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A level Business > Theme 1 > Flashcards

Theme 1 Flashcards

1
Q

Percentage change in price

A

Price new-price old /price old x100

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2
Q

Market share

A

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

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3
Q

Added value

A

Value is added 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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4
Q

Market size

A

Measured by volume of sales or value

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5
Q

Above the line promotion

A

Placing adverts using the media

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6
Q

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

A

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

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9
Q

Aesthetics

A

What the item 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

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17
Q

Authority

A

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

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18
Q

Matrix structure

A

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

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19
Q

Autocratic leadership

A

Leader makes all the decisions

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20
Q

Mechanisation

A

Method of operating or controlling processes using machinery

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21
Q

Automation

A

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

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22
Q

Merchandising

A

A promotion specifically at the point of sale of a product

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23
Q

Below the line promotion

A

Any promotion that does not involve using the media

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24
Q

Memorandum of Association

A

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

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25
Q

Bonus

A

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

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26
Q

Motivated

A

The desire to take action to achieve a goal

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27
Q

Brand name

A

A name, term, symbol,design or other feature that allows consumers to identify the goods and services of a business and to differentiate them from those of competitors .

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28
Q

Motivators (Hertzberg)

A

Things at work that result in satisfaction.

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29
Q

Boston Matrix

A

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.

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30
Q

Multi-skilling

A

An employee is trained to do more than one job, for example an electrician is trained to plaster walls

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31
Q

Breaking- bulk

A

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

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32
Q

Mutual Organisation

A

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

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33
Q

Business choices

A

Deciding between alternative uses of resources.

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34
Q

Niche market

A

A subset of a normal market that caters for specific consumer needs and wants

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35
Q

Certification of incorporation

A

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

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36
Q

Normal good

A

Products where an increase in consumer’s income means an increase in demand

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37
Q

Centralisation

A

A 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.

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38
Q

Objectives

A

The goals or targets set by a business to help achieve its long-term purpose

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39
Q

Chain of command

A

This is the route that orders travel down in an organisation and complaints travel up

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40
Q

Off the job training

A

Training that takes place away from the area of work.

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41
Q

Collective bargaining

A

A union representative will speak to the management on behalf of all the workers in a business, usually about working conditions or pay

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42
Q

Online retailing or etailing

A

The retailing of goods online.

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43
Q

Co-operative

A

A business organisation owned by its members , who have equal voting rights.

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44
Q

Online business

A

A business that uses the global communications infrastructure of the internet as a trading base

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45
Q

Commission

A

Percentage payment on a sale made to the salesperson.

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46
Q

On the job training

A

Training that takes place while doing the job

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47
Q

Competitive advantage

A

An advantage a business has over its competitors, allowing it to generate larger than average turnover for the industry

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48
Q

Opportunity cost

A

The cost of the loss of the item not chosen, on the profit from the goods not produced

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49
Q

Competitive pricing

A

To charge a similar amount for goods as a charged elsewhere

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50
Q

Organisational chart

A

A diagram that shows the different job roles in a business and how they relate to each other.

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51
Q

Complimentary products

A

Products that need to be used together, for example a printer will need ink

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52
Q

Outsourcing

A

Getting other people or businesses to undertake work that was originally done in house.

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53
Q

Consumer durables

A

Goods that can be used repeatedly over a period of time, such as cars and household appliances.

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54
Q

Own-label, distributor or private band

A

Products that are manufactured for wholesalers or retailers by other businesses

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55
Q

Consumer panels

A

Groups of customers are asked for feedback about products over a period of time.

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56
Q

Partnership

A

Two to 20 people who set up a business together as joint owners e.g. vets,solicitors,dentists

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57
Q

Consultation

A

Listening to the views of employees before making key decisions that affect them

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58
Q

Part-time

A

Employees work less than 35hours a week but still get sick pay and work benefits

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59
Q

Cost-plus pricing

A

To set the price of a product or service by calculating the cost then adding a set amount or % onto it.

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60
Q

Paternalistic Leadership

A

Leader makes decisions but takes employees point of view into consideration

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61
Q

Curriculum vitae

A

A document that lists personal details, qualifications , work experience, referees and other information about the jobseeker.

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62
Q

Payment by results

A

Payment methods that rewards workers for the quantity and quality of work they produce.

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63
Q

Database

A

An organised collection of data sorted electronically with instant access, searching and sorting facilities.

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64
Q

PED:

A

= %change in Q demanded/ %change in price

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65
Q

Deed of partnership

A

Blinding legal document that states the formal rights of partners.

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66
Q

Penetration pricing

A

Setting a low price when launching a new product in order to get established in the market.

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67
Q

Decentralisation

A

A type of business organisation where decision making is pushed down the chain of command and away from the centre of the organisation.

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68
Q

PPP

performance related pay

A

A payment system designed for non-manual workers where pay increases are given if performance targets are met.

