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Business Alevel > Paper 1 keywords > Flashcards

Paper 1 keywords Flashcards

1
Q

globalisation

A

the process in which the world economy becomes increasingly interdependent, the economies are more interlinked

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2
Q

emerging economy

A

used to describe an economy that is going through rapid industrialisation (manufacturing) and growth, markets are making a transition

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3
Q

gross domestic product (GDP)

A

the value of all the goods and services produced within an economy over a specified time-period such as a year

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4
Q

GDP per capita

A

measuring GDP per head of population

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5
Q

purchasing power parity

A

GDP or GDP per capita adjusted for different costs of living

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6
Q

human development index (HDI)

A

a composite indicator of developing that that combines GDP with life expectancy and literacy

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7
Q

international trade

A

the flow of commodities and services on an international scale

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8
Q

fixed capital formation

A

investment in long term assets such as roads and buildings

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9
Q

imports

A

products and services produced abroad and consumed domestically

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10
Q

exports

A

products and services produced domestically and consumed abroad

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11
Q

balance of payments

A

a record of all the transactions between one country and the rest of the world

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12
Q

balance of payments deficit

A

when the value of exports is less than the value of imports leading to a build-up of foreign currency debt

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13
Q

balance of payments surplus

A

when the value of exports is greater than the value of imports for a country

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14
Q

invisible export

A

the sale of a service to an overseas customer

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15
Q

comparative advantage

A

the ability of an individual/group to carry out a particular economic activity more efficiently than other activity, exists when there is a relative opportunity cost for certain countries

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16
Q

foreign direct investment

A

when a business buys non-current assets in another country. It involves establishing operations or acquiring tangible assets, including stakes in other businesses. It is normally by companies rather than governments.

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17
Q

inward FDI

A

when a country hosts a foreign MNC, and receives investment from outside its economy

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18
Q

outward FDI

A

when an MNC who has their HQ in your economy, invests in non-current assets in another country

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19
Q

saturated market

A

a market where growth has ceased and there are no significant opportunities to boost sales other than stealing market share from existing rivals

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20
Q

scientific management

A

F.W. Taylor suggested that managers should maximise worker productivity by calculating how best to divide up tasks into smaller fragments, then incentivise workers to produce exactly as set out by managers

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21
Q

isolationism

A

when nations use trade policies designed to put domestic business interests first by imposing trade barriers to hamper imports

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22
Q

free trade

A

when there are no barriers to trade such as tariffs and non-tariff barriers

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23
Q

liberalisation

A

when barriers to trade are removed, e.g. by the WTO

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24
Q

regulations

A

rules created as a result of laws passed by parliament

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25
Q

migration

A

the movement of people from one town to another in search of a better life

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26
Q

protectionism

A

it involves any attempt by a country to impose restrictions or trade in goods and services to protect domestic producers from foreign competition, through the use of measures such as tariffs

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27
Q

sunset industry

A

a declining industry perhaps as the product becomes technologically obsolete or if an industry has become internationally uncompetitive

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28
Q

infant industry

A

small industries which haven’t had time to grow

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29
Q

import quota

A

quantitative limits on the level of imports allowed or a limit to the value of imports permitted into a country in a given time period

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30
Q

tariff

A

an additional tax or duty that raises the price of imported goods and causes a contraction in domestic demand and an expansion in domestic supply

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31
Q

domestic subsidy

A

a payment by the government to domestic producers in order to help them compete in the international market

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32
Q

regulations

A

rules created as a result of laws passed by parliament

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33
Q

counter-cyclical

A

expansionary government policies to counter a downturn in the economic cyle

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34
Q

Keynesian

A

an economist advocated an increase in government spending in a recession to manage the economic cycle (counter-cyclical policies)

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35
Q

structural unemployment

A

unemployment caused by the decline of an industry, e.g. coal miners

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36
Q

trade war

A

an economic battle between two countries based entirely on protectionist measures such as import quotas; which is detrimental to both parties, but neither wants to back down

