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Business studies key terms > Theme 1 > Flashcards

Theme 1 Flashcards

A#

1
Q

Brand

A

A symbol, logo or design that is recognisable and distinguishes
a product from competitors

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2
Q

Competition

A

The rivalry among sellers trying to achieve goals such as
increasing profits, market share, and sales volume

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3
Q

Competitive
market

A

When there are many rivals selling similar products

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4
Q

Competitor

A

A rival business operating in the same market offering similar
goods or services/an appropriate

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5
Q

Direct6 Competition

A

Businesses produce similar products that appeal the same
group of customers

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6
Q

Dynamic Market

A

A market that is subject to rapid/continuous change.

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7
Q

Indirect competition

A

Different businesses make or sell products that are not in direct
competition but compete for the same customer experience e.g.
Netflix and the local cinema

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7
Q

Market

A

Where buyers and sellers interact

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8
Q

Innovation

A

The creation, development and implementation of a new
product, process or service.

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9
Q

Market Share

A

The % of the total market a business has in terms of volume or
value

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10
Q

Market Growth

A

An increase in demand/sales for a particular product/service

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11
Q

Market size

A

The total amount of sales/customers in a market measured by
value/volume

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12
Q

Mass Market

A

A large unsegmented market where mass appeal products are
on sale

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13
Q

Niche Market

A

A specialist area of the market/is a subset of the market on
which a specific product focuses. It is a smaller segment of a
larger market where consumers have specific needs and wants.

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14
Q

Online Retailing

A

Selling goods and services on the internet

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15
Q

Product innovation

A

The development/creation of products not previously available

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16
Q

Sales Volume

A

The quantity of a good or service sold within a period of time.
Calculation Sales revenue/selling price

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16
Q

Focus Group

A

A group of people who participate in a discussion as part of
market research to give feedback about a product or service

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16
Q

Uncertainty

A

The inability to predict/a lack of knowledge about future events
and outcomes/reasons for uncertainty. Is caused by unexpected
often external factors outside the businesses control, even
though sometimes these can be predictable

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17
Q

Biased Questions

A

Where the findings do not give a true reflection of the views of
the target audience on the product or service

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17
Q

Consumer Behaviour

A

Observes how consumers make decisions about how they
choose and use products or services

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18
Q

Databases

A

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

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18
Q

Face-To-Face Survey

A

A research method used where the interviewer communicates
directly with the respondent using a questionnaire

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19
Q

Government Data

A

Government publications that a business can use such as the
census of the population

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20
Q

Interview Bias

A

Where the opinion of the interviewer interferes with the
judgements of the interviewee

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21
Q

Market Orientation

A

When a businesses products/services are based around the
needs and wants of the customer.

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21
Q

Market Research

A

A document that contains information, stats, research and facts
on a chosen field

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22
Q

Market reports

A

A document that contains information, stats, research and facts
on a chosen field

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23
Q

Market segmentation

A

Dividiing a whole market into particular customer groups that
have similar characteristics

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24
Q

Market Segments

A

An identifiable group of individuals/a part of the market where
consumers share one or more characteristic or need

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25
Q

Observations

A

Where market researchers watch the behaviour of customers

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26
Q

Primary Market Research

A

Obtaining data first hand by the business to match the specific
needs of the business. It can also be known as field research

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27
Q

Qualitative research data

A

Market research collected relating to the opinions and beliefs of
consumers . Data not presented numerically

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27
Q

Product Orientation

A

When a business prioritises a products design quality or
performance rather than meeting customer preferences to guide
production and marketing decisions

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28
Q

Quantatative research data

A

Numerical information gathered and can be presented and
analysed using graphs, charts, table etc

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29
Q

Respondant bias

A

When respondents respond inaccurately to a question for some
reason

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30
Q

Sample

A

A small group of people who must represent a proportion of a
total market when carrying out market research

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31
Q

Secondary Market research

A

Data collected by another business or organisation but used by
the business in question. Also known as desk research

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32
Q

Segmentation

A

Dividing the market into groups of people with similar attributes
or common characteristics

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33
Q

Social networking

A

A platform such as Facebook, X and YouTube to market a
businesses products/services

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34
Q

Survey

A

A method of (primary) research used to collect information

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35
Q

Test Marketing

A

Trialling the product in a small area or to a limited number of
users to assess the suitability of a product

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36
Q

Trade publications

A

Specialist magazines that look at current trends in the business
world

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37
Q

Added value

A

The increase in value that a business creates when producing a
product/service. The difference between the price the customer
pays and the total cost of inputs needed to create a product

