TOPIC 1.4 Making the business effective Flashcards
Marketing Mix
The combination of factors which help the business to take into account customer needs when selling a product - usually summarised as the 4 Ps, which are price, product, promotion and place
Price
The amount of money customers have to give up to acquire a product
Product
A good or service produced by a business or organisation and made available to customers for consumption
Promotion
Communication between the business and customer, making the customer aware that the product is for sale
Sole trader (or sole proprietor)
The only owner of a business which has unlimited liability.
Unlimited liability
A legal obligation on the owner of a business to settle (pay off) all debts of the business
Limited liability
When shareholders of a company are not personally liable for the debts of the company; the most they can lose is the value of their investment in the shares of the company.
National Insurance
A tax on the earning of workers
Corporation Tax
A tax on the profits of limited companies
Job Applicant
A person who shows they would like to be considered for appointment to a particular job with a business.
Job Description
Document that describes the duties of a worker and his or her status in the organisation.
Person Specification
A profile of the type of person needed for a job - their skills and qualities.
Curriculum Vitae
A brief list of the main details about a person, including name, address, qualifications and experience.