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37
Q

technical barriers to trade

A

when a country applies technical regulations, standards- including packaging, marking and labelling standards in order to avoid creating unnecessary obstacles to trade

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38
Q

import licensing

A

governments grant importers the right to import goods, these can be restricted

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39
Q

trade bloc

A

usually groups of countries in specific regions that manage and promote trade activities, they aim to have free trade within an external tariff wall

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40
Q

free trade area

A

where there is free trade between the countries involved but each country can set their own trade restrictions on countries outside of the agreement

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41
Q

customs union

A

comprises of countries which agree to abolish tariffs and quotas and encourage the free movement of goods and services through adopting a common export tariff

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42
Q

single market

A

A trade bloc where there is free trade amongst the members, a common external tariff, and freedom of movement of goods/services, capital and people e.g. the EU

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43
Q

appreciation of a currency

A

when a currency increases in value against another currency

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44
Q

depreciation of a currency

A

when a currency decreases in value against another currency

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45
Q

pull factors

A

where businesses are attracted by compelling opportunities to grow by expanding internationally

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46
Q

push factors

A

where businesses feel they have to expand internationally because of domestic/home market issues

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47
Q

outsourcing

A

contracting another business to perform a business function on your behalf

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48
Q

offshoring

A

the act of basing some of a business’ processes or services overseas, so as to take advantage of lower costs

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49
Q

economies of scale

A

when average costs per unit falls as output increases

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50
Q

competition

A

rivalry between a business and another business who offers a similar product/service to a similar market

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51
Q

dumping

A

selling off surplus stock on a foreign market at below cost which puts domestic businesses in the foreign market at a disadvantage

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52
Q

disposable income

A

the amount a household has left after income taxes have been deducted

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53
Q

infrastructure

A

the provision of the underpinnings of modern life, e.g. roads, railway

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54
Q

market attractiveness

A

an analysis of the current and future sales and profit potential of a country or market

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55
Q

polycentric approach

A

adapting products to culture

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56
Q

bureaucracy

A

an organisation stifled by paperwork, checking and rechecking of decisions and actions, there are a lot of rules

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57
Q

marketing strategy

A

a medium-long term plan that is carefully evaluated to achieve a corporate objective, delivered through your marketing mix

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58
Q

mass market

A

products or services which are targeted at the whole market, e.g. mars bars

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59
Q

niche market

A

the attempt to create products or services which are targeted towards a specific segment of a market

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60
Q

market size

A

this is total value/no. of sales in the market

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61
Q

market share

A

the proportion of total market sales that a firm has

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62
Q

dynamic market

A

a market that is constantly changing

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63
Q

risk

A

it is a known possibility of an unfavourable outcome that can be estimated with probabilities

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64
Q

uncertainty

A

it exists when the outcome of a particular situation is impossible to predict

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65
Q

economies of scale

A

factors that cause costs per unit to fall when a firm operates at a higher level of production

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66
Q

market research

A

the process of gathering information about consumers, competitors and distributors within a firm’s market, it is a way of identifying consumers’ buying habits and attitudes to current and future products.

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67
Q

bias

A

a factor that causes research findings to be unrepresentative of the whole population

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68
Q

product orientation

A

it is an inward-looking approach focusing on innovation and research and development, they focus on making things they are good at/experienced in making

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69
Q

market orientation

A

an outward-looking approach focusing on identifying consumer needs and wants and tailoring product development towards it

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70
Q

primary research

A

finding and collecting information first-hand

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71
Q

secondary research

A

finding and collecting information which already exists

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72
Q

focus groups

A

a group of target market demographic respondents that are chosen to take part in a production trial

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73
Q

consumer panels

A

a group of customers who have been specially selected to give ongoing feedback to the business

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74
Q

qualitative research

A

research focused on obtaining in-depth detailed information, can identify opinions and why consumers feel the way they do, based on opinions

