Unit 3 - definitions Flashcards
Marketing
Marketing is the
process of implementing
strategies to price,
promote, and distribute
products to current and
potential customers.
Customer base
A customer base is a
group of consumers who
continuously purchase
goods and services from
a business.
Business objectives
Business objectives
are the goals a business
intends to achieve.
Internal environment
The internal environment
involves factors within a
business that a business
has control over.
Corporate culture
Corporate culture is the
shared values and beliefs
of a business and its
employees.
Operating factors
Operating factors are the
primary external factors
impacting a business which
it has some control over.
Macro factors
Macro factors are social,
legal, technological, and
economic conditions that
a business operates in and
has no control over.
Market research
Market research is the
process of investigating
and analysing the activities
and behaviours of
customers and competitors
in a specific industry.
Market dimmensions
Market dimensions
are an indication of the
total number of potential
customers who could
purchase a product
from a business in a
particular market.
Market segmentation
Market segmentation
is the process of dividing
a market into different
groups of consumers
that share similar
characteristics.
Target market
A target market
is a specific group of
consumers that a business
aims its marketing efforts
towards.
Consumer behaviour
Consumer behaviour
is the actions of those
who purchase goods and
services for consumption.
Consumer trends
Consumer trends are
developed patterns in
consumer behaviours,
attitudes, and values.
Product
A product is a good or
service that is offered to
consumers to satisfy a
need or want.
Price
Price is the amount that a
customer pays for a good
or service.
Place
Place is an element of the
marketing mix relating to
how a business distributes
its product to customers.
Promotion
Promotion is the
marketing communications
used by a business to
inform, promote, and
remind its target market
about its product.
People
People are the individuals
that influence a customer’s
perception of a business
and its products.
Physical evidence
Physical evidence
is the environment in
which the business and
customer interact.
Proccess
The process is the
procedure set in place
throughout the entire
customer purchasing
experience at a business.
Product life cycle
The product life cycle
is a series of stages that a
product will pass through
from the moment it is
introduced to the market
until it becomes obsolete
or replaced.
Staff
Staff are the people who
work for businesses in
exchange for payment.
Staffing needs
Staffing needs are the
requirements a business
has for employees
Labour intensive
Labour intensive
is when a business uses
a high degree of employee
involvement during its
production process.
Capital intensive
Capital intensive
is when a business uses
a high degree of machinery
and equipment during its
production process.
Developments in technology
Developments in
technology are the
inventions and innovations
of tools that solve problems
and enhance processes.
Software
Software is the programs
used on computers and
other electronic devices
Artificial intelligence
(AI)
Artificial intelligence
(AI) is software that
is able to mimic the
behaviour of humans
Robotics
Robotics are
programmable machines
that are capable of
performing specified tasks.
Job analysis
Job analysis is the
process of identifying
the essential duties,
tasks, and responsibilities
of a specific role.
Job description
A job description is a
summary of the duties,
tasks, and responsibilities
of a specific role.
Job specifications
Job specifications are the
necessary skills, knowledge,
and qualifications for a
specific role.
Internal recruitment
Internal recruitment
is the process of filling job
vacancies with existing
staff at the business.
External recruitment
External recruitment
is the process of filling job
vacancies with individuals
outside of a business.
Intranet
An intranet is a private
computer network used
to share information within
a business.
Word of mouth
Word of mouth is the
verbal communication
of information between
individuals.
Websites
Websites are a collection
of web pages and content,
published on at least
one web server, that is
identifiable by a common
domain name.
Online recruitment agency
An online recruitment
agency is a business that
works on behalf of an
employer to find suitable
job candidates
Social media
Social media is the online
platforms that can be used
to connect with others and
share content.
Interview
An interview is a meeting
that occurs between
an employer and a job
candidate to determine
whether they have the
necessary knowledge,
skills, and ideas to fulfil
the position.
Psychological testing
Psychological testing
is a scientific method of
examining a job applicant’s
behavioural style and
reasoning skills.
Work testing
Work testing is the
process of administering
practical or written
assessments to determine
the suitability of a job
candidate for a position.
Online selection
Online selection
is the process of choosing
an employee based on
online forms completed by
a job applicant.
National employment standards
National Employment
Standards (NES) are the
minimum entitlements
an employer owes its
employees, which are
set out in the Fair Work
Act 2009.
External professionals
External professionals
are highly-skilled
individuals that businesses
hire to provide expertise in
a particular area
of operation.
Accountant
An accountant is a
professional who manages,
updates, analyses, and
reports a business’s
financial information.
Financial advisor
A financial adviser
is a professional who
provides expert advice to
individuals and businesses
in relation to monetary
matters, personal finances,
and potential investments.
ICT specialist
An Information and
Communications
Technology (ICT)
specialist is a
professional who develops
and maintains the
technological systems that
are used by businesses to
store and retrieve data.
Legal advisor
A legal adviser is
a professional who
provides expert advice to
businesses regarding their
legal responsibilities.
Marketing advisor
A marketing adviser
is a professional who
provides expert advice to
businesses in relation to
promoting and selling their
products.
Business name
A business name is
the title that a business
operates under and what
customers use to identify
the business.
Website domain
A website domain is
a website address that
identifies a business’s
online site.
Trade practises legislation
Trade practices legislation
is the law that governs
how a business interacts
with customers and
competitors.
Tax compliance
Tax compliance is
the extent to which an
individual or business
meets tax obligations.
Worksafe insurance
Work safe insurance
is compulsory insurance
that assists employers to
meet their obligation of
financially compensating
and supporting employees
who become injured or ill
because of their work.
Bank account
A bank account is an
arrangement made with a
bank where a business or
individual can deposit and
withdraw money.
Financial control systems
Financial control systems
are processes and
procedures used to direct
and monitor a business’s
finances.
Record keeping strategies
Record-keeping strategies
are methods used to
keep track of the financial
transactions of a business
over a period of time
CSR
Corporate social
responsibility (CSR)
is the ethical conduct
of a business beyond
legal obligations, and
the consideration of
social, economic, and
environmental impacts
when making business
decisions.
Policies
Policies are written
statements that outline the
expected performance and
behaviour of employees.
Proceedures
Procedures are a series
of actions that employees
must follow in order to
abide by the business’s
policies.
Customer database
A customer database is
a collection of information
about existing and
potential customers
Overseas suppliers
Overseas suppliers are
individuals or businesses
that sell raw materials
or resources in a country
overseas.
Overseas retailers
Overseas retailers are
individuals or businesses
that sell goods and
services directly to
customers overseas.
