Terminology 4 Flashcards
What is the Craft industry?
An industry where products are handmade or produced in small quantities.
What does Labour-Intensive mean?
A process or industry that requires a high amount of manual labor relative to capital or technology.
What does it mean to Churn sth Out?
To produce large quantities quickly, often with less focus on quality.
What is meant by Cost-Effective?
Providing good value for the money spent, achieving the desired result at a reasonable cost.
What is a Surplus / Glut?
Too many things are produced, leading to an excess.
What is Lean Production / Lean Manufacturing?
A production method focused on minimizing waste while maximizing efficiency.
What is a Niche Market?
A small, specific group of buyers with unique needs that can be profitable.
What is Benchmarking?
Measuring your company’s performance against industry standards or competitors.
Who is a Vendor?
A person or company that sells goods or services.
What does Trade Down/
Move Downmarket mean?
To offer cheaper or lower-quality products to attract a wider customer base.
What does Trade up/Move Upmarket mean?
To purchase more expensive or higher-quality products.
What is an organization’s ‘Mission’?
It defines the organization’s purpose and current actions.
What is an organization’s ‘Vision’?
It describes the organization’s future goals and aspirations.
What does it mean to Undercut a Product?
To sell a product at a lower price than competitors to gain market share.