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75
Q

quantitative research

A

research that is focused on obtaining numerical data which can be analysed and compared much easier than qualitative

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76
Q

sampling

A

the process of targeting a group of individuals that have been chosen from a larger group, the results must be representative of the target population

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77
Q

market segmentation

A

the process of selecting a specific segment of your market and adapting your marketing strategies to this market

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78
Q

market mapping

A

a grid plotting where each existing brand sits on scales based upon two important features of a market, e.g. price

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79
Q

market positioning

A

how individual products or brands are seen in relation to their competition by the consumers

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80
Q

competitive advantage

A

advantages over competitors by offering consumers greater value

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81
Q

added value

A

the value of the finished good or service over and above the cost of achieving it

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82
Q

product differentiation

A

the extent to which consumers perceive your brand/product as being different from others

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83
Q

unique selling point

A

a consumer benefit that no rival can match, perhaps because it is protected by a strong patent

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84
Q

demand

A

measures the level of interest customers have in buying a product

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85
Q

complementary good

A

bought in conjunction with each other, such as cars and petrol

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86
Q

substitute good

A

products or services in competition with each other, the success of one is at the expense of another

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87
Q

inferior goods

A

goods which sales fall when people are better off, but rise when consumers are struggling financially

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88
Q

luxury goods

A

goods which sales rise rapidly when people are better off, but may fall rapidly during harder times

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89
Q

normal goods

A

goods which sales move in-line with changes in consumer incomes

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90
Q

supply

A

the quantity of a product that producers are able to deliver within a specific time period

91
Q

supply curve

A

a graphical representation of the relationship between quantity supplied and price

92
Q

profit-maximising point

A

where firms supply at the level that makes as high as a profit as possible

93
Q

supply chain

A

the whole path from suppliers of raw materials through production and storage on to customer delivery

94
Q

commodity market

A

undifferentiated products such as rice and oil, every kilo is the same as every other kilo

95
Q

equilibrium

A

the point where there is a balance between supply and demand, this makes the price stable

96
Q

market price

A

when the price of a commodity is determined by market forces (supply and demand)

97
Q

demand curve

A

shows how much will be consumed of a good at each and every price level

98
Q

price elasticity of demand

A

it measures the extent to which demand for a product changes when its price changes

99
Q

elastic demand

A

a product with demand that is highly price sensitive, it has a price elasticity of above 1 which means that the percentage change in demand is greater than the percentage change in price that created it

100
Q

inelastic demand

A

a product with demand that is not very sensitive to a change in price, it has a price elasticity of below and means the percentage change in demand is less than the percentage change in price

101
Q

external constraint

A

something outside the firm’s control that can prevent it achieving its objectives

102
Q

income elasticity of demand

A

it measures the extent to which demand for a product changes when there is a change in consumers’ real incomes

103
Q

real incomes

A

this is the amount the average employee receives before any deductions for tax or pension contributions

104
Q

positive/negative income elasticity

A

a product for which sales rise when people are better off/ a product for which sales fall when people are better fall

105
Q

marketing mix

A

the combination of the 4 factors of product, price, promotion and place in order

106
Q

design mix

A

it refers to the way in which all aspects of a product design are considered including, function, aesthetics and economic manufacture

107
Q

economic manufacture (cost)

A

the fact that a product has to make a profit and be capable of being manufactured at a cost below the selling price if it is to be viable

108
Q

sustainability

A

making a product without affecting the long-term supplies of the inputs into the product

109
Q

prototype

A

a test model of a planned design, used to see if it functions properly, with durability, reliability and safety

110
Q

promotion

A

this involves using a variety of methods to communicate with customers and persuade them to buy your product

111
Q

brand

A

a characteristic, name or symbol that distinguishes with customers and persuade them to buy your product

112
Q

branding

A

the skill of giving a product or service distinctiveness- even personality

113
Q

individual brand

A

brand associated with specific products giving more stability, e.g. marmite

114
Q

umbrella/family brand

A

the use of a single brand name for the name of two or more related products in order to encourage the sales of other products, e.g. Dairy Milk

