Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

BUSINESS Edexcel A-level > Theme 1:Edexcel business A-Level > Flashcards

Theme 1:Edexcel business A-Level Flashcards

1
Q

market

A

market is any is any place where buyers and sellers can meet e.g. amazon.co.uk or a shopping mall

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Market research

A

market research is the process of systematically gathering data from consumers which can be used to influence the business decisions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

mass markets

A

products are aimed at broad market segments e.g Kellogg’s Corn Flakes is an example of a breakfast cereal aimed at the mass market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Market segments

A

Market segments are groups of consumers who share similar characteristics e.g. age, lifestyle, etc.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Mass marketing

A

occurs when businesses sell their products to most of the available market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

niche markets

A

In niche markets, products are aimed at a subset of the larger market e.g. gluten free products

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Niche marketing

A

occurs when businesses identify and satisfy the demands of a small group of consumers within the wider market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Sales volume

A

Sales volume is the number of products sold i.e the physical number of units sold

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Sales revenue

A

Sales revenue = price x quantity sold i.e the financial value of the units sold

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

market share formula:

A

sales of a business/total sales in the market x100

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

brand

A

A brand is a name, image, or logo which helps one product/service stand out from its competitors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

dynamic market

A

A dynamic market is a market that is subject to rapid or continuous changes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

product differentiation

A

the process of distinguishing a product or service from competitors products in the market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

monopoly power

A

a large business that dominates a market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Online retailing

A

Online retailing involves selling products via the internet

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

How markets change

A

Changing market conditions offer new opportunities for firms, but also pose threats

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Product innovation

A

involves the adaptation or improvement of existing products e.g. improved video cameras on laptops

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Process innovation

A

involves the adaptation or improvement of existing processes e.g. just in time stock control

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Market growth

A

is the measurement of the change in the entire market, expressed as a percentage of the original size

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Adapting to change

A

Recognizing and adapting to market changes allows businesses to thrive in dynamic markets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

first mover advantage

A

a competitive advantage gained by being the fist business to introduce a new product/service to the market eg.Apple introducing touch screen phones

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Competition

A

occurs when at least two businesses are providing goods/services to the same target market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Risk

A

is the potential threat to business success

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Uncertainty

A

is when outcomes are difficult to predict

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

product orientation

A

is an approach to marketing that focuses on the characteristics of the product rather than the needs of the consumer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Market orientation

A

is an approach to marketing that focuses on the needs of consumers and uses this information to design products that meet customer needs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Primary research

A

Primary research is the process of gathering information directly from consumers in the target market using field research methods such as surveys, interviews, etc

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Secondary research

A

involves the collection, compilation, and analysis of data that already exists

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Market segmentation

A

is the process in which a single market is divided into sub markets or ‘segments’

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Market positioning

A

refers to the process a business goes through when launching a new product or service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Market mapping

A

is a tool for identifying the position of a product within a market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Competitive advantage

A

refers to the features of a business and its products that are perceived as superior to its rivals by customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Distinctive

A

means that it is different from the competitors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Defensible

A

means that the business can prevent competitors from copying it

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Product differentiation

A

is an attempt by a business to distinguish its products from those of competitors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Adding value

A

s the difference between the price that is charged to the customer and the cost of inputs required to create the product or service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

Demand

A

refers to the number of goods/services customers are willing to buy at a given price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Supply

A

is the number of goods/services businesses are willing to sell at a given price in a specific time period

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

market

A

is any place that brings buyers & sellers together to trade at an agreed price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

Price elasticity of demand

A

a metric that calculates how responsive quantity demand is to change in price(elastic or inelastic.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

PED formula

A

% change in quantity demanded / %change in price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

change

A

new value-old value/old value x100

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

price skimming strategies

A

the selling prices is initially set as high as possible and then gradually lowed over a period of time.mostly used when companies have a strongly established brand identity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

competitive advantage

A

when prices for products are set based on competitors prices

45
Q

Income elasticity of demand (YED)

A

The Income elasticity of demand (YED) reveals how responsive the change in quantity demanded is to a change in income

46
Q

Production planning

A

A business needs to plan how much it is going to produce which will help it determine the number of resources such as raw materials and labour it will need

47
Q

The marketing mix

A

provides a framework for businesses to create and implement successful marketing strategies

48
Q

4Ps of marketing

A

4Ps represent the key elements of a marketing strategy: product, price, place, and promotion

49
Q

product design mix

A

refers to the combination of elements that make up a product’s design

50
Q

function

A

product refers to its intended purpose and the specific tasks it is designed to perform

51
Q

Aesthetics

A

refers to the product’s visual and sensory appeal, including its form, shape, colour, and texture

52
Q

Cost

A

The cost of production must be considered when designing a product, as it directly affects the price point at which it can be sold

53
Q

Social trends

A

refer to changes in attitudes, behaviours and lifestyles of people

54
Q

Promotion

A

is an important element of the marketing mix as it plays a crucial role in generating customer awareness, interest and desire for a product/service

55
Q

Branding

A

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

56
Q

Manufacturer/Corporate branding

A

This refers to the use of a company name or logo to promote all the products or services offered by the company.This type of branding is used by companies like Nestlé, Nike, and Apple

57
Q

Product branding

A

This refers to the use of a unique name, design, or symbol to promote a specific product
E.g. KitKat, Coca-Cola, and McDonald’s Big Mac

58
Q

Own brand or private label branding

A

refers to the use of a retailer’s name to promote a specific product or service and is often used by supermarkets
E.g. ASDA chocolate, Tesco’s Finest range, and Sainsbury’s Basics range

59
Q

Distribution channels

A

refer to the various intermediaries through which goods/services move from the manufacturer to the end customer

60
Q

The product life cycle

A

describes the different stages a product goes through from its conception to its eventual decline in sales

61
Q

cash flow

A

the movement of money into and out of a business over time

62
Q

Extension strategies

A

refer to the techniques used by businesses to extend the life of a product beyond its natural life cycle

63
Q

Boston Matrix

A

is a tool used by businesses to analyse their product portfolio and make strategic decisions about each product

64
Q

market share

A

the percentage of total market revenue that a single firm has e.g. costa had an 8%market share of ‘out-of-home’ coffee in the uk in 2020.

