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Business Management > Unit 3 - definitions > Flashcards

Unit 3 - definitions Flashcards

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1
Q

Marketing

A

Marketing is the
process of implementing
strategies to price,
promote, and distribute
products to current and
potential customers.

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2
Q

Customer base

A

A customer base is a
group of consumers who
continuously purchase
goods and services from
a business.

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3
Q

Business objectives

A

Business objectives 
are the goals a business
intends to achieve.

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4
Q

Internal environment

A

The internal environment 
involves factors within a
business that a business
has control over.

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5
Q

Corporate culture

A

Corporate culture is the
shared values and beliefs
of a business and its
employees.

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6
Q

Operating factors

A

Operating factors are the
primary external factors
impacting a business which
it has some control over.

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7
Q

Macro factors

A

Macro factors are social,
legal, technological, and
economic conditions that
a business operates in and
has no control over.

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8
Q

Market research

A

Market research is the
process of investigating
and analysing the activities
and behaviours of
customers and competitors
in a specific industry.

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9
Q

Market dimmensions

A

Market dimensions 
are an indication of the
total number of potential
customers who could
purchase a product
from a business in a
particular market.

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10
Q

Market segmentation

A

Market segmentation 
is the process of dividing
a market into different
groups of consumers
that share similar
characteristics.

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11
Q

Target market

A

A target market 
is a specific group of
consumers that a business
aims its marketing efforts
towards.

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12
Q

Consumer behaviour

A

Consumer behaviour 
is the actions of those
who purchase goods and
services for consumption.

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13
Q

Consumer trends

A

Consumer trends are
developed patterns in
consumer behaviours,
attitudes, and values.

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14
Q

Product

A

A product is a good or
service that is offered to
consumers to satisfy a
need or want.

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15
Q

Price

A

Price is the amount that a
customer pays for a good
or service.

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16
Q

Place

A

Place is an element of the
marketing mix relating to
how a business distributes
its product to customers.

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17
Q

Promotion

A

Promotion is the
marketing communications
used by a business to
inform, promote, and
remind its target market
about its product.

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18
Q

People

A

People are the individuals
that influence a customer’s
perception of a business
and its products.

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19
Q

Physical evidence

A

Physical evidence 
is the environment in
which the business and
customer interact.

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20
Q

Proccess

A

The process is the
procedure set in place
throughout the entire
customer purchasing
experience at a business.

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21
Q

Product life cycle

A

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.

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22
Q

Staff

A

Staff are the people who
work for businesses in
exchange for payment.

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22
Q

Staffing needs

A

Staffing needs are the
requirements a business
has for employees

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22
Q

Labour intensive

A

Labour intensive 
is when a business uses
a high degree of employee
involvement during its
production process.

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23
Capital intensive
Capital intensive  is when a business uses a high degree of machinery and equipment during its production process.
24
Developments in technology
Developments in technology are the inventions and innovations of tools that solve problems and enhance processes.
25
Software
Software is the programs used on computers and other electronic devices
26
Artificial intelligence (AI)
Artificial intelligence (AI) is software that is able to mimic the behaviour of humans
27
Robotics
Robotics are programmable machines that are capable of performing specified tasks.
28
Job analysis
Job analysis is the process of identifying the essential duties, tasks, and responsibilities of a specific role.
29
Job description
A job description is a summary of the duties, tasks, and responsibilities of a specific role.
30
Job specifications
Job specifications are the necessary skills, knowledge, and qualifications for a specific role.
31
Internal recruitment
Internal recruitment  is the process of filling job vacancies with existing staff at the business.
32
External recruitment
External recruitment  is the process of filling job vacancies with individuals outside of a business.
33
Intranet
An intranet is a private computer network used to share information within a business.
34
Word of mouth
Word of mouth is the verbal communication of information between individuals.
35
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.
36
Online recruitment agency
An online recruitment agency is a business that works on behalf of an employer to find suitable job candidates
37
Social media
Social media is the online platforms that can be used to connect with others and share content.
38
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.
39
Psychological testing
Psychological testing is a scientific method of examining a job applicant’s behavioural style and reasoning skills.
40
Work testing
Work testing is the process of administering practical or written assessments to determine the suitability of a job candidate for a position.
41
Online selection
Online selection  is the process of choosing an employee based on online forms completed by a job applicant.
42
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.
43
External professionals
External professionals are highly-skilled individuals that businesses hire to provide expertise in a particular area of operation.
44
Accountant
An accountant is a professional who manages, updates, analyses, and reports a business’s financial information.
45
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.
46
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.
47
Legal advisor
A legal adviser is a professional who provides expert advice to businesses regarding their legal responsibilities.
48
Marketing advisor
A marketing adviser  is a professional who provides expert advice to businesses in relation to promoting and selling their products.
49
Business name
A business name is the title that a business operates under and what customers use to identify the business.
50
Website domain
A website domain is a website address that identifies a business’s online site.
51
Trade practises legislation
Trade practices legislation  is the law that governs how a business interacts with customers and competitors.
52
Tax compliance
Tax compliance is the extent to which an individual or business meets tax obligations.
53
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.
54
Bank account
A bank account is an arrangement made with a bank where a business or individual can deposit and withdraw money.
55
Financial control systems
Financial control systems  are processes and procedures used to direct and monitor a business’s finances.
56
Record keeping strategies
Record-keeping strategies  are methods used to keep track of the financial transactions of a business over a period of time
57
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.
58
Policies
Policies are written statements that outline the expected performance and behaviour of employees.
59
Proceedures
Procedures are a series of actions that employees must follow in order to abide by the business’s policies.
60
Customer database
A customer database is a collection of information about existing and potential customers
61
Overseas suppliers
Overseas suppliers are individuals or businesses that sell raw materials or resources in a country overseas.
62
Overseas retailers
Overseas retailers are individuals or businesses that sell goods and services directly to customers overseas.

Business Management (3 decks)

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