115
Q

corporate brand

A

promoting the brand name of a corporate entity as opposed to specific goods or services, convincing customers that all products across the range share similar benefits, e.g. Nestle

116
Q

emotional branding

A

refers to the practise of using the emotions of a consumer to build a brand and is designed to appeal to a customer’s emotion, e.g. John Lewis advert

117
Q

viral Marketing

A

a strategy to encourage people to pass on messages to others about a product or service electronically

118
Q

persuasive advertising

A

a type of product promotion which aims to persuade a consumer for buying a particular product, especially in the presence of several similar products in the same category

119
Q

crowdfunding

A

obtaining external finance from many individual, small investments, usually through a web-based appeal, this has risen through changes in branding through the increased use of social media

120
Q

public relations

A

the professional maintenance of a favourable public image by a company or another organisation

121
Q

price

A

the amount paid by the customer for a good or service

122
Q

predatory pricing

A

when prices are set at a very low level, even below the costs of production in order to drive competitors and new entrants out of a market

123
Q

price war

A

a period of fierce competition in which traders cut prices to increase their share of the market

124
Q

loss leader

A

pricing a product below cost in order to attract further, profitable business

125
Q

pricing tactics

A

short-term pricing responses to opportunities or threats

126
Q

distribution

A

how to get the product to the right place for customers to make their purchases. It includes physical or online distribution availability and visibility

127
Q

barrier to entry

A

factors that make it hard for new firms to break into an existing market

128
Q

e-commerce

A

electronic commerce, carried out online

129
Q

impulse purchasing

A

buying in an unplanned way, e.g. going into a store to buy paper but coming out with a mars bar

130
Q

long tail

A

the huge number of tiny businesses appealing to minority tastes that can find a profitable existence online because they can target the whole planet, not just the local area

131
Q

opportunity cost

A

the cost of missing out on the next best alternative when making a decision

132
Q

intermediary

A

a ‘middle-man’ involved in the distribution channel, e.g. wholesaler

133
Q

product life cycle

A

a theoretical model which describes the stages a product goes through over its lifetime

134
Q

extension strategy

A

strategies in which a business modifies a product to appeal to more customers and prevent sales from declining

135
Q

product portfolio

A

all the products in which a business sells

136
Q

product range

A

a set of variations made on a specific product made to appeal to different market segments

137
Q

boston matrix

A

it is a tool to analyse a product’s share and growth within a market through plotting their portfolio of businesses and brands

138
Q

new product development (NPD)

A

it includes the people and processes involved in turning new ideas into products (or services) ready for launch

139
Q

portfolio anlaysis

A

it assesses the position of each product or brand in a firm’s portfolio to help determine the right marketing strategy for each

140
Q

star product

A

a product that has a high share of fast-growing market

141
Q

dog product

A

a product that has a low share of a low-growth market

142
Q

cash cow

A

a product that has a high share of a low-growth market

143
Q

problem child/question mark

A

a product that has a small share in a rapidly growing market

144
Q

B2B/B2C

A

business to customer/business to business

145
Q

customer loyalty

A

the likelihood of previous customers repeat purchasing from the same business due to preferred practises from experience and/or emotional attachment

146
Q

homogenous good

A

no point of differentiation and therefore each one is the same as each other (making competition focus on price)

147
Q

labour turnover

A

the number of staff leaving a company as a percentage of the number employed

148
Q

zero hour contracting

A

employee contracts that agree employee duties and hourly pay rates, yet offer no guarantee of ant work in any specific week

149
Q

flexible workforce

A

the creating of a multi-skilled and flexible workforce that can quickly adapt to meet a firm’s changing requirements

150
Q

trade union

A

an organisation that represents the interests of staff at the workplace

151
Q

outsourcing

A

involves a firm finding an external business to carry out part of the production process

152
Q

redeployment

A

retaining a staff member to give the skills required to take on a new job role

153
Q

dismissal

A

the removal of an individual with no payments at all after several warnings, it can be done due to misconduct or a lack of competence

154
Q

collective bargaining

A

negotiation of wages and other conditions of employment by an organised body of employees or employee representatives, e.g. trade unions

155
Q

individual bargaining

A

negotiations between individual employees and the employer. This is usually regarding contract of employments and the terms and conditions.

