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Business > Theme 1 > Flashcards

Theme 1 Flashcards

1
Q

Market

A

A medium in which buyers and sellers interact and agree to trade at a price

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2
Q

Niche market

A

a small part of the overall market that provides specialised or luxury product or service

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3
Q

Mass market

A

a large market with a high sales volume that provides standardised products aimed at large groups of consumers for that particular product or service

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4
Q

Risk

A

owners taking actions where the outcomes unknown

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5
Q

Uncertainty

A

a market that the bsn operates in is subject to external influences which are beyond the bsns constrol

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6
Q

Dynamic markets

A

a market which is subject to continuous rapid change

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7
Q

Product innovation

A

new technologies make it possible to create new products

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8
Q

Process innovation

A

using new techonologies to improve the production mtheods of the bsn

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9
Q

Market research

A

the process of gathering data about the product, customers and influences on the sales of the product

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10
Q

Primary research

A

collecting first hand primary data which is information that did not exist before the researcher began

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11
Q

Secondary research

A

the collection of secondary data which is information that already exists in some form

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12
Q

Product orientation

A

when a bsn concentrates on the production of the roduct by placing its efforts into creating and developing it and then trying to sell it to customers

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13
Q

Market orientation

A

when a bsn concentrates on the needs and wants of the customers first and then develop the product that meets their needs

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14
Q

Market segmentation

A

dividing the market into groups of customers with similar characteristics to allow the positioning of the bsn and customer targeting to take place

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15
Q

Market mapping

A

is the use of a grid to show 2 features of a market. Brands are added to the grid to identify potential gaps or niches in the market

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16
Q

Competitive advantage

A

a set of unique features of a business and its products that are perceived by customers as superior to the competition

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17
Q

Adding value

A

the difference between the price paid and the total cost of production.

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18
Q

Demand

A

the amount of a product that consumers are willing and able to purchace at a given price

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19
Q

Supply

A

the amount of a product that suppliers will offer to the market at a given price

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20
Q

Design mix

A

the combination of elements that make up a products design including function,aesthetic and cost

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21
Q

Ethical sourcing

A

means that products are produced without exploitation of workers or environmental damage

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22
Q

Promotion

A

a method in which a bsn makes its products known to current and potential customers

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23
Q

Above the line promotion

A

involves any form of advertising through the media such as televison and newspapers

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24
Q

Below the line promtion

A

ivoloves promtion through marketing materials suchas sales promtions(bogoff) and public relations(sponsorships)

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25
Q

Branding

A

the process of creating a unique and identifiable name, design or feature that differentiates a product/service or from its competitors.

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26
Q

Types of brands

A

manufacturers brands - Coco pops
own-label brands(retailer) - Tesco crisps
generic brands(dont have a paticular brand name) - apples

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27
Q

Emotional branding

A

creating a brand that directly appeals to the customer’s emotional state

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28
Q

Cost-plus pricing

=unit cost + (markup% + unitcost)

A

when the business calculates the cost of production and then adds a markup to determine the final price

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29
Q

Price skimming

A

The business sets an initially high price for a new product when it is high in demand then price falls overtime

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30
Q

Penetration pricing

A

The business sets a low price for a new product/service when it is first introduced

31
Q

Predatory pricing (illegal)

A

The business sets prices so low that it drives its competitors out of the market

32
Q

Competitive pricing

A

The business sets its prices based on its competitors’ prices

33
Q

Psychological pricing

A

The business bases the price below the next whole number to trick consumers into thinking the price is lower

34
Q

Distribution

A

how a business gets its products to the customers

35
Q

Product portifolio analysis

A

used to analyse and track the development of multiple products over time taking into account a number of factors such as growth ,sales and market conditions.

36
Q

Marketing strategy

A

a set of plans that aim to achieve a specific marketing objective

37
Q

B2B marketing

A

focuses on selling products to other businesses e.g. manufacturers selling parts to other manufacturers

38
Q

B2C marketing

A

focuses on selling products/services directly to consumers e.g clothing retailers

39
Q

Flexible working

A

working arrangements which allow employees to vary the amount, timing, or location of their work,

40
Q

Dismissal

A

when employees fail meet the required standard or through misconduct

41
Q

Redundancy

A

where the services of an employee are no longer required by the business so they are asked to leave

42
Q

Collective bargaining

A

the process by which employees use unions to negotiate for better terms.

43
Q

Individual bargaining

A

A negotiation between an individual employee and an employer on pay and working conditions

44
Q

Internal recruitment

A

when a role is filled by promoting the employees from within the business

45
Q

External recruitment

A

involves bringing new employees in from outside the organisation

46
Q

Training

A

the process of developing employees by improving their knowledge and skills so they can perform their duties better

47
Q

On the job training

A

employees receive training whilst remaining in the workplace
e.g mentoring

48
Q

Off the job training

A

training that is undertaken outside the place of work
e.g training centres

49
Q

Centralisation

A

a decision-making process whereby the majority of the decisons are led by senior managers

50
Q

Decentralisation

A

a decison-making process whereby the majority of decisions are delegated to employees further down the chain

51
Q

Tall organisational structure

A

has many leaders and layers of management

52
Q

Flat organisational structure

A

with only a few layers of management

53
Q

Matrix structure

A

built around specific products or projects

54
Q

Commission

A

a bonus paid based on achieving a sales target

55
Q

Piecework

A

payment based on number of units of output produced

56
Q

Performance-related pay

A

A salary or bonus scheme linked to job related targets.Targets reviewed every 6 months

57
Q

Profit sharing/bonus schemes

A

Distributing a percentage of net profit across the work force

58
Q

Delegation,consultation and empowerment

A

Giving employees autonomy,authority and the power to influence key business decisions

59
Q

Teamworking

A

Organising the workforce into teams in order to benefit from the social aspects of motivation

60
Q

Flexible working

A

Adopting flexible contracts and approaches that do not require employees to work in an office every day from 9am to 5pm

61
Q

Job rotation/enrichment and enlargement

A

Encouraging employees to work across a range of roles,develop understanding of different areas of the business and develop skills.

62
Q

Autocratic leader

A

Leader has complete control over decision-making with little or no input from others

63
Q

Democratic

A

Leader involves their team in the decision making process

64
Q

Laissez-faire

A

Leader takes a hands-off approach and allows their team to manage their own work

65
Q

Paternalistic

A

Leader takes on a parental role, making decisions in the best interest of their staff

66
Q

Entrepreneur

A

a person who is willing and able to create a new business idea or invention and takes risks in pursuing success

67
Q

Intrapreneurship

A

employees within a business who have the freedom and opportunity to develop their ideas and use their creativity to innovate

68
Q

Objectives

A

medium to long-term plans that are established to coordinate the business and act as targets

69
Q

Private limited company

A

a company whose shares are not listed on a stock exchange and have limited liability

70
Q

Public limited company

A

a larger business that sells shares to the public on the stock market and has limited liability for its shareholders

71
Q

Franchise

A

a company that licenses the right for individuals or groups to set up an identical operation in a new reigon

72
Q

Stock market floatation

A

when a company goes public and becomes a public limited company meaning that the companys shares are offered on sale to the general public

73
Q

Opportunity cost

A

the benefit lost from the next best alternative

74
Q

trade off

A

the loss or compromise of another option or factor

Business (5 decks)

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