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69
Q

Delayering

A

Removing layers of management from the hierarchy or an organisation

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70
Q

Person specification

A

The characteristics the candidate both needs to have and those which are desired, for example skills and qualifications

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71
Q

Delegation

A

The act of asking a worker to perform a task

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72
Q

Piece rate

A

A payment system where employees are paid an agreed rate for every item produced

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73
Q

Demand

A

Amount customers are willing to buy

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74
Q

PLC

A

Stands for public limited company, shares are floated on the stock market and can be bought by anyone

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75
Q

Demand curve

A

A line to plot relationship between price and quantity demanded

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76
Q

Point of sale

A

Any point where a consumer buys a product

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77
Q

Democratic leadership

A

Leaders encourage participation in decision making

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78
Q

Predatory Pricing of destroyer pricing

A

Setting a low price forcing rivals out of a business

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79
Q

Demographics

A

The statistical data relating to population- used to describe a group in marketing e.g. UK’s aging population demographics

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80
Q

Price elastic demand

A

The change in price results in a greater change in demans

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81
Q

Design mix

A

The range of features that are important when designing a product Aesthetics, Economics and Function

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82
Q

Price elasticity of demand

A

How much demand for a good or service is likely to fluctuate with a change in price e.g. petrol will still be demanded no matter what the price is, therefore it is inelastic in that demand doesn’t change much with a price increase.

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83
Q

Differentiation

A

How well a business can change the product so that a consumer recognises it as superior e.g. Audi/ BMW German technology engines

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84
Q

Price in elastic demand

A

A change in price results in a proportionally smaller change in demand

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85
Q

Direct selling

A

Producers selling their products directly to consumers

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86
Q

Price skimming

A

Setting a high price initially and then lowering it later

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87
Q

Discretionary expenditure

A

Non-essential spending that is not automatic.

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88
Q

Pricing strategy

A

The pricing policies or methods used by a business when deciding what to charge for its products.

89
Q

Distribution channel (place)

A

Where a product is sold and how many stages it takes to get to a customer e.g. factory outlet= 2 stages: manufacturer > customer

90
Q

Primary research

A

The gathering of new information which does not already exist

91
Q

Dynamic market

A

A market that is constantly changing to suit customers needs and wants

92
Q

Primary sector

A

Production involving the extraction of raw materials from earth

93
Q

E commerce

A

Conducting business transactions online

94
Q

Private Equity Company

A

A business usually owned by private individuals backed by financial institutions

95
Q

Economies of sale

A

The reductions in average costs enjoyed by a business as output increases

96
Q

Product design

A

The process of creating a new product or service

97
Q

Emotional branding

A

The practice of using the emotions of a consumer to build a brand

98
Q

Product differentiation

A

How a business differentiates its products, through reputation, service, features or value

99
Q

Empowerment

A

Giving official authority to employees to make decisions and control their own work activities.

100
Q

Product life cycle

A

The stages that a product moves through over time

101
Q

Entrepreneur

A

A person who sets up a business, taking financial risks in the hope of making a profit

102
Q

Product lines

A

A group of products that are very similar.

103
Q

Equilibrium price

A

The price where supply and demand are equal

104
Q

Product orientation

A

To sell products and services that the business wants to produce

105
Q

Ergonomics

A

The study of how people interact with their environment and the equipment they use- often in the workplace

106
Q

Product portfolio

A

The collection of products a business currently marketing.

107
Q

Ethical sourcing

A

Buying from sustainable sources, for example trees from forest suppliers who replant

108
Q

Productivity

A

The rate at which goods od services are produced

109
Q

Ethical stance

A

To trade in a way that is respectful of people, animals, or the environment.

110
Q

Profit maximisation

A

The aim of the business is to make as high profits as possible in the time frame

111
Q

Excess demand

A

The position where demand is greater than supply at a given price and there are shortages in the market

112
Q

Profit maximisation

A

The aim of the business is to make as high profits as is possible in the time frame

113
Q

Excess demand

A

The position where demand is greater than supply at a given price and there are shortages in the market

114
Q

Profit satisfying

A

The aim of the business is to make just enough profit to satisfy the owners but with other managers objectives

115
Q

Excess supply

A

The position where supply is greater than demand at a given price and there are unsold goods in the marker

116
Q

Profit sharing

A

Where workers are given a share of the profits, usually as part of their pay.

117
Q

Extension n strategy

A

A plan to extend the maturity stage of a product life cycle of a product, either through changes to the product or promotions to boost sales

118
Q

Promotion

A

An attempt to obtain and retain customers by drawing their attention to a firm or its products

119
Q

External recruitment

A

Appointing workers from outside of the business

120
Q

Psychological pricing

A

Setting the price slightly below a round figure

121
Q

Flat structure

A

This is a hierarchy design which has few layers and short chain of command but a wide span of control

122
Q

Public relations

A

An organisation’s attempt to communicate with interested parties

123
Q

Flexible workforce

A

A workforce that can respond, in quantity and type, to changes in market demand.

