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A-Level Business > THEME 1 > Flashcards

THEME 1 Flashcards

1
Q

What is % change in price?

A

Price new- price old / price old x 100

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2
Q

What is market share?

A

The % of a market that a business, product or service has

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3
Q

What is added value?

A

Value is added when a business chooses to enhance the quality of a core product by providing extras to improve a customers utility/experience

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4
Q

What is market size?

A

Measured by volume of sales or value

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5
Q

What is above the line promotion?

A

Placing adverts using the media

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6
Q

What is marketing?

A

A management process involved in identifying, anticipating and satisfying consumer requirements profitably

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7
Q

What is advertising?

A

Communication between a business and its customers where images are place in the media to encourage the purchase of products

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8
Q

What is the marketing mix?

A

Price, place, promotion and product, how a business uses these 4 elements strategically

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9
Q

What is aesthetics?

A

What a item looks like

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10
Q

What is a marketing strategy?

A

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

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11
Q

What is a agent or broker?

A

Foreign sales agent is a business which represents products from another business in a new country

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12
Q

What is a mark-up?

A

The amount above cost added to a product before it is placed for sale

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13
Q

What is a aim? (Business terms)

A

What a business tries to achieve in the long term

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14
Q

What is Maslow’s hierarchy of needs?

A

The order of people’s needs starting with the basic human requirements

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15
Q

What is articles of association?

A

A document that provides details of the internal running of a limited company

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16
Q

What is a mass market?

A

Products or services that are sold or advertised to everyone at the same time in the same way

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17
Q

What is authority? (Business terms)

A

This is the power or right to give orders in an organisation

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18
Q

What is a matrix structure?

A

This is a hierarchy design which groups by project and function

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19
Q

What is autocratic leadership?

A

Leader makes all the decisions

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20
Q

What is mechanisation?

A

Method of operating or controlling processes using machinery

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21
Q

What is automation?

A

Method of operating or controlling processes by automatic means using devices. Reduces need for human interaction

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22
Q

What is merchandising?

A

A promotion specifically at the point of sale of a product

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23
Q

What is below the line promotion?

A

Any promotion that does not involve the use of media

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24
Q

What is memorandum of association?

A

A document that sets out the constitution and states key external details about a limited company

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25
Q

What is a bonus?

A

A payment in addition to the basic wage for reaching targets or in recognition of service

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26
Q

What is meant by being motivated?

A

The desire to take action to achieve a goal

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27
Q

What is a brand?

A

A name, logo or symbol which differentiates one business from another, often with competitors

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28
Q

What is motivators (Hertzberg theory)?

A

Things at work that result in satisfaction

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29
Q

What is the Boston matrix?

A

A 2x2 matrix model that analyses a product portfolio according to the growth rate of the market and the relative market share of products within the market

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30
Q

What is multi skilling?

A

An employee is trained to do more than one job, for example an electrician is trained to plaster walls

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31
Q

What is breaking- bulk?

A

Dividing a large quantity of goods received from a supplier before selling them on in smaller quantities to customers

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32
Q

What is mutual organisation?

A

A business owned by its members, who are customers not shareholders

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33
Q

What is business choices?

A

Deciding between alternative uses of resources

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34
Q

What is a niche market?

A

A small sub section of a larger market which sells goods to customers often with specialist wants and needs

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35
Q

What is certification of incorporation?

A

A document that declares a business is allowed to trade to trade as a limited company

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36
Q

What is a normal good?

A

Products where an increase in consumers income means an increase in demand

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37
Q

What is centralisation?

A

A type of business organisation where major decisions are made at the centre or core of the organisation and then passed down the chain of command

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38
Q

What is off the job training?

A

Training that takes place away from the area of work

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39
Q

What is collective bargaining?

A

A union representative will speak to the management on behalf of all the workers in a business, usually about working conditions or pay

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40
Q

What is online retailing or etailing?

A

The retailing of goods online

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41
Q

What is co-operative?

A

A business organisation owned by its members, who have equal voting rights

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42
Q

What is a Online business?

