stocks are only delivered when they are needed by the production system, and so no stocks are kept by a business.

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37
Q

Quality

A

Achieving a minimum standard for a product or service, or a production process which meets customers needs.

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38
Q

Quality Control

A

Ensuring that a product or service meets minimum standards, often through testing of sample products ONCE THEY HAVE BEEN MADE.

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39
Q

Quality Assurance / Quality Culture

A

Ensuring that quality is produced and delivered at EVERY STAGE of the production process, often through making quality the responsibility of every worker.

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40
Q

Customer Service

A

The experience that a customer gets when dealing with a business and the extent to which that experience meets and exceeds customer needs and expectations.

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41
Q

Innovation

A

The process of transforming inventions into products that can be sold to customers

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42
Q

Sale of Goods Legislation

A

Gives consumers rights to COMPENSATION if a product they buy is not of MERCHANTABLE QUALITY, not as DESCRIBED or not fit for PURPOSE

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43
Q

Trade description Legislation

A

Makes businesses liable for prosecution and fines if products are sold in a misleading way

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44
Q

Cash Flow

A

The flow of cash into and out of a business

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45
Q

Financial Management

A

Deliberately changing monetary variables like cash flows to achieve financial objectives such as improved cash flow

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46
Q

De-stocking

A

Reducing the levels of stocks in a business

47
Q

Trade Credit

A

Where a supplier gives a customer a period of time to pay for a bill (or invoice) for goods or services once they have been delivered.

48
Q

Profit

A

Occurs when the REVENUES of a business are GREATER than its COSTS over a period of time.

49
Q

Revenues

A

The amount of money received from selling goods or services over a period of time.

50
Q

Break-Even Point

A

The level of output where total revenues are equal to total costs; this is where neither a profit nor a loss is being made.

51
Q

Total Revenue

A

The revenue earned by a business from the SALE OF A GIVEN QUANTITY x AVERAGE PRICE

52
Q

Total Costs

A

All the costs of a business; equal to FIXED COSTS + VARIABLE COSTS

53
Q

Fixed Costs

A

Costs which do not vary with the amount produced, e.g. rent, business rates, advertising costs, administration costs, salaries

54
Q

Variables Costs

A

Costs which change directly with the number of products made by a business, e.g. cost of buying raw materials

55
Q

Break-Even chart

A

A graph which shows total revenues and total costs, allowing the break-even point to be drawn.

56
Q

Margin Of Safety

A

The amount of output between the actual levels of output where profit is being made and the break-even level of output; if the MoS is zero, then production is at or below the B/E level

57
Q

Financing a business

A

How a business obtains money and other financial resources to start up, expand and if necessary; pay off losses it has made

58
Q

Internal Sources of Finance

A

Finance which is obtained within the business such as retained profit or the sale of assets

59
Q

External Sources of Finance

A

Finance which is obtained from OUTSIDE the business such as bank loans and cash from the issue of new shares.

60
Q

Retained Profit

A

Profit which is kept back in the business and used to pay for investment in the company

61
Q

Equity / Share Capital

A

The monetary value of a business that belongs to the business’ owners. In a company, this would be the value of their shares.

62
Q

Share

A

A part ownership in a business. e.g. a shareholder owning 25% of the shares of a business owns a quarter of the business.

63
Q

Overdraft

A

Borrowing money from a bank by drawing more money than is actually in a current account. Interest is charged on the amount withdrawn.

64
Q

Bonds

A

A long-term loan where typically interest is paid at regular intervals like a year, and the loan is all repaid at the end of the life of the bond. Bonds are traded on stock markets.

65
Q

Organisation

A

The way in which a business is structured for it to achieve its objectives

66
Q

Organisation Chart

A

A diagram which shows the INTERNAL STRUCTURE of an organisation.

67
Q

Hierarchy

A

Structure of different levels of authority in a business organisation, one on top of the other.

68
Q

Line Manager

A

Employee who is responsible for overseeing the work of others further down the hierarchy of an organisation.

69
Q

Function

A

Tasks or jobs. Organisation by functions means that a business is organised according to tasks that have to be completed, such as production or finance.

70
Q

Authority

A

The right to decide what to do in a situation and take command of it to be able to make decisions without referring to anyone else.

