Theme 1 Key Words Flashcards
Percentage change in price
New price - old price x 100
Adding value
Value added is when a business chooses to enhance the quality of a core product by providing extras to improve a customers experience.
Above the line promotion
Placing adverts using the media
Market share
The % of a market that a business has
Market size
Measured by volume of sales or value
Marketing
A management process involved identifying, anticipating and satisfying customer requirement profitability
Advertising
Communication between a business and its customers where images are placed in the media to encourage the purchase of its products
Aesthetics
What a product looks like e.g colour
Agent or broker
Foreign sales agent is a business which represents products from another business in a new country .
Aims
What a business tries to achieve long term or short term .
Marketing mix
Price, place , promotion and product and how the business uses the four elements.
Marketing strategy
A set of plans that aim to achieve a specific marketing objective
Mark-up
The amount above cost added to a product before it is placed for sale
Maslows hierarchy of needs
The order of people’s needs starting with hygiene
Articles of Association
A document that provides details of the initial running of a limited company
Authority
This is the power or right to give orders in a organisation
Autocratic leadership
Leader makes all the decisions
Automation
Method of operating or controlling processes automatic means using devices. Less human interaction
Mass market
Products or services that are sold or advertised to everyone at the same time in the same way
Matrix structure
This is the hierarchy design which groups by projects and functions
Mechanalosation
Method of controlling or operating the process using machinery
Below the line promotion
Any promotion that does not involve using media
Memorandum of association
A document that sets out the constitution and states key external details about a limited company
Bonus
A payment made on top of the basic wage for reaching a target or objective
Brand name
A symbol,name,term,sign or design that allows customers to identify a good e.g NIKE
Motivated
The desire to take action and achieve a goal
Motivators (Hertzberg)
Things in work that result in satisfaction
Boston matrix
A 2x2 matrix model that analyses a product portfolio
Breaking bulk
Dividing a large quantity of good received by a supplier before selling them
Business choices
Deciding between alternative uses of reasources,
Multi skilling
An employee is trained to do more than one job
Mutual organisation
A business owned by its members who are customers not shareholders
Niche market
A subset of a normal market that caters for specific customers and their needs
Certification of incorporation
A document that declares a business is allowed to trade as a limited company
Normal good
Products where an increase in customers wages means an increase in demand