A

A business that uses global communications infrastructure of the internet as a trading base

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43
Q

What is commission?

A

Percentage payment on a sale made to the salesperson

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44
Q

What is on the job training?

A

Training that takes place while doing the job

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45
Q

What is competitive advantage?

A

An advantage a business has over its competitors, allowing it to generate larger than average turnover for the industry

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46
Q

What is opportunity cost?

A

The cost of the loss of the item not chosen, or the profit from the goods not produced

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47
Q

What is competitive pricing?

A

To charge a similar amount for goods as are charged elsewhere

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48
Q

What is an organisational chart?

A

A diagram that shows the different job roles in a business and how they relate to each other

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49
Q

What is a complimentary product?

A

Products that need to be used together, for example a printer will need ink

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50
Q

What is outsourcing?

A

Getting other people or businesses to undertake work that was originally done in house

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51
Q

What is consumer durables?

A

Goods that can be used repeatedly over a period of time, such as cars and household appliances

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52
Q

What is a private brand? (Or distributer or own-label)

A

Products that are manufactured for wholesalers or retailers by other businesses

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53
Q

What is consumer panels?

A

Groups of customers are asked for feedback about products over a period of time

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54
Q

What is a partnership?

A

Two to 20 people who set up a business together as joint owners

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55
Q

What is consultation?

A

Listening to the views of employees before making key decisions that effect them

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56
Q

What is part-time?

A

Employees who work less than 35 hours a week but still get sick pay and work benefits

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57
Q

What is cost-plus pricing?

A

To set the price of a product or service by calculating the cost then adding a set amount or % to it

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58
Q

What is a paternalistic leadership style?

A

Leader makes decisions but takes employees point of view into consideration

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59
Q

What is a CV (Curriculum vitae)?

A

A document that lists personal details, qualifications, work experience, references and other information about the jobseeker

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60
Q

What is payment by results?

A

Payment methods that rewards workers for the quantity and quality of work they produce

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61
Q

What is a database?

A

An organise collection of data stored electronically with excellent access, searching and sorting facilities

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62
Q

What is PED?

A

% change in quantity demanded / % change in price

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63
Q

What is a deed of partnership?

A

Legal document that states the formal rights of partners

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64
Q

What is penetration pricing?

A

Price when launching a new product in order to get established in the market

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65
Q

What is decentralisation?

A

Type of business organisation with decision-making is pushed down the chain of command and away from the centre of organisation

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66
Q

What is PPP (Performance Related Pay)?

A

System designed for non-manual workers where pay increases are given if performance targets are met

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67
Q

What is delayering?

A

Removing layers of management from the hierarchy of an organisation

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68
Q

What is person specification?

A

The characteristics the candidates both need to have and those which are desired, for example skills and Qualifications

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69
Q

What is delegation?

A

The act of asking a worker to perform a task

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70
Q

What is piece rate?

A

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

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71
Q

What is demand?

A

The amount a customer is willing and able to buy a product at any given price

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72
Q

What is a PLC?

A

A public limited company, shares are floated on the stock market and can be bought by anyone

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73
Q

What is a demand curve?

A

A line to Line to pilot relationship between price and quantity demanded

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74
Q

What is a point of sale?

A

Any point where a consumers buys a product

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75
Q

What is a democratic leadership style?

A

Leaders encourage participation in decision-making

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76
Q

What is predatory pricing?

A

Setting a low price forcing rivals out of business

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77
Q

What is demographics?

A

The statistical data relating to population which is used to describe a group in marketing e.g Uk’s ageing population demographics

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78
Q

What is price elasticity demand?

A

The change in price results in a greater change in demand

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79
Q

What is the design mix?

A

The range of features that are important when designing a product:
Aesthetics
Function
Cost

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80
Q

What is price elasticity of demand?

A

How much demand for a good or service is likely to fluctuate with a change in price

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81
Q

What is differentiation?

A

How well a business can change the product so that a consumer recognised it as superior e.g Audi/BMW/ German technology engines

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82
Q

What is price inelastic demand?

