Theme 1 Key Words

Question 1

Percentage change in price

Answer 1

New price - old price x 100

Question 2

Adding value

Answer 2

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

Question 3

Above the line promotion

Answer 3

Placing adverts using the media

Question 4

Market share

Answer 4

The % of a market that a business has

Question 5

Market size

Answer 5

Measured by volume of sales or value

Question 6

Marketing

Answer 6

A management process involved identifying, anticipating and satisfying customer requirement profitability

Question 7

Advertising

Answer 7

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

Question 8

Aesthetics

Answer 8

What a product looks like e.g colour

Question 9

Agent or broker

Answer 9

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

Question 10

Aims

Answer 10

What a business tries to achieve long term or short term .

Question 11

Marketing mix

Answer 11

Price, place , promotion and product and how the business uses the four elements.

Question 12

Marketing strategy

Answer 12

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

Question 13

Mark-up

Answer 13

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

Question 14

Maslows hierarchy of needs

Answer 14

The order of people’s needs starting with hygiene

Question 15

Articles of Association

Answer 15

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

Question 16

Authority

Answer 16

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

Question 17

Autocratic leadership

Answer 17

Leader makes all the decisions

Question 18

Automation

Answer 18

Method of operating or controlling processes automatic means using devices. Less human interaction

Question 19

Mass market

Answer 19

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

Question 20

Matrix structure

Answer 20

This is the hierarchy design which groups by projects and functions

Question 21

Mechanalosation

Answer 21

Method of controlling or operating the process using machinery

Question 22

Below the line promotion

Answer 22

Any promotion that does not involve using media

Question 23

Memorandum of association

Answer 23

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

Question 24

Bonus

Answer 24

A payment made on top of the basic wage for reaching a target or objective

Question 25

Brand name

Answer 25

A symbol,name,term,sign or design that allows customers to identify a good e.g NIKE

Question 26

Motivated

Answer 26

The desire to take action and achieve a goal

Question 27

Motivators (Hertzberg)

Answer 27

Things in work that result in satisfaction

Question 28

Boston matrix

Answer 28

A 2x2 matrix model that analyses a product portfolio

Question 29

Breaking bulk

Answer 29

Dividing a large quantity of good received by a supplier before selling them

Question 30

Business choices

Answer 30

Deciding between alternative uses of reasources,

Question 31

Multi skilling

Answer 31

An employee is trained to do more than one job

Question 32

Mutual organisation

Answer 32

A business owned by its members who are customers not shareholders

Question 33

Niche market

Answer 33

A subset of a normal market that caters for specific customers and their needs

Question 34

Certification of incorporation

Answer 34

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

Question 35

Normal good

Answer 35

Products where an increase in customers wages means an increase in demand