edexcel_business_paper1_flashcards
(106 cards)
1
Q
Market
A
A place where buyers and sellers interact.
2
Q
Niche Market
A
A smaller, specific segment of a larger market.
3
Q
Mass Market
A
Aimed at the general population with wide appeal.
4
Q
Market Size
A
The total value or volume of sales in a market.
5
Q
Market Share
A
The percentage of sales held by one brand or company.
6
Q
Brand
A
A name, term or symbol that differentiates a product.
7
Q
Brand Loyalty
A
When consumers consistently choose the same brand.
8
Q
Product Differentiation
A
Making a product stand out from competitors.
9
Q
Added Value
A
Difference between selling price and production cost.
10
Q
Dynamic Market
A
Markets that are subject to frequent change.
11
Q
Innovation
A
Launching a new product or process.
12
Q
Risk
A
The potential for loss or failure in business.
13
Q
Uncertainty
A
The unpredictability of future events.
14
Q
Primary Research
A
Data collected firsthand (e.g. surveys).
15
Q
Secondary Research
A
Data already collected by others.
16
Q
Quantitative Data
A
Data that can be measured numerically.
17
Q
Qualitative Data
A
Descriptive, opinion-based data.
18
Q
Market Mapping
A
A diagram showing market positioning.
19
Q
Sampling
A
Selecting a representative group for research.
20
Q
Demand
A
The quantity of a product consumers are willing to buy.
21
Q
Supply
A
The quantity of a product businesses are willing to sell.
22
Q
PED
A
Responsiveness of demand to price change.
23
Q
YED
A
Responsiveness of demand to income change.
24
Q
Product
A
The item or service offered.
25
Price
What the customer pays.
26
Place
How the product is distributed.
27
Promotion
How the product is advertised.
28
Product Lifecycle
Stages: Development, Introduction, Growth, Maturity, Decline.
29
Boston Matrix
Tool with: Stars, Cash Cows, Question Marks, Dogs.
30
Organisational Structure
How roles are arranged in a business.
31
Chain of Command
Line of authority in a business.
32
Span of Control
Number of subordinates a manager oversees.
33
Delegation
Passing authority down the hierarchy.
34
Centralisation
Decision-making at the top.
35
Decentralisation
Decision-making spread through business.
36
Motivation
The reasons people work hard.
37
Financial Incentives
Monetary rewards for employees.
38
Non-Financial Incentives
Non-monetary motivators (e.g. job enrichment).
39
Taylor’s Theory
Focus on efficiency and productivity.
40
Maslow’s Hierarchy
Needs: Physiological to Self-actualisation.
41
Herzberg’s Theory
Hygiene factors and motivators.
42
Recruitment
Hiring new staff.
43
Training
Improving employee skills.
44
Induction
Introductory training for new staff.
45
Appraisal
Evaluating employee performance.
46
Sole Trader
Business owned by one person.
47
Partnership
Business owned by 2–20 people.
48
Ltd
Private company with limited liability.
49
PLC
Public company offering shares to the public.
50
Franchise
Business operating under a franchisor’s brand.
51
Franchisee
Person buying the rights to operate a franchise.
52
Franchisor
Company granting franchise rights.
53
Profit Maximisation
Making the most profit possible.
54
Sales Growth
Increasing revenue through more sales.
55
Market Share
Company’s portion of total market sales.
56
Customer Satisfaction
Meeting/exceeding customer expectations.
57
Ethical Objectives
Business goals based on moral principles.
58
SWOT Analysis
Tool for assessing strengths, weaknesses, opportunities, threats.
59
USP
Unique Selling Point – what makes a product stand out.
60
Competitive Advantage
An edge over competitors.
61
Entrepreneur
Someone who sets up and runs a business.
62
Intrapreneur
Employee acting entrepreneurially within a company.
63
Globalisation
The growing integration and interdependence of the world’s economies.
64
Trade Liberalisation
Removing or reducing trade barriers like tariffs and quotas.
65
Protectionism
Measures taken by governments to protect domestic industries.
66
Tariff
A tax on imported goods.
67
Quota
A limit on the quantity of imports.
68
Subsidy
Government payment to domestic producers to lower production costs.
69
Trading Bloc
A group of countries that have agreed to trade freely (e.g. EU).
70
Common Market
A group with free trade and freedom of movement of capital and labour.
71
Free Trade Area
A region where countries remove trade barriers between each other.
72
Customs Union
A trading bloc with a common external tariff.
73
ASEAN / NAFTA / EU
Examples of regional trading blocs.
74
Imports
Goods/services bought from other countries.
75
Exports
Goods/services sold to other countries.
76
Balance of Trade
The difference between exports and imports.
77
Comparative Advantage
A country’s ability to produce a good at a lower opportunity cost.
78
Foreign Direct Investment (FDI)
Investment by a business in a different country.
79
Outsourcing
Contracting another business to perform tasks or services.
80
Offshoring
Moving part of the business abroad to benefit from cost advantages.
81
Global Marketing Strategy
Selling a product worldwide using a similar approach.
82
Glocalisation
Adapting global products to local markets.
83
Ethnocentric Approach
Keeping the same marketing and product strategy globally.
84
Polycentric Approach
Adapting products and marketing for each local market.
85
Geocentric Approach
Integrating global and local marketing strategies.
86
Global Niche Market
A specialised segment of a global market.
87
Cultural Diversity
Existence of a variety of cultural or ethnic groups in business.
88
Cultural Sensitivity
Awareness and respect for different cultural values and norms.
89
Multinational Corporation (MNC)
A business with operations in more than one country.
90
Emerging Economies
Economies experiencing rapid growth and industrialisation.
91
Developed Economies
High-income countries with advanced technological infrastructure.
92
Infrastructure
Basic systems and services such as transport, energy and communication.
93
Disposable Income
Income available after taxes and living costs.
94
Business Ethics
Moral principles that guide business behaviour.
95
CSR
Corporate Social Responsibility – considering business impact on society.
96
Sustainability
Operating without damaging future generations’ needs.
97
Environmental Degradation
Harm to the environment caused by business activity.
98
Ethical Sourcing
Buying materials from suppliers who operate responsibly.
99
Pressure Groups
Organisations that try to influence business behaviour.
100
Ethical Trade Initiative (ETI)
Promotes workers’ rights and ethical practices.
101
Exchange Rates
The value of one currency compared to another.
102
Appreciation
When a currency becomes stronger.
103
Depreciation
When a currency becomes weaker.
104
Interest Rates
The cost of borrowing money or reward for saving.
105
Trade Barriers
Measures that make trade more difficult (e.g., tariffs, regulations).
106
Intellectual Property
Legal rights protecting inventions, designs and brands.