A

A change in price result in a proportionately smaller change in demand

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83
Q

What is direct selling?

A

Produces selling their products directly to consumers

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84
Q

What is price skimming?

A

Setting a high price initially and then lowering it later

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85
Q

What is discretionary channel (place of the 4 p’s)?

A

Where a product it’s self is sold and how many stages it takes to a customer e.g 3 stage distribution

86
Q

What is primary research?

A

Research done by the business itself

87
Q

What is discretionary expenditure?

A

Non- essential spending or spending that is not automatic

88
Q

What is a pricing strategy?

A

The pricing policies or methods used by a business when deciding what to charge for its products

89
Q

What is a dynamic market?

A

A market that is constantly changing to suit customers wants and needs

90
Q

What is the primary sector?

A

Production involving the extraction of raw materials from earth

91
Q

What is e-commerce?

A

Conducting business transactions online

92
Q

What is a private equity company?

A

A business usually owned by private individuals backed by financial institutions

93
Q

What is economics of scale?

A

The reductions in average costs enjoyed by a business as output increases

94
Q

What is product design?

A

The process of creating a new product or service

95
Q

What is emotional branding?

A

The practice of using the emotions of a consumer to build a brand

96
Q

What is product differentiation?

A

How a business differentiates products; through reputation, service, features or value

97
Q

What is empowerment?

A

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

98
Q

What is the product life cycle?

A

The stages that a product moves through over time

99
Q

What is an entrepreneur?

A

A person who sets up a business, taking financial risks in the hope of making a profit

100
Q

What is product lines?

A

A group of products that are very similar

101
Q

What is a equilibrium price?

A

The price where supply and demand are equal

102
Q

What is product orientation?

A

To sell products and services that the business wants to produce

103
Q

What is ergonomics?

A

The study of how people interact with their environment and the equipment they use- often in the workplace

104
Q

What is a product portfolio?

A

The collection of products a business is currently making

105
Q

What is ethical sourcing?

A

Buying from sustainable sources, for example tree’s from forest suppliers who replant

106
Q

What is productivity?

A

The rate at which goods or services are produced

107
Q

What is a ethical stance?

A

To trade in a way that is respectful of people, animals or the environment

108
Q

What is profit maximisation?

A

The aim of the business is to make as high profits as possible in the time frame

109
Q

What is excess demand?

A

The position where demand is greater than supply at a given price and there are shortages in the market

110
Q

What is profit satisficing?

A

The aim of the business is to make just enough profit to satisfy its owners but with other managers objectives

111
Q

What is excess supply?

A

The position where supply is greater than demand at a given price and there are unsold goods in the market

112
Q

What is profit sharing?

A

Where workers are given a share of the profits, usually as part of their pay

113
Q

What is a extension strategy?

A

A plan to extend the maturity stage of a product life cycle of a product, for example changes to promotion

114
Q

What is promotion?

A

An attempt to obtain and retain customers by drawing their attention to a firm or its products

115
Q

What is external recruitment?

A

Appointing workers from outside the business

116
Q

What is psychological pricing?

A

Setting the price slightly below the round figure

117
Q

What is a flat structure?

A

This is a hierarchy design which has few layers and short chain of command but has a wide span of control

118
Q

What is public relations?

A

An organisation’s attempt to communicate with interested parties

119
Q

What is a flexible workforce?

A

A workforce that can respond, in quantity and type, to chances in the market demand

120
Q

What is qualitative data?

A

Non numerical data such as how customers use the product?

121
Q

What is flexitime?

A

Employees can start and finish when they need to as long as they work their 35 hours and the job gets done

122
Q

What is quantitative date?

A

Data gathered that is numerical such as % of customers who buy more than once a week

123
Q

What is a focus group?

A

Where a number of customers are invited to attend a discussion about a product led by market researchers

124
Q

What is recruitment?

A

Process by which a job vacant is identified and potential employees are notified

125
Q

What is a formal organisation?

A

The internal structure of a business as soon by an organisational chart

126
Q

What is recycling?

A

Making use of materials that have been discarded as waste

127
Q

What is a franchise?