124
Q

Qualitative data

A

Non numerical data such as how customers use the product

125
Q

Flexitime

A

Employees can start and finish when they need to as long as they work their 35 hours and the job gets done

126
Q

Quantitative data

A

Data gathered that is numerical such as % of customers who buy more than once a week

127
Q

Focus groups

A

Where a number of customers are invited and to attend a discussion about a product a product led by market researchers.

128
Q

Recruitment

A

Process by which a job vacancy is identified & potential employees are notified

129
Q

Formal organisation

A

The internal structure of a business as shown by an organisational chart.

130
Q

Recycling

A

Make use of materials that have been discarded as waste

131
Q

Franchise

A

A business idea in a box which is sold to other owners who run it under a licence and pay royalties, in return they get branding and marketing support e.g. subway

132
Q

Reposition

A

Change the view consumers have about a product by altering some of its characteristics.

133
Q

Franchisee

A

The person who buys the franchise

134
Q

Responsibility

A

The duty to complete a task

135
Q

Franchisor

A

The person who sells the franchise

136
Q

Resource depletion

A

The use up of natural resources

137
Q

Function

A

What the item is used for

138
Q

Respondents

A

A person or organisation that answers question in a survey

139
Q

Generic bands

A

Products that only contain the name of the product category rather than the company or product name

140
Q

Retailer

A

A business that sells goods to consumers

141
Q

Government subsidy

A

A grant or gift of money from the government to encourage supply of certain goods e.g. milk subsidies

142
Q

Risk

A

The possibility of financial loss

143
Q

Hawthorne Effect

A

The idea that workers are motivated by recognition given to them as a group.

144
Q

Sales maximisation

A

An attempt to sell as much as possible in a given time period ( or an attempt to generate as much sales revenue as possible in a given time period)

145
Q

Hierarchy

A

A system in an organisation where people are ranked according to the authority that they have

146
Q

Sales promotion

A

Methods of promoting products in the short term to boost sales

147
Q

Home working

A

To work from home, for example an eBay business

148
Q

Sample

A

A small group if people who must represent a proportion of a total market when carrying out market research

149
Q

Hygiene factors (Hertzberg)

A

Things at work that result in dissatisfaction

150
Q

Secondary sector

A

Production involving the conversion of raw materials into finished and semi-finished goods.

151
Q

Income elasticity of demand

A

How much demand changes when the consumer has a change in income

152
Q

Scientific Management

A

A theory that hat suggests there is a ‘best way’ to perform work tasks.

153
Q

Income elasticity of demand

A

The percentage change in demand for a product is proportionally greater than the percentage change in income.

154
Q

Secondarily market research

A

Information which already exists

155
Q

Income inelastic demand

A

Where percentage change in demand is less than the percentage change in income

156
Q

Selection

A

Process of assessing candidates and appointing a post holder

157
Q

Independence

A

To trade in a way which meets the entrepreneur’s own goals and allows them to be their own boss

158
Q

Self actualisation

A

A level in Maslow’s hierarchy where people realise their full potential

159
Q

Indirect tax

A

Taxes levied on products or services before they reach the consumer e.g. VAT and excise

160
Q

Social entrepreneurship

A

To trade with the goal of helping the community in some way

161
Q

Induction training

A

Training given to new employees when they first start their new job.

162
Q

Sleeping partner

A

A partner that contributes capital and enjoys a share of the profit but takes no active role in running the business

163
Q

Industrial action

A

Disruptive measures taken by workers to apply pressure on employers when disagreements cannot be resolved.

164
Q

Socio Economic groups

A

Division of people according to social class

165
Q

Inferior good

A

Products where an increase in consumers income means a decrease in demand

166
Q

Sole trader

A

Person who sets up business on their own, they can have employees but there is only one owner

167
Q

Innovation

A

An invention taken to market and sold

168
Q

Span of control

A

This is the number of subordinates that a supervisor or manager is in charge of

169
Q

Intermediates

A

Links between the producer and the consumer

170
Q

Internal recruitment

A

Appointing workers from inside the business

171
Q

Strong brand

A

A brand that is recognised by everyone, e.g. Rolls Royce, Rolex, Ford, Chanel

172
Q

Intrapreneur

A

An employee who works for a large business but thinks like an entrepreneur

173
Q

Subordinates

A

People in the hierarchy who work under the control of a senior worker.

174
Q

Job analysis

A

Investigating the requirements of a job to identify the tasks and skills required

175
Q

Stock market

A

A market for second hand shares

176
Q

Job description

A

Identifies tasks and responsibilities involved in the job

177
Q

Stock market floatation

A

The process of a company ‘going public’ - making shares available to the public for the first time.

178
Q

Job enlargement

A

Giving an employee work of a similar responsibility to do