71
Q

Subordinate`

A

Workers in the hierarchy who work under the control of a more senior worker.

72
Q

Chain of Command

A

The path (or chain) down which orders (or commands) are passed. In a company, this goes from the board of directors down to other workers in the organisation.

73
Q

Delayering

A

Removing layers of management and workers in a hierarchy so that there are fewer workers in the chain of command.

74
Q

Empowerment

A

Giving more responsibility to workers further down the chain of command in a hierarchy

75
Q

Downsizing

A

When a business employs fewer workers to produce the same amount through increases in productivity which can be achieved through delayering

76
Q

Span of Control

A

The number of people who report directly to another worker in an organisation

77
Q

Delegation

A

Passing down of authority to work to another worker further down the hierarchy of the organisation

78
Q

Centralisation

A

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

79
Q

Decentralisation

A

A type of business organisation where decision-making is pushed down the hierarchy and away from the centre of the organisation.

80
Q

Motivation

A

In work, the desire to complete a task.

81
Q

Hierarchy of Needs

A

Placing needs in an order of importance, starting with basic needs.

82
Q

Communication

A

Messages passed between sender and a receiver, through a medium such as a letter or an email

83
Q

Feedback

A

Response to a message by its receiver to the sender

84
Q

Internal Communication

A

Communication within the business organisation

85
Q

External Communication

A

Communication between the business and an outside individual organisation, e.g. a customer/supplier/tax inspector.

86
Q

Channel of Communication

A

The path taken by a message, such as horizontal communication or grapevine communication

87
Q

Formal Channels of Communication

A

Channels of communication that are recognised and approved by the business and by employee representatives such as trade unions.

88
Q

Informal communication or communication through the grapevine

A

Communication through channels that are not formally recognised by the business

89
Q

Payment systems

A

Methods of organising the payment of workers, such as piece rates or salaries

90
Q

Manual or blue collar workers

A

Workers who do mainly physical work like an assembly line worker

91
Q

Wages

A

Tend to be paid to manual workers for working a fixed number of hours per week plus overtime

92
Q

Overtime

A

Time worked over and above the basic working week

93
Q

Basic Pay

A

Pay earned for working the basic working week

94
Q

Non-manual or white collar workers

A

Workers who do non-physical work, like an office worker or teacher

95
Q

Salary

A

Pay, usually of non-manual workers, expressed as a yearly figure but paid monthly

96
Q

Commission

A

Payment system usually operated for sales staff where their earnings are determined by how much they sell

97
Q

Bonus

A

Addition to the basic wage or salary, for instance, for achieving a target.

98
Q

Part-time workers

A

Employees who work only for a fraction of the working week

99
Q

Full-time workers

A

Employees who work the whole of the working week

100
Q

Temporary workers

A

Workers who have no permanent contract of employment with a business and so tend to work only for a short period of time for an employer.

101
Q

Freelance workers

A

Workers who tend to be self-employed and do particular pieces of work for a business as a supplier

102
Q

Fringe Benefits

A

Payments in kind over and above the wage or salary, such as a company car

103
Q

Business Ethics

A

Ideas about what is morally correct or not, applied in a business situation

104
Q

Supply Chain

A

The processes that are involved in the route taken by a product from the raw materials needed to create it right through to the final customer

105
Q

Developed Countries

A

Countries with a relatively high income per person

106
Q

Developing Countries

A

Countries with a lower income per person than developed countries

107
Q

Import

A

An import is the purchase of good/service from a foreign business that leads to a flow of money out of the UK. The UK buyer will have to change pounds into the seller’s currency to make the transaction.

108
Q

Export

A

An export is the sale of a good or service to a flow of money into the UK. The foreign buyer will have to change their currency into pounds to complete the purchase.

109
Q

Protectionist Policies

A

Measures designed to reduce foreign products coming into a country but gives an advantage to domestics firms to sell products at home or export products

110
Q

Tariffs or customs duties

A

Taxes put on goods imported into a country which make them more expensive

111
Q

Quotas

A

Limits on the physical number of goods that can be imported over a period

112
Q

Export subsidies

A

Measures that reduce the price of goods sold abroad.

113
Q

Minimum wages

A

The lowest payment for hour, day or week that can be given to a worker for their work

Business Studies GCSE - Unit 3 (5 decks)

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