A

A business idea in a box which is sold to other owners who run it under a licence and pay royalties, in return they get branding and marketing support e.g subway

128
Q

What is a reposition?

A

Change the view consumers have about a product by altering some of its characteristics

129
Q

What is a franchisee?

A

The person who buys the franchise

130
Q

What is responsibility?

A

The duty to complete a task

131
Q

What is a franchisor?

A

The person who sells the franchise

132
Q

What is resource depletion?

A

The use up of natural resources

133
Q

What is function?

A

What the item is used for

134
Q

What is respondents?

A

A person or organisation that answers every question in a survey

135
Q

What is a generic brand?

A

Products that only contain the name of the product category rather than the company or product name

136
Q

What is a retailer?

A

A business that sells goods to consumers

137
Q

What is a government subsidy?

A

A grant or gift of money from the government to encourage supply of certain goods e.g milk subsidies

138
Q

What is risk?

A

The possibility of financial loss

139
Q

What is the Hawthorne effect?

A

The idea that workers are motivated by recognition given to them as a group

140
Q

What is sales maximisation?

A

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

141
Q

What is a hierarchy?

A

A system in organisation where people are ranked in according to the authority that they have

142
Q

What is sales promotion?

A

Methods of promoting products in the short term to boost sales

143
Q

What is home working?

A

To work from home, for example an eBay business

144
Q

What is a sample?

A

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

145
Q

What is hygiene factors (Hertzberg theory)?

A

Things at work that result in dissatisfaction

146
Q

What is the secondary sector?

A

Production involving the conversion of raw materials into finished and semi-finished goods

147
Q

What is income elasticity of demand?

A

How much demand changes when the consumer has a change in income

148
Q

What is scientific management?

A

A theory that suggests there is a ‘best way’ to perform work tasks

149
Q

What is income inelastic demand?

A

Where the % change in demand is proportionally less than the % change in income

150
Q

What is selection?

A

The process of candidates and appointing a post holder

151
Q

What is independence? (Business terms)

A

To trade in a way which meets the entrepreneur’s own goals and allows them to be their own boss

152
Q

What is self actualisation? (In maslows theory)

A

A level in maslows hierarchy where people realise their full potential

153
Q

What is indirect tax?

A

Taxes levied on products or services before they reach the consumer e.g VAT

154
Q

What is social entrepreneurship?

A

To trade with the goal of helping the community in some way

155
Q

What is induction training?

A

Training given to new employees when they first start their new job

156
Q

What is a sleeping partner?

A

A partner that contributes capital and enjoys a share of the profit but takes no active role in the running of the business

157
Q

What is industrial action?

A

Disruptive measures taken by workers to apply pressure on employers when disagreements cannot be resolved

158
Q

What is socio economic groups?

A

A division of people according to social class

159
Q

What is a inferior good?

A

Products where an increase in consumers income means a decrease in demand

160
Q

What is a sole trader?

A

A person who sets up a business on their own, they can have employees but there is only one owner

161
Q

What is innovation?

A

An invention taken to market and sold

162
Q

What is meant by span of control?

A

This is the number of subordinates that a supervisor or manager is in charge of

163
Q

What is meant by intermediates?

A

Links between the producer and consumer

164
Q

What is meant by sponsorship?

A

Making a financial contribution to an even in return for publicity

165
Q

What is internal recruitment?

A

Appointing workers from inside the business

166
Q

What is a strong brand?

A

A brand which is recognised by everyone e.g rolls Royce, Rolex

167
Q

What is a intrapreneur?

A

An employee who works for a large business but thinks like an entrepreneur

168
Q

What is meant by subordinates?

A

People in the hierarchy who work under the control of a senior worker?

169
Q

What is meant by job analysis?

A

Investigating the requirements of a job to identify the tasks and skills required

170
Q

What is a stock market?

A

A market for second hand shares

171
Q

What is meant by job description?

A

Identifies tasks and responsibilities involved in the job

172
Q

What is meant by stock market floatation?