156
Q

core worker

A

employees who are essential to the operations of a business, they are generally permanent employees

157
Q

peripheral worker

A

those workers who are not seen as being central to a firm’s operations, they may only be needed on a temporary basis

158
Q

subcontracting

A

when another business is sued to perform or supply certain aspects of a firm’s operations

159
Q

hot-desk

A

an approach that provides a temporary desk for home-workers to use when they come into the main office, they are not allowed to leave any of their personal belongings behind

160
Q

recruitment

A

filling job vacancies by defining the job, attractive suitable candidates and selecting those best suited to fill it

161
Q

training

A

the process of equipping employees with the skills and knowledge necessary to carry out their job efficiently

162
Q

shortlist

A

a list of selected candidates from which a final choice is made

163
Q

head-hunter

A

someone who identifies and approaches suitable candidates employed elsewhere to fill business positions

164
Q

induction training

A

familiarises newly appointed workers with key aspects of their jobs and their employees where they receive a tour of the organisation and are given details of employment, the aim is to make employees fully productive as soon as possible

165
Q

on-the-job training

A

where employees acquire or develop skills without leaving their usual workforce usually through experienced employees

166
Q

organisational design

A

creating a formal hierarchy that establishes who is accountable to whom throughout an organisation

167
Q

hierarchy

A

a system in which people within an organisation are arranged based upon their importance

168
Q

chain of command

A

the lines of authority within a business

169
Q

span of control

A

the number of staff who are answerable directly to a manager

170
Q

delayering

A

removing a management layer from the organisational structure

171
Q

line manager

A

a manager responsible for meeting specific business targets and are responsible for specific staff

172
Q

delegation

A

the process of passing down responsibility to a subordinate

173
Q

centralisation

A

one in which the decision making power and control remains at the central headquarters in the hands of the top management levels

174
Q

decentralisation

A

the transfer of decision making and responsibility from the central headquarters to local divisions

175
Q

matrix structure

A

where staff work in project teams in addition to their responsibilities within their own department, therefore meaning that staff can be answerable to more than one boss.

176
Q

motivation

A

inspiring the will to work within employees, have the desire to push yourself to achieve what you want to achieve

177
Q

division of labour

A

subdividing a task into several activities, enabling workers to specialise and therefore become efficient at completing what may be a small, repetitive task

178
Q

hygiene factors

A

everything that surrounds what you do in the job such as pay, working conditions and social status, they are all potential causes of job dissatisfaction according to Herzberg

179
Q

piecework

A

working in return for a payment per unit produced

180
Q

commission

A

a bonus earned on top of a basic salary, usually in line with a specific achievement, such as meeting a sales target

181
Q

remuneration

A

all the financial rewards received by an employee

182
Q

performance-related pay

A

a financial reward to staff whose work is considered above average, it is used for employees whose work achievements cannot be assessed simply through numerical measures

183
Q

empowerment

A

authority or power is given to an employee to motivate them, through giving increased responsibility and decision making power

184
Q

consultation

A

asking the views of the staff you manage, then taking them into account in the decisions you make

185
Q

quality circles

A

discussion groups in which staff discuss an operational problem with a view to recommending a solution to management

186
Q

job enlargement

A

the general term for anything that increases the scope of a job

187
Q

job rotation

A

increasing a worker’s activities by switching between tasks of a similar level of difficulty

188
Q

leadership

A

inspiring staff to achieve demanding goals

189
Q

management

A

responsible for putting ideas or policies into action, whilst controlling staff

190
Q

autocratic management

A

they are authoritarian, they tell employees what to do and do not delegate much or share information with employees