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38
Q

Competitive Advantage

A

A feature of a business and/or its products that enable it to
compete effectively with rival producers/products

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39
Q

Differentiation

A

Making products or services different or distinct from competing
products/creating a USP

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40
Q

Market Mapping

A

A form of market positioning. It is the use of a 2-dimensional
diagram that plots products or services in a market using two
key variables. It is used to spot a gap in the market

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41
Q

Market Positioning

A

An effort to influence consumer perception of a brand or product,
relative to the perception of competing brands or products

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42
Q

Product Differentiation

A

The act of distinguishing a product/service from competitors to
make it more attractive to a particular target market

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43
Q

Complementary Goods

A

Products consumed/used together, so they are purchased
together

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44
Q

Consumer income

A

The money earned/received from work/investments 1

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45
Q

Demand

A

The quantity of goods/services that a consumer is willing to buy
at a given price and at a given time

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46
Q

Demographics

A

The structure of the population such as age, gender and
geographical distribution

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47
Q

External shocks

A

Factors beyond the control of a business

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48
Q
A
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48
Q

Seaonality

A

When demand rises or falls at particular times of the year
according to seasonal factors

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49
Q

Substitutes

A

Goods that can be bought as an alternative to others, but
perform the same function

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50
Q

Government Subsidies

A

A payment given to producers, usually to encourage production
of a certain good

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51
Q

Indirect Taxes

A

Taxes imposed by the government on spending e.g. VAT and
Excise duties. Responsibility for payment lies with the business.

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52
Q

Supply

A

The amount that producers are willing/able to produce at a given
price/over a given period of time

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53
Q

Equilibrium Price

A

The price where supply and demand are equal. Also known as
market clearing price

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54
Q

Non price factors

A

Factors other than price e.g. Change in consumer incomes,
advertising and seasonality

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55
Q

Shortage in Markets

A

Where demand exceeds supply

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56
Q

Surplus in Markets

A

Where supply exceeds demand

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57
Q

Luxury

A

Goods that consumers like to buy if they can afford them eg air
travel and fashion items

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58
Q

Necessity

A

Basic goods that consumers need to buy eg food, electricity and
water

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59
Q

Price Elastic

A

Demand is responsive to a change in price

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60
Q

Price elasticity of demand

A

Measures the responsiveness of demand to a change in price.
Always negative due to laws of demand.

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61
Q

Price inelsatic

A

Demand for the product is less responsive proportionately to a
change in price

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62
Q

income elasticity of demand

A

Measures the responsiveness of changes in demand to changes
in consumer income

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63
Q

inferior good

A

When incomes increase there is a decrease in demand eg
budget goods

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64
Q

Marketing mix

A

A plan for using the right blend of product, price, promotion, and
place in order to maximise sales

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65
Q

Social trends

A

Changing patterns in consumer behaviour reflected in changing
demands e.g. increased use of social media/being
environmentally friendly

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66
Q

Aesthetics

A

Relates to the appearance of a product

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67
Q

Cost (Design mix)

A

When the business focusses on being economically viable,
therefore they aim to minimise costs

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68
Q

Design for recycling

A

Producing products using materials that have been discarded as
waste and recycled

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69
Q

Design for reuse

A

When materials used in the initial product are utilised again in
the future beyond their initial intended use.

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70
Q

Design for waste minimisation

A

Reducing the quantity of resources that are discarded in the
production process

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71
Q

Design mix

A

The combination of factors needed in designing a product and
include Aesthetics, Function, Economic Manufacture

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72
Q

Ethical Sourcing

A

When a business buys materials that are produced with fair
working conditions/pay and minimum impact on the environment

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73
Q

Function

A

Relates to the quality and reliability of a product.

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74
Q

Re branding

A

A marketing strategy in which a new name, term, symbol, design
or combination is created for an established brand with the
intention of developing a new, differentiated identity in the minds
of consumers, investors, and/or competitors.

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75
Q

Resource Depletion

A

The using up of natural resources

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76
Q

Advertising

A

A paid form of communication, used by a business to raise
customer awareness of its products, services and brands, to
persuade purchases to be made

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77
Q

Customer Loyalty

A

Repeat purchases with the same business/favour it over
competitors in the same market.