65
Q

market growth rate

A

refers to how quickly the market a whole is growing.

66
Q

Business to Business (B2B)

A

B2B marketing focuses on selling products to other businesses e.g. software companies selling to other businesses; manufacturers selling parts to other manufacturers

67
Q

Business to Consumer (B2C)

A

B2C marketing focuses on selling products/services directly to consumers e.g clothing retailers

68
Q

salary

A

is a fixed amount of money that an employee receives on a regular basis,typically monthly or annually.

69
Q

wage

A

an hourly rate of pay that an employee receives for the hours they work.typically paid to staff who work as manual labour,customer service or retail assistants

70
Q

redundancy payments

A

where a job role is no longer needed by a business and a worker is dismissed,usually with compensation.

71
Q

minimum wage

A

the lowest wage that employers can legally pay their employees

72
Q

zero hour contracts

A

a contract where employer does not guarantee the work many hours of work,but the employee has to be on call in case they are needed

73
Q

Flexible working

A

is the development of a culture where workers are equipped to do different roles or where they work in a range of employment patterns

74
Q

Multi-skilling

A

is the process of training workers to fulfil multiple job roles within a business

75
Q

productivity

A

measure of labour efficiency and can be calculate by dividing total output by the number of workers employed

76
Q

part-time

A

may only work two or three days a week

77
Q

outsourcing

A

when a business process is contracted out to another companye.g.one company hires another company to manufacture products.

78
Q

Dismissal

A

is the termination of employment by an employer against the will of the employee

79
Q

Recruitment

A

is the process of attracting and identifying potential job candidates who are suitable for a particular role

80
Q

A job specification

A

outlines the qualifications, skills, experience, and personal qualities required from a candidate for a specific job e.g. problem solver, good communicator, able to code in Java etc.

81
Q

A job description

A

outlines the duties, responsibilities, and requirements of a particular job

82
Q

Internal recruitment

A

is the process of hiring employees from within the organization

83
Q

External recruitment

A

is the process of hiring employees from outside the organization

84
Q

Induction training

A

is a type of training that new employees receive when they start working for a company

85
Q

On the job training

A

A type of training that takes place while employees are working in their job roles

86
Q

Off the job training

A

A type of training that takes place outside of the workplace

87
Q

Hierarchy

A

A hierarchy refers to the levels of authority within an organization

88
Q

Chain of command

A

The chain of command is the formal line of authority that flows down from the top management to lower-level employees

89
Q

Span of control

A

Span of control refers to the number of employees that a manager or supervisor can effectively manage

90
Q

Centralised

A

In a centralised structure, decision-making authority is concentrated at the top of the organization with senior management making most of the decisions

91
Q

decentralised structure

A

decision-making authority is distributed throughout the organization, with lower-level employees having more decision-making power

92
Q

Motivation

A

efers to the inner desire or willingness that propels a person to take action and achieve a specific goal or outcome

93
Q

Leadership

A

is about having a vision, sharing that vision with others and providing direction

94
Q

Management

A

Management is the day-to-day organisation of the business, its resources and its staffing

95
Q

Autocratic leadership

A

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

96
Q

Paternalistic leadership

A

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

97
Q

Laissez-Faire

A

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

98
Q

entrepreneur

A

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

99
Q

Intrapreneurship

A

Intrapreneurship refers to the practice of promoting entrepreneurial thinking and behaviour within an existing business

100
Q

dividends:

A

a sum of money paid each year by a company to its shareholders from its profits.

101
Q

profit maximisation

A

Profits benefit shareholders as they receive dividends & also increase the underlying share price

102
Q

sole trader

A

a firm that has a single owner who makes all the decisions and gets to keep all the profits.the owner is legally responsible for all debts of the business

103
Q

limited liability

A

a legal structure in which the assets of the owners are considered to be seperate to those of the business.if the business is sued the owners cannot lose their own possessions

104
Q

venture capitalists

A

specialist investors in a small to medium sized business that have significantly potential for growth e.g.in the technology sector venture capitalists usually require a take in the business in return for finance and often expecc to exert some control over the business

105
Q

Franchising

A

Franchising is a business model where an individual (franchisee) buys the rights to operate a business model, branding, and support from a larger company (franchisor) in exchange for an initial lump sum plus ongoing fees

106
Q

social enterprise

A

A social enterprise is a business that has the primary purpose to create social or environmental impact (in addition to generating profits)

107
Q

stock market floatation

A

occurs when a business become a public limiting company and seksto raise cpaital by selling shares to the public on a stock exchange such as london’s stock exchange.

108
Q

TOpportunity cost

A

is the loss of the next best alternative when making a decision

BUSINESS Edexcel A-level (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions