Theme 1 Flashcards

1
Q

What is percentage change in price

A

Difference of new and old price
________________________ X100
Original/old price

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2
Q

What is market share

A

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

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3
Q

What is Added Value

A

This is when a business chooses to enhance the quality of a core product providing extras to improve a customer’s experience.

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4
Q

Market size

A

Measured by volume of sales or value
Calculation = total sales in a business
__________________ X100
Total sales in a market

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5
Q

What is above the line promotion

A

Placing adverts using the media

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6
Q

What is marketing

A

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

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7
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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8
Q

Marketing mix (4Ps)

A

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

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9
Q

Aesthetics

A

What the product looks like

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10
Q

Marketing strategy

A

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

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11
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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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

Maslow’s hierarchy of needs

A

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

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15
Q

Articles of association

A

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

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16
Q

Mass market

A

Products or services that are sold or advertised to everyone at the same time in the same way at a cheaper price e.g. food products, drinks.

17
Q

Authority

A

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

18
Q

Matrix structure

A

This is a hierarchy design which groups by project and function.

19
Q

Autocratic leadership

A

Leader makes all the decisions.

20
Q

Mechanisation

A

Method of operating or controlling processes using machinery.

21
Q

Automation

A

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

22
Q

Merchandising

A

A promotion specifically at the point of sale of a product.

23
Q

Below the line promotion

A

Any promotion that does not involve using the media.

24
Q

Memorandum of association

A

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

25
Q

Bonus

A

A payment in addition to the basic wage for reaching targets or in recognition for service.

26
Q

Motivated

A

The desire to take action to achieve a goal.

27
Q

Brand name

A

A name, logo or symbol that differentiates one business to another.

28
Q

Motivators (Hertzberg)

A

Things at work that result in satisfaction.

29
Q

Boston matrix

A

A 2x2 matrix model that analysis a product portfolio according to the growth rate of the market and the relative market share of products within a market. Question mark, Star, Cow and Dog.

30
Q

Multi-skilling

A

An employee is trained to do more than one job. For example an electrician is trained to plaster walls.

31
Q

Breaking - bulk

A

Dividing a large quantity of goods received from a supplier before selling them on in smaller quantities to customers.

32
Q

Mutual organisation

A

A business owned by its members, who are customers not shareholders.

33
Q

Business choices

A

Deciding between alternative uses of resources.

34
Q

Niche market

A

A small-segment of a larger market that sells specialised goods to a specific target audience.

35
Q

Certification of incorporation

A

A document that declares a business is allowed to trade as a limited company.

36
Q

Normal good

A

If consumer incomes increase for a product then this means there’s an increase in demand. Income+ and demand+ = normal good.