N Flashcards
What is primary research
Research conducted first hand
What is secondary research
Data collected by other
Desk research
What is target market
Group of customers who a business aims to its products to
What is qualitative data
Data based on opinions of those being asked
What is quantitative data
Data based on numbers or facts
What is competitor pricing
A price is set on prices charged by competitors
What is cost plus pricing
Adding a total percentage of profit onto the total costs of making a product
Price skimming
Start high and as people stop buying you lower price
Start low to get sales then as sales stop increasing you increase price
What is promotional pricing
Prices are reduced to give sales a boost
Eg 20% off
Buy one get one free
What is premium pricing
Charging a very high price so people have perception it’s high quality
What is span of control
The number of people a manager is in charge of
What is the chain of command
The way communications are passed down in a business
What is delegation
Giving someone else permission to make a decision
What is selection
The process of choosing between applicants