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78
Q

Digital communications

A

The electronic transfer of data

79
Q

Direct marketing

A

Where a business mail out leaflets or letters to households 1

80
Q

Emotional Branding

A

The creation of brands that perhaps appeal to customers’
emotional nature, rather than their logical side.

81
Q

Manufacturer/corporate branding

A

Brands created by the producers of goods and services eg
Kellogg’s cornflakes (bear the producers name)

82
Q

Own brand

A

Products that are manufactured for wholesalers or retailers by
other businesses e.g. Tesco Beans

83
Q

Personal Selling

A

Direct communication between a salesperson and the customer

84
Q

Premium Price

A

Charging a higher price than competitors because of customer
loyalty that has been built up over a period of time

85
Q

Product
branding/Generi
c branding

A

Products that only contain the name of the product category
rather than the company or product name e.g. Carrots

85
Q

Promotion

A

The way a business creates demand/awareness for their
product/service.

86
Q

Public relations

A

An organisations attempt to communicate with interested
parties, usually through unpaid media such as press
conferences

87
Q

Sales promotions

A

Methods of promoting products in the short term to boost sales

88
Q

Social media

A

Websites and applications that enable users to participate in
social networking.

89
Q

Sponsorship

A

A company giving a product or money to support another
business or person

90
Q

USP

A

A feature that differentiates a product from its competitors

91
Q

Viral Marketing

A

Encouraging customers to share information/adverts through
existing social media platforms e.g. Facebook

92
Q

competitive pricing

A

When a business sets a price similar to competitors selling
similar/rival products

93
Q

Cost Plus Pricing

A

A cost-based method for setting the prices of goods and
services and is calculated by adding a mark-up percentage to
the cost of the product

94
Q

Penetration Pricing

A

Setting a low price initially and accepting limited short-term
profits/losses in order to build market share before switching to a
more profitable price

95
Q

Predatory pricing

A

Setting a low-price forcing rivals out of the market. This is illegal
in the UK

96
Q

Price comparison websites

A

A website that compares the price of a particular product or
service in different stores or from different businesses

97
Q

Price skimming

A

Setting a high price at the launch of a product, to gain the money
back from R&D and to take advantage of those wanting to be
the first people to purchase.

98
Q

Pricing strategy

A

A method used by a business when deciding the price at which
a product is sold for

99
Q

Channels of distribution

A

Methods used by businesses to get their products from
manufacture to consumer. It can include intermediaries such as
wholesalers and retailers.

100
Q

Distribution

A

Getting products to the right place for customers and at the right
time

100
Q

psychological Pricing

A

Tactics that are designed to appeal to a customer’s emotional
response to prices

101
Q

Distribution channels

A

The methods by which a product gets from the manufacturer to
the consumer

102
Q

Distribution Strategy

A

A plan to get a product or service to the customer

103
Q

Four stage distribution channel

A

Manufacturer/producer to wholesaler to retailer, then consumer.
Examples include groceries and confectionery

104
Q

E-commerce

A

The use of electronic systems to sell goods and services 1

105
Q

Place

A

Where the product can be purchased and is also the process of
making a product or service available to the consumer

106
Q

Product

A

A tangible item offered for sale

107
Q

Two stage
distribution
channel

A

A direct marketing approach with no intermediary levels e.g.
Manufacturer/producer to consumer

107
Q

Service

A

The non-physical, intangible parts of our economy, as apposed
to goods, which we can touch

108
Q

Three stage
distribution
channel

A

Manufacturer/producer to retailer, then consumer. Examples
include electrical goods and cars.

109
Q

Boston matrix

A

A method used to analyse the product portfolio of a business
that contains stars, Cash cow, question mark and dog

110
Q

Business to
business (B2B)

A

When a business promotes the sale of products/services to
other businesses for use in their operations

111
Q

Business to
customer (B2C)

A

Where a company targets to sell its products to individual
customers

112
Q

Customer Loyalty

A

A preference for a product or brand based on experience and/or
an emotional attachment, which inclines buyers to repeat
purchases and away from rivals

113
Q

Extension Strategy

A

A plan that is aimed at preventing the decline stage of a
product/service’s sales in the medium-to-long term

114
Q

Marketing Objective

A

A goal the business aims to achieve through its marketing
activities

114
Q

Marketing Strategy

A

The methods used/plan/way chosen to achieve marketing
objectives

114
Q

Product Portfolio

A

The collection/range/ list of items/products produced/sold/
offered by a business

114
Q

Portfolio Analysis

A

When business considers each of its products in the context of
its market position

114
Q

Product Life-Cycle

A

The stages that a product goes through from introduction to
decline

114
Q

Dismissal

A

Referred to informally as firing or sacking. It is the termination of
employment by an employer against the will of the employee.