A

The process of a company ‘going public’ or ‘floating on the stock market’- making shares available to the public for the first time

173
Q

What is meant by job enlargement?

A

Giving an employee work of a similar responsibility to do

174
Q

What is a subsidy?

A

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

175
Q

What is meant by job enrichment?

A

Giving an employee more responsible tasks

176
Q

What is a substitute product?

A

Products that can be used in place of each other, for example of no tea is available a substitute hot beverage is coffee or hot chocolate

177
Q

What is meant by job rotation?

A

Moving an employee round similar tasks

178
Q

What is supply?

A

The amount a business is willing to supply at a set price

179
Q

What is laissez-faire leadership?

A

Leaders allow employees to make their own decisions

180
Q

What is the supply curve?

A

A line to pilot the relationship between price and quantity supplied

181
Q

What is a leader?

A

A person who has vision and followers

182
Q

What is a tall structure?

A

A hierarchy design which is the opposite to a flat structure, it has a long chain of command but a short span of control

183
Q

What is meant by leadership?

A

The same as management plus is a visionary who motivates their workers, a strategist and a problem solver

184
Q

What is meant by team working?

A

Employees in a small group with a similar aim

185
Q

What is a lifestyle business?

A

A business that aims to make enough money and provide the flexibility needed to support a particular lifestyle for the owner

186
Q

What is the tertiary sector?

A

The production of services in the economy

187
Q

What is meant by limited liability?

A

A legal status which means that a business owner is liable for the original amount of money invested in the business

188
Q

What is meant by temporary staff?

A

Employees are hired on a fixed term contract, to finish building a house estate for example

189
Q

What is a limited company?

A

A business organisation that has a separate legal entity from that of its owners

190
Q

What is meant by total revenue?

A

The amount of revenue generated from the sale of goods calculated by price x quantity, in a given period of time

191
Q

What is a limited partnership?

A

A partnership where some members contribute capital and enjoy a share of the profits, but do not participate in the running of the business. At least one partner must have unlimited liability

192
Q

What is a trade union?

A

Organisations of workers that exist to promote the interests of their members

193
Q

What is a LTD?

A

Stands for private limited company, shares can only be sold to friends and family

194
Q

What is meant by trade off’s?

A

In business, where a decision maker faces a compromise between two different alternatives, for example between paying dividends to shareholders or reinvesting profits in the business

195
Q

What is meant by management?

A

Authority to make decisions in the best interest of the business

196
Q

What is meant by training?

A

A process that involves the knowledge and skills of a worker to enable them to do their job effectively

197
Q

What is a manufactured brand?

A

A brand created by the producers of good and services

198
Q

What is meant by uncertainty?

A

Something in the world which is not known to the business, e.g a recession or Coronavirus

199
Q

What is a mark up?

A

The % added to unit costs that makes a profit for a business when setting the price

200
Q

What is meant by unit costs?

A

The same as average costs- total costs / output

201
Q

What is meant by the term ‘market’?

A

A set of arrangements that allows buyers and sellers to communicate and trade in a particular range of goods and services

202
Q

What is meant by unlimited liability?

A

A legal status which means that the owner of a business is personally liable for all business debts

203
Q

What is meant by market mapping?

A

Market mapping is about positioning the products/service a business plans to provide

204
Q

What is a ‘USP’?

A

The aspect of feature of a product that clearly distinguishes it from its rivals

205
Q

What is market orientation?

A

To sell products or services based on customers wants and needs

206
Q

What is viral marketing?

A

Any strategy that encourages people to pass on messages to others about a product or a business electronically

207
Q

What is market positioning?

A

The view consumers have about the quality, value for money and image of a product in relation to those of competitors

208
Q

What is waste minimisation?

A

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

209
Q

What is market segmentation?

A

A whole market can be divided into sections called segments

210
Q

What is a wholesaler?

A

A business that sells goods to retailers

211
Q

What is a zero hour contract?

A

Employees are called into work only when they are needed, they get no work benefits and cannot be guaranteed work

212
Q

What is YED?

A

Income elastic demand

A-Level Business (4 decks)

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