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Theme 1 Flashcards

(74 cards)

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1
Q

Market

A

A medium in which buyers and sellers interact and agree to trade at a price

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2
Q

Niche market

A

a small part of the overall market that provides specialised or luxury product or service

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3
Q

Mass market

A

a large market with a high sales volume that provides standardised products aimed at large groups of consumers for that particular product or service

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4
Q

Risk

A

owners taking actions where the outcomes unknown

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5
Q

Uncertainty

A

a market that the bsn operates in is subject to external influences which are beyond the bsns constrol

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6
Q

Dynamic markets

A

a market which is subject to continuous rapid change

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7
Q

Product innovation

A

new technologies make it possible to create new products

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8
Q

Process innovation

A

using new techonologies to improve the production mtheods of the bsn

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9
Q

Market research

A

the process of gathering data about the product, customers and influences on the sales of the product

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10
Q

Primary research

A

collecting first hand primary data which is information that did not exist before the researcher began

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11
Q

Secondary research

A

the collection of secondary data which is information that already exists in some form

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12
Q

Product orientation

A

when a bsn concentrates on the production of the roduct by placing its efforts into creating and developing it and then trying to sell it to customers

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13
Q

Market orientation

A

when a bsn concentrates on the needs and wants of the customers first and then develop the product that meets their needs

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14
Q

Market segmentation

A

dividing the market into groups of customers with similar characteristics to allow the positioning of the bsn and customer targeting to take place

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15
Q

Market mapping

A

is the use of a grid to show 2 features of a market. Brands are added to the grid to identify potential gaps or niches in the market

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16
Q

Competitive advantage

A

a set of unique features of a business and its products that are perceived by customers as superior to the competition

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17
Q

Adding value

A

the difference between the price paid and the total cost of production.

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18
Q

Demand

A

the amount of a product that consumers are willing and able to purchace at a given price

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19
Q

Supply

A

the amount of a product that suppliers will offer to the market at a given price

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20
Q

Design mix

A

the combination of elements that make up a products design including function,aesthetic and cost

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21
Q

Ethical sourcing

A

means that products are produced without exploitation of workers or environmental damage

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22
Q

Promotion

A

a method in which a bsn makes its products known to current and potential customers

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23
Q

Above the line promotion

A

involves any form of advertising through the media such as televison and newspapers

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24
Q

Below the line promtion

A

ivoloves promtion through marketing materials suchas sales promtions(bogoff) and public relations(sponsorships)

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25
Branding
the process of creating a unique and identifiable name, design or feature that differentiates a product/service or from its competitors.
26
Types of brands
manufacturers brands - Coco pops own-label brands(retailer) - Tesco crisps generic brands(dont have a paticular brand name) - apples
27
Emotional branding
creating a brand that directly appeals to the customer's emotional state
28
Cost-plus pricing =unit cost + (markup% + unitcost)
when the business calculates the cost of production and then adds a markup to determine the final price
29
Price skimming
The business sets an initially high price for a new product when it is high in demand then price falls overtime
30
Penetration pricing
The business sets a low price for a new product/service when it is first introduced
31
Predatory pricing (illegal)
The business sets prices so low that it drives its competitors out of the market
32
Competitive pricing
The business sets its prices based on its competitors' prices
33
Psychological pricing
The business bases the price below the next whole number to trick consumers into thinking the price is lower
34
Distribution
how a business gets its products to the customers
35
Product portifolio analysis
used to analyse and track the development of multiple products over time taking into account a number of factors such as growth ,sales and market conditions.
36
Marketing strategy
a set of plans that aim to achieve a specific marketing objective
37
B2B marketing
focuses on selling products to other businesses e.g. manufacturers selling parts to other manufacturers
38
B2C marketing
focuses on selling products/services directly to consumers e.g clothing retailers
39
Flexible working
working arrangements which allow employees to vary the amount, timing, or location of their work,
40
Dismissal
when employees fail meet the required standard or through misconduct
41
Redundancy
where the services of an employee are no longer required by the business so they are asked to leave
42
Collective bargaining
the process by which employees use unions to negotiate for better terms.
43
Individual bargaining
A negotiation between an individual employee and an employer on pay and working conditions
44
Internal recruitment
when a role is filled by promoting the employees from within the business
45
External recruitment
involves bringing new employees in from outside the organisation
46
Training
the process of developing employees by improving their knowledge and skills so they can perform their duties better
47
On the job training
employees receive training whilst remaining in the workplace e.g mentoring
48
Off the job training
training that is undertaken outside the place of work e.g training centres
49
Centralisation
a decision-making process whereby the majority of the decisons are led by senior managers
50
Decentralisation
a decison-making process whereby the majority of decisions are delegated to employees further down the chain
51
Tall organisational structure
has many leaders and layers of management
52
Flat organisational structure
with only a few layers of management
53
Matrix structure
built around specific products or projects
54
Commission
a bonus paid based on achieving a sales target
55
Piecework
payment based on number of units of output produced
56
Performance-related pay
A salary or bonus scheme linked to job related targets.Targets reviewed every 6 months
57
Profit sharing/bonus schemes
Distributing a percentage of net profit across the work force
58
Delegation,consultation and empowerment
Giving employees autonomy,authority and the power to influence key business decisions
59
Teamworking
Organising the workforce into teams in order to benefit from the social aspects of motivation
60
Flexible working
Adopting flexible contracts and approaches that do not require employees to work in an office every day from 9am to 5pm
61
Job rotation/enrichment and enlargement
Encouraging employees to work across a range of roles,develop understanding of different areas of the business and develop skills.
62
Autocratic leader
Leader has complete control over decision-making with little or no input from others
63
Democratic
Leader involves their team in the decision making process
64
Laissez-faire
Leader takes a hands-off approach and allows their team to manage their own work
65
Paternalistic
Leader takes on a parental role, making decisions in the best interest of their staff
66
Entrepreneur
a person who is willing and able to create a new business idea or invention and takes risks in pursuing success
67
Intrapreneurship
employees within a business who have the freedom and opportunity to develop their ideas and use their creativity to innovate
68
Objectives
medium to long-term plans that are established to coordinate the business and act as targets
69
Private limited company
a company whose shares are not listed on a stock exchange and have limited liability
70
Public limited company
a larger business that sells shares to the public on the stock market and has limited liability for its shareholders
71
Franchise
a company that licenses the right for individuals or groups to set up an identical operation in a new reigon
72
Stock market floatation
when a company goes public and becomes a public limited company meaning that the companys shares are offered on sale to the general public
73
Opportunity cost
the benefit lost from the next best alternative
74
trade off
the loss or compromise of another option or factor

Business (5 decks)

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