114
Q

Collective bargaining

A

Negotiation of wages/conditions of employment between
employee representatives / trade unions and the employer

115
Q

Employer/emplo
yee relations

A

The way in which a company’s management and its employees
behave towards each other

116
Q

Individual
approach
(employer/ee
relations)

A

When employers develop relationships with employees at an
individual level

117
Q

Multiskilling

A

The process of increasing the skills of employees

118
Q

Part-time employees

A

Workers that generally work a few hours or a few days a week.
Fewer hours than a full-time employee.

118
Q

Redundancy

A

When a business needs to reduce the size of its workforce or
even close. Redundancy can be voluntary

119
Q

Staff as a cost

A

A cost to businesses in terms of recruitment, training,
remuneration, welfare and even severance

120
Q

Staff as an asset

A

Employers recognise the input of employees as an important
business resource. They contribute to the value of output,
whether this is through providing added value to a product by
supporting the manufacturing process or through effective
customer service

121
Q

Temporary work

A

The job position is generally for a limited period of time

121
Q

Trade unions

A

A workforce representative that act to protect and improve the
economic and working conditions for their members.

122
Q

Induction training

A

Introductory training given to employees coering its background,
policies, health and safety procedures

122
Q

External recruitment

A

When the business looks to fill the vacancy from outside of the
business.

123
Q

internal recruitment

A

Selecting employees who already work within the business to fill
job vacancies

124
Q

off the job training

A

When employees are given training away from their normal job
environment, often in a classroom

125
Q

on the job training

A

Learning/gaining/developing skills whilst at work doing the job

126
Q

Recruitment

A

The process of finding and selecting workers.

127
Q

Training

A

The developing of a person, to enhance skills and knowledge.
Training can be on-the-job or off-the-job

128
Q

Centralised structure

A

An organisational structure where business decisions are made
at the top of the hierarchy by senior management/or at the
headquarters of a business

129
Q

Flat organisational structure

A

One with few layers and a wider span of control for each
manager

130
Q

Chain of command

A

The way authority and power is organised in an organisation

131
Q

Decentralised structure

A

When a business allows branches to take more control/make
their own decisions

132
Q

Hierarchy

A

The order or levels of responsibility in an organisation, from the
lowest to the highest

133
Q

Matric Organisational Structure

A

Organises employees from different disciplines or divisions into
projects/teams

134
Q

Organisational Structure

A

A diagram that shows who is answerable to whom in an
organisation. It can also show vertical and horizontal
communication links

135
Q

Span of control

A

The number of employees/subordinates that a manager is
responsible for

136
Q

Tall organisational structure

A

One with many layers and a narrow span of control for each
manager

137
Q

Bonus

A

A sum of money added to an employee’s wages/salary as a
reward for performance when they reach or exceed their targets

138
Q

Commission

A

A payment to a worker based on a percentage of the value of
sales.

139
Q

Consultation

A

Employees opinions/feedback are sought when making
business decisions

140
Q

Delegation

A

Authority to pass down from superior to subordinate

141
Q

Empowerment

A

Giving official authority to employees to make decisions and to
control their own work activities

142
Q

Financial incentives

A

Monetary rewards used to help improve staff motivation and
achievement. They can include Piecework, commission,
bonuses, profit sharing and performance related pay

143
Q

Flexible workforce

A

Employees have choice over how/when they work by agreement
with the company. E.g. zero hours contracts, homeworking, parttime

144
Q

Herzberg’s two
factor theory

A

A theory of motivation that is split into two categories: Motivators
and Hygiene factors

145
Q

Job enlargement

A

Giving an employee more work to do of a similar nature,
horizontally extending their work role

146
Q

Job enrichment

A

Giving employees greater responsibility and recognition by
vertically extending their work role

147
Q

Job rotation

A

the changing of jobs or tasks

148
Q

Maslow’s hierarchy of needs

A

The order of people’s needs, starting with basic human needs

149
Q

Mayo’s human relations theory

A

Emphasises the importance of the ways in which people interact
and how they are treated. Motivation can improve when
employees feel more involved

150
Q

Motivation

A

The reason for people’s actions, willingness and goals.

