term2 key terms

Question 1

market segmentation

Answer 1

Identifying different groups within a market and target different produts to them

Question 2

Differential marketing

Answer 2

Market segmentation

Question 3

Geographic segmentation

Answer 3

Market divided on the basis of geography such as statee country

Question 4

Demographic segmentation

Answer 4

Segmentation based on the characteristics of people in a population such as religion or gender

Question 5

Psychological segmentation

Answer 5

Segmentation based on psychological characteristics such as beliefs values and lifestyle

Question 6

CRM

Answer 6

customer relaionship management

Question 7

Above the line promotion

Answer 7

Promotion paid directly by the businiess

Question 8

Channel of distribution

Answer 8

Chain of intermediaries a product passes through

Question 9

Market research

Answer 9

Process of collecting recording and analysing data about customers and competitiors

Question 10

Primary market research

Answer 10

first hand info

Question 11

Elastic product

Answer 11

demand change with price

Question 12

Marketing

Answer 12

Identify customer wants and needs and satisfy them in a profitable way

Question 13

mass market

Answer 13

Competitive markets that generate large amounts of sales

Question 14

niche market

Answer 14

specialised segment of a large market

Question 15

extension strategy

Answer 15

Boost maturity or decline back into growth

Question 16

offshoring

Answer 16

Relocatio of business process to another country

Question 17

multi national

Answer 17

Operates in many countries at the same time

Question 18

Job production

Answer 18

1 item at a time

Question 19

Batch production

Answer 19

products within a batch go through whole production process together

Question 20

Flow production

Answer 20

Produce item in continuously moving way

Question 21

Mass customisation

Answer 21

Use of flexible computer aided system to mass produce products meeting individual needs

Question 22

Sales and operating planning

Answer 22

Match supply with demand

Question 23

CAD

Answer 23

computer aided design

Question 24

CAM

Answer 24

computer aided manufaturing

Question 25

CIM

Answer 25

CAD and CAM combined

Question 26

Operational flexibility

Answer 26

meet demand by varying level of production or adopting range of different products

Question 27

Process innovation

Answer 27

Improve in production method

Question 28

Transformation process

Answer 28

Using inputs to get outputs

Question 29

Production

Answer 29

quantity a business produces in a given time

Question 30

Productivity

Answer 30

Ratio of output to imputs during production

Question 31

Measure labour productivity

Answer 31

total output➗total workers employed

Question 32

Capital productivity

Answer 32

output➗captial employed

Question 33

Efficiency

Answer 33

highest productivity

Question 34

Effectiveness

Answer 34

meeting business objectives by using inputs to statisfy customers

Question 35

Labour intensive

Answer 35

higher level of workers compared to capital equipment

Question 36

Capital intensive

Answer 36

high level of capital equipment compared to workforce

Question 37

Lean production

Answer 37

minimising cost and waste

Question 38

Kaizen

Answer 38

continuous improvement and reorganisation of production floor

Question 39

Just in time

Answer 39

reducing or eliminating the need to hold any inventories materials

Question 40

Cell production

Answer 40

Dividing production line into individual contained cells

Question 41

direct cost

Answer 41

clearly linked to production

Question 42

indirect cost

Answer 42

cant be directly linked to production

Question 43

fixed cost

Answer 43

costs that is not affected by the sales and production of products

Question 44

Variable cost

Answer 44

cost that change with level of production

Question 45

Marginal cost

Answer 45

cost of producing 1 more unit

Question 46

Profit formula

Answer 46

total revenue - total cost

Question 47

Total cost

Answer 47

fixed cost +variable cost

Question 48

Total revenue

Answer 48

selling price x quantity sold

Question 49

contribution per unit

Answer 49

selling price - variable cost

Question 50

total contribution

Answer 50

total revenue - total variable cost

Question 51

contribution

Answer 51

amount that contribute towards paying fixed cost then profit

Question 52

break even

Answer 52

fixed cost ➗contribution

Question 53

Margin of safety

Answer 53

maximum that can be lost before loss occurs

Question 54

Break even price

Answer 54

total cost➗output

Question 55

Price based on profit margin

Answer 55

(profit target+total cost) ➗output

Question 56

Quality

Answer 56

goods meet customer expectation

Question 57

Quality assurance

Answer 57

check products for faults at different stages of production process