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Business Studies > term2 key terms > Flashcards

term2 key terms Flashcards

1
Q

market segmentation

A

Identifying different groups within a market and target different produts to them

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2
Q

Differential marketing

A

Market segmentation

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3
Q

Geographic segmentation

A

Market divided on the basis of geography such as statee country

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4
Q

Demographic segmentation

A

Segmentation based on the characteristics of people in a population such as religion or gender

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5
Q

Psychological segmentation

A

Segmentation based on psychological characteristics such as beliefs values and lifestyle

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6
Q

CRM

A

customer relaionship management

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7
Q

Above the line promotion

A

Promotion paid directly by the businiess

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8
Q

Channel of distribution

A

Chain of intermediaries a product passes through

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9
Q

Market research

A

Process of collecting recording and analysing data about customers and competitiors

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10
Q

Primary market research

A

first hand info

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11
Q

Elastic product

A

demand change with price

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12
Q

Marketing

A

Identify customer wants and needs and satisfy them in a profitable way

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13
Q

mass market

A

Competitive markets that generate large amounts of sales

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14
Q

niche market

A

specialised segment of a large market

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15
Q

extension strategy

A

Boost maturity or decline back into growth

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16
Q

offshoring

A

Relocatio of business process to another country

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17
Q

multi national

A

Operates in many countries at the same time

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18
Q

Job production

A

1 item at a time

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19
Q

Batch production

A

products within a batch go through whole production process together

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20
Q

Flow production

A

Produce item in continuously moving way

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21
Q

Mass customisation

A

Use of flexible computer aided system to mass produce products meeting individual needs

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22
Q

Sales and operating planning

A

Match supply with demand

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23
Q

CAD

A

computer aided design

24
Q

CAM

A

computer aided manufaturing

25
Q

CIM

A

CAD and CAM combined

26
Q

Operational flexibility

A

meet demand by varying level of production or adopting range of different products

27
Q

Process innovation

A

Improve in production method

28
Q

Transformation process

A

Using inputs to get outputs

29
Q

Production

A

quantity a business produces in a given time

30
Q

Productivity

A

Ratio of output to imputs during production

31
Q

Measure labour productivity

A

total output➗total workers employed

32
Q

Capital productivity

A

output➗captial employed

33
Q

Efficiency

A

highest productivity

34
Q

Effectiveness

A

meeting business objectives by using inputs to statisfy customers

35
Q

Labour intensive

A

higher level of workers compared to capital equipment

36
Q

Capital intensive

A

high level of capital equipment compared to workforce

37
Q

Lean production

A

minimising cost and waste

38
Q

Kaizen

A

continuous improvement and reorganisation of production floor

39
Q

Just in time

A

reducing or eliminating the need to hold any inventories materials

40
Q

Cell production

A

Dividing production line into individual contained cells

41
Q

direct cost

A

clearly linked to production

42
Q

indirect cost

A

cant be directly linked to production

43
Q

fixed cost

A

costs that is not affected by the sales and production of products

44
Q

Variable cost

A

cost that change with level of production

45
Q

Marginal cost

A

cost of producing 1 more unit

46
Q

Profit formula

A

total revenue - total cost

47
Q

Total cost

A

fixed cost +variable cost

48
Q

Total revenue

A

selling price x quantity sold

49
Q

contribution per unit

A

selling price - variable cost

50
Q

total contribution

A

total revenue - total variable cost

51
Q

contribution

A

amount that contribute towards paying fixed cost then profit

52
Q

break even

A

fixed cost ➗contribution

53
Q

Margin of safety

A

maximum that can be lost before loss occurs

54
Q

Break even price

A

total cost➗output

55
Q

Price based on profit margin

A

(profit target+total cost) ➗output

56
Q

Quality

A

goods meet customer expectation

57
Q

Quality assurance

A

check products for faults at different stages of production process

Business Studies (8 decks)

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