151
Q

Non-financial
techniques

A

Ways of encouraging employees without the use of monetary
rewards e.g Delegation, consultation, empowerment, team
working, flexible working, job enrichment, job rotation and job
enlargement

152
Q

Performance related pay

A

A financial reward to employees whose work is considered to
have reached a required standard

153
Q

piece rate

A

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

154
Q

Profit sharing

A

A form of financial incentive given to employees, where part of
the profit of the business is shared amongst the employees.

155
Q

Taylor’s
scientific
management

A

Suggested a job could be broken down into constituent parts, so
that the most efficient way of working could be calculated. He
believes workers are motivated by money

156
Q

Team working

A

Organising people into working groups that have a common aim

157
Q

Working Conditions

A

The physical surroundings and the atmosphere of the
workplace, and the way staff are treated by managers

158
Q

Autocratic leadership

A

A leadership style where the decision-making is best kept with
managers, who will direct subordinates with little consultation

159
Q

Democratic
leadership

A

A type of leadership style in which members of the group take a
participative role in the decision-making process. Group
members are encouraged to share ideas and communication is
two ways

160
Q

Laissez-faire

A

A leadership style where employees are encouraged to make
their own decisions within certain limits

161
Q

Paternalistic
leaders

A

Leaders that are in control, but take the welfare of employees
into account when making decisions

161
Q

Management

A

The day-to-day organisation of the business, including staffing.

162
Q

Leadership

A

Having a vision, sharing that vision with others and providing
direction.

163
Q

Entrepreneur

A

Someone who organises a business venture by combining the
other factors of production, namely land, labour and capital.
They task risks to set up a business in hope of profit/reward

164
Q

Entrepreneurshi
p

A

The activity of setting up a business, taking on risks, normally in
the hope of making a profit

165
Q

Risk

A

Something an entrepreneur can essentially plan for. Probabilities
of outcomes are known or at least understood or considered.

166
Q

Entrepreneurial
characteristics

A

Qualities or traits demonstrated by an individual starting up and
running a business

167
Q

Entrepreneurial
motive

A

Factors that drive a person to start a business

168
Q

Ethical stance

A

In support of a moral belief that they believe in

169
Q

Home working

A

Setting up a business from home

170
Q

Independence

A

A desire to be their own boss

171
Q

Profit Satisficing

A

Making enough profit to satisfy the needs of the business owner

172
Q

Social
entrepreneurshi
p

A

Setting up a business and showing concern for the local area

173
Q

Business
objective

A

A goal/target set by the business in the short/medium term to
help achieve its aim/mission

174
Q

Cost efficiency

A

Minimising costs/expenses/waste when producing a product or
service

175
Q

Customer
satisfaction

A

Is a measurement of how satisfied a customer is with their
purchase

176
Q

Employee
welfare

A

Facilities and benefits provided by a business to meet the wellbeing of the employee

177
Q

Profit
maximisation

A

When the difference between sales revenue and cost is at its
greatest

178
Q

Sales
maximisation

A

An attempt to sell as much as possible in a given time period (or
to generate as much sales revenue as possible)

179
Q

Social
objectives

A

A goal to benefit/improve the community

180
Q

Survival

A

A short-term business objective that aims to keep the business
running.

181
Q

Franchise

A

A business is buys the right to trade using the
brand/logo/business model of an existing firm in return for a
fee/royalty

182
Q

Franchising

A

A type of business where a business operator (franchisor) allows
others (franchisee) to trade under its name (for a fee)

183
Q

Lifestyle
business

A

A business set up with the aim of making no more than a set
level of income from which to enjoy a particular lifestyle

184
Q

Partnership

A

A type of business ownership/organisation owned by two or
more people

185
Q

Private limited
company

A

A small to medium sized business, usually run by the family that
owns it. Shares are sold to friends, family, and business
associates and it has limited liability.

186
Q

Public limited
company

A

A business with limited liability whose shares are publicly traded
on the stock market

187
Q

Social
enterprise

A

A business that has aim/objectives which benefits society and is
not for profit/its profits are reinvested into the
business/community

188
Q

Sole trader

A

When a business sell shares publicly on the stock exchange for
the first time

189
Q

Opportunity cost

A

The next best alternative forgone when making a decision.

190
Q

Trade-off

A

A situation where having more of one thing leads to having less
of something else

191
Q

Leader

A

A person who inspires and motivates others to meet objectives

192
Q

Salaries

A

A fixed regular payment to an employee

193
Q

Wages

A

A payment made to the employee from the employer, usually
paid on an hourly or daily basis

Business studies key terms (4 decks)

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