Theme 1 Key Terms Flashcards

1
Q

Percentage Change in Price

A

(Price new - price old) / price old x100

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2
Q

Market Share

A

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

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3
Q

Added Value

A

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

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4
Q

Market Size

A

Measured by volume of sales or value

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5
Q

Above the line Promotion

A

Placing adverts using the media

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6
Q

Marketing

A

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

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7
Q

Advertising

A

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

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8
Q

Marketing Mix

A

Price, Place, Promotion and Product, how a business uses these 4 elements strategically

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9
Q

Aesthetics

A

What the item looks like

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10
Q

Marketing strategy

A

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

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11
Q

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

Mark-up

A

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

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13
Q

Aims

A

What a business tries to achieve in the long term

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14
Q

Maslow’s Hierarchy of needs

A

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

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15
Q

Articles of Association

A

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

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16
Q

Mass Market

A

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

17
Q

Authority

A

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

18
Q

Matrix Structure

A

This is a hierarchy design which groups by project and function

19
Q

Autocratic Leadership

A

Leader makes all the decisions

20
Q

Mechanisation

A

Method of operating or controlling process of using machinery

21
Q

Automation

A

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

22
Q

Merchandising

A

A promotion specifically at the point of sale of a product

23
Q

Below the line Promotion

A

Any promotion that does not involve using the media

24
Q

Memorandum of Association

A

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

25
Q

Bonus

A

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

26
Q

Motivated

A

The desire to take action to achieve a goal

27
Q

Brand Name

A

A name, term, symbol, design or other feature that allows consumers to identify the goods and services of a business and to differentiate them from those of competitors

28
Q

Motivators (Hertzberg)

A

Things at work that result in satisfaction

29
Q

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

30
Q

Multi-skilling

A

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

31
Q

Breaking-bulk

A

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

32
Q

Mutual Organisation

A

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

33
Q

Business Choices

A

Deciding between alternative uses of resources

34
Q

Niche market

A

A subset of a normal market that caters for specific consumer needs and wants

35
Q

Certification of Incorporation

A

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

36
Q

Normal Good

A

Products where an increase in consumer’s income means an increase in demand