191
Q

democratic management

A

they like to involve their workers in decisions, managers discuss what needs to be done and employees are involved in the decision

192
Q

laissez-faire management

A

when managers are so busy or so lazy that they do not take the time to ensure that junior staff know what to do or how to do it

193
Q

paternalistic management

A

they think and act as a father, they try to do what is best for their staff/children, they believe in the idea that it is very important that they are care for and supported properly and the social needs of their employees

194
Q

charismatic leadership

A

people who are able to connect with an audience and who. Can get others to buy into their ideas

195
Q

hubris

A

overweening arrogance leading to excessive self-confidence and therefore blindness to the risks being taken

196
Q

entrepreneur

A

an individual who looks at business opportunities that exists and turns that idea into action

197
Q

intrapreneurship

A

practise of entrepreneurship in an established firm, an intrapreneur has the personal characteristics of an entrepreneur but they work in a large firm

198
Q

small budget research

A

this is spending of money prior to undertaking market research, good entrepreneurs must take the time to gain a general understanding of their market, geographical mapping

199
Q

geographical mapping

A

plotting on a map the locations of all existing businesses in your market, in order to show where all your competitors are

200
Q

market niche

A

a gap in the market, that is, no one else is offering what you want to offer

201
Q

profit satisficing

A

it means to find the ideal blend between different pressures, it is finding the ‘right’ profit rather than the biggest

202
Q

social entrepreneurship

A

businesses that are created to address a social problem

203
Q

corporate objectives

A

they are targets that are set for the whole business which are derived from its aim, they are SMART

204
Q

functional objectives

A

objectives for each function (operations, marketing, HR and finance) which help to achieve the corporate objectives

205
Q

mission

A

a qualitative statement of the business’ aims expressed in a way to make it seem especially purposeful and motivating

206
Q

mission statement

A

the goal of a business, reasons for its existence and their vision for the future which is powerfully expressed

207
Q

strategy

A

a medium-to-long term plan for meeting your objectives

208
Q

unlimited liability

A

when a business and its owner are the same legal entity, in this case the debts of the business are the debts of the owners, and personal property can be sold to pay the debts of the business

209
Q

limited liability

A

when a business is a separate legal identity to its owners, which means that if the business goes bankrupt the owners only lose what they originally put into the business and not their personal belongings

210
Q

sole trader

A

a one-person business with unlimited liability, set up by an entrepreneur

211
Q

partnership

A

when a business is set up which is comprised of between 2-20 people, they have unlimited liability

212
Q

limited company

A

companies that have limited liability, they are considered to be a type of business structure whereby a company is considered a legally distinct body

213
Q

franchise

A

when a business sells the rights to its products, name and trading methods to a franchisee, in return for a fee

214
Q

social enterprise

A

a business that focuses on putting its profits back into a strong social or environmental mission, they have primarily social objectives rather than monetary

215
Q

lifestyle businesses

A

when entrepreneurs start a business based on their own or their family’s needs

216
Q

online businesses

A

they can choose between a limited or unlimited structure but these businesses have lower financial risks and higher potential rewards

217
Q

flotation

A

when a private limited company expands to the point of having a share capital of more than £50,000 and so they can start to offer shares for sale on the stock market for the first time

218
Q

incorporation

A

establishing a business as a separate legal entity from its owners, and therefore giving the owners limited liability

219
Q

registrar of companies

A

the government department which allows firms to be incorporated

220
Q

opportunity cost

A

the cost of missing out on the next best alternative when making a decision

221
Q

trade-off

A

they arise when having more of one thing potentially results in having less of another

222
Q

overtrading

A

where a business expands at a rate that cannot be sustained by its capital base

223
Q

liquidity

A

the ability of a business to pay its bills on time, which all depends upon having enough cash in the bank

Business Alevel (26 decks)

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