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Business Theme 1 > Key Words > Flashcards

Key Words Flashcards

(71 cards)

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1
Q

Added value

A

when a business chooses to enhance the quality of a core product by providing extras to improve a customer’s utility/experience

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2
Q

Percentage change in price calculation

A

Price new – Price old

Price old x 100

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3
Q

Above the line promotion

A

Placing adverts using the media

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4
Q

Advertising

A

Communication between a business and its customers where images are placed in the media to encourage the purchase of products

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5
Q

Aesthetics

A

What the item looks like

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6
Q

Agent or broker

A

Foreign sales agent is a business which represents products from another business in a new country

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7
Q

Market share

A

The % of a market that a business, product or service has

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8
Q

Market size

A

Measured by volume of sales or value

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9
Q

Marketing

A

management process involved in identifying, anticipating and satisfying consumer requirements profitably

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10
Q

Marketing mix

A

Price, place, promotion and product, how a business uses these 4 elements strategically

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11
Q

Marketing strategy

A

A Set of plans that aim to achieve a specific marketing objective.

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12
Q

Mark up

A

The amount above cost added to a product before it is placed for sale

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13
Q

Aims

A

What a business tries to achieve in the long term

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14
Q

Articles of association

A

document that provides details of the internal running of a limited company

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15
Q

Authority

A

This is the power or right to give orders in an organisation

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16
Q

Autocratic leader

A

Leader makes all the decisions

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17
Q

Automation

A

Method of operating or controlling processes by automatic means using devices. Reduces need for human interaction.

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18
Q

Below the line promotion

A

Any promotion that does not involve using the media

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19
Q

Maslows hierarchy of needs

A

The order of people’s needs starting with the basic human requirements.

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20
Q

Mass market

A

Products or services that are sold or advertised to everyone at the same time in the same way

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21
Q

Matrix structure

A

This is a hierarchy design which groups by project and function

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22
Q

Mechanisation

A

Method of operating or controlling processes using machinery

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23
Q

Merchandising

A

promotion specifically at the point of sale of a product

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24
Q

Memorandum of association

A

document that sets out the constitution and states key external details about a limited company

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25
Bonus
payment in addition to the basic wage for reaching targets or in recognition for service.
26
Brand
name, term, symbol, sign, design or other feature that allows consumers to identify the goods and services of a business and to differentiate them from those of competitors.
27
Boston matrix
A 2x2 matrix model that analyses a product portfolio according to the growth rate of the market and the relative market share of products within the market.
28
Breaking- bulk
Dividing a large quantity of goods received from a supplier before selling them on in smaller quantities to customers
29
Business choices
Deciding between alternative uses of resources.
30
Certificate of incorporation
document that declares a business is allowed to trade as a limited company
31
Motivated
The desire to take action to achieve a goal
32
Multi skilling
An employee is trained to do more than one job, for example an electrician is trained to plaster walls
33
Mutual organisation
business owned by its members, who are customers not shareholders.
34
Niche market
subset of a normal market that caters for specific consumer needs and wants
35
Normal good
Products where an increase in consumer’s income means an increase in demand
36
Centralisation
type of business organisation where major decisions are made at the centre or core of the organisation and then passed down the chain of command.
37
Chain of command
This is the route that orders travel down in an organisation and complaints travel up
38
Collective bargaining
union representative will speak to the management on behalf of all the workers in a business, usually about working conditions or pay
39
Co operative
A business organisation owned by its members, who have equal voting rights.
40
Commission
Percentage payment on a sale made to the salesperson.
41
Competitive advantage
advantage a business has over its competitors, allowing it to generate larger than average turnover for the industry
42
Objectives
The goals or targets set by a business to help achieve its long-term purpose
43
Off the job training
Training that takes place away from the area of work.
44
Online retailing
The retailing of goods online.
45
Online businesses
business that uses the global communications infrastructure of the internet as a trading base
46
On the job training
Training that takes place while doing the job
47
Opportunity costs
The cost of the loss of the item not chosen, or the profit from the goods not produced
48
Competitive pricing
To charge a similar amount for goods as are charged elsewhere
49
Complimentary products
Products that need to be used together, for example a printer will need ink
50
Consumer durables
Goods that can be used repeatedly over a period of time, such as cars and household appliances.
51
Consumer panels
Groups of customers are asked for feedback about products over a period of time.
52
Consultation
Listening to the views of employees before making key decisions that affect them
53
Cost plus pricing
To set the price of a product or service by calculating the cost then adding a set amount or % to it.
54
Organisational chart
diagram that shows the different job roles in a business and how they relate to each other.
55
Outsourcing
Getting other people or businesses to undertake work that was originally done in house
56
Own- label, distributor or private land
Products that are manufactured for wholesalers or retailers by other businesses
57
Partnership
Two to 20 people who set up a business together as joint owners e.g. vets, solicitors, dentists
58
Part time
Employees work less than 35 hours a week but still get sick pay and work benefits
59
Paternalistic leadership,
Leader makes decisions but takes employees point of view into consideration
60
Curriculum virtae
A document that lists personal details, qualifications, work experience, referees and other information about the jobseeker.
61
Database
An organised collection of data stored electronically with instant access, searching and sorting facilities.
62
Deed of partnership
Binding legal document that states the formal rights of partners.
63
Decentralisation
type of business organisation where decision making is pushed down the chain of command and away from the centre of the organisation.
64
Delayering
Removing layers of management from the hierarchy of an organisation
65
Delegation
The act of asking a worker to perform a task
66
Payment by results
Payment methods that rewards workers for the quantity and quality of work they produce.
67
PED
change in Q demanded __________________________________ | % change in price
68
Penetration pricing
Setting a low price when launching a new product in order to get established in the market.
69
Performance related pay
payment system designed for non-manual workers where pay increases are given if performance targets are met.
70
Person specification
The characteristics the candidate both needs to have and those which are desired, for example skills and qualifications
71
Piece rate
payment system where employees are paid an agreed rate for every item produced

Business Theme 1 (1 decks)

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