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Business Management > Unit 3 - definitions > Flashcards

Unit 3 - definitions Flashcards

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
Q

Capital intensive

A

Capital intensive 
is when a business uses
a high degree of machinery
and equipment during its
production process.

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24
Q

Developments in technology

A

Developments in
technology are the
inventions and innovations
of tools that solve problems
and enhance processes.

25
Q

Software

A

Software is the programs
used on computers and
other electronic devices

26
Q

Artificial intelligence
(AI)

A

Artificial intelligence
(AI) is software that
is able to mimic the
behaviour of humans

27
Q

Robotics

A

Robotics are
programmable machines
that are capable of
performing specified tasks.

28
Q

Job analysis

A

Job analysis is the
process of identifying
the essential duties,
tasks, and responsibilities
of a specific role.

29
Q

Job description

A

A job description is a
summary of the duties,
tasks, and responsibilities
of a specific role.

30
Q

Job specifications

A

Job specifications are the
necessary skills, knowledge,
and qualifications for a
specific role.

31
Q

Internal recruitment

A

Internal recruitment 
is the process of filling job
vacancies with existing
staff at the business.

32
Q

External recruitment

A

External recruitment 
is the process of filling job
vacancies with individuals
outside of a business.

33
Q

Intranet

A

An intranet is a private
computer network used
to share information within
a business.

34
Q

Word of mouth

A

Word of mouth is the
verbal communication
of information between
individuals.

35
Q

Websites

A

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
Q

Online recruitment agency

A

An online recruitment
agency is a business that
works on behalf of an
employer to find suitable
job candidates

37
Q

Social media

A

Social media is the online
platforms that can be used
to connect with others and
share content.

38
Q

Interview

A

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
Q

Psychological testing

A

Psychological testing
is a scientific method of
examining a job applicant’s
behavioural style and
reasoning skills.

40
Q

Work testing

A

Work testing is the
process of administering
practical or written
assessments to determine
the suitability of a job
candidate for a position.

41
Q

Online selection

A

Online selection 
is the process of choosing
an employee based on
online forms completed by
a job applicant.

42
Q

National employment standards

A

National Employment
Standards (NES) are the
minimum entitlements
an employer owes its
employees, which are
set out in the Fair Work
Act 2009.

43
Q

External professionals

A

External professionals
are highly-skilled
individuals that businesses
hire to provide expertise in
a particular area
of operation.

44
Q

Accountant

A

An accountant is a
professional who manages,
updates, analyses, and
reports a business’s
financial information.

45
Q

Financial advisor

A

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
Q

ICT specialist

A

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
Q

Legal advisor

A

A legal adviser is
a professional who
provides expert advice to
businesses regarding their
legal responsibilities.

48
Q

Marketing advisor

A

A marketing adviser 
is a professional who
provides expert advice to
businesses in relation to
promoting and selling their
products.

49
Q

Business name

A

A business name is
the title that a business
operates under and what
customers use to identify
the business.

50
Q

Website domain

A

A website domain is
a website address that
identifies a business’s
online site.

51
Q

Trade practises legislation

A

Trade practices legislation 
is the law that governs
how a business interacts
with customers and
competitors.

52
Q

Tax compliance

A

Tax compliance is
the extent to which an
individual or business
meets tax obligations.

53
Q

Worksafe insurance

A

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
Q

Bank account

A

A bank account is an
arrangement made with a
bank where a business or
individual can deposit and
withdraw money.

55
Q

Financial control systems

A

Financial control systems 
are processes and
procedures used to direct
and monitor a business’s
finances.

56
Q

Record keeping strategies

A

Record-keeping strategies 
are methods used to
keep track of the financial
transactions of a business
over a period of time

57
Q

CSR

A

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
Q

Policies

A

Policies are written
statements that outline the
expected performance and
behaviour of employees.

59
Q

Proceedures

A

Procedures are a series
of actions that employees
must follow in order to
abide by the business’s
policies.

60
Q

Customer database

A

A customer database is
a collection of information
about existing and
potential customers

61
Q

Overseas suppliers

A

Overseas suppliers are
individuals or businesses
that sell raw materials
or resources in a country
overseas.

62
Q

Overseas retailers

A

Overseas retailers are
individuals or businesses
that sell goods and
services directly to
customers overseas.

Business Management (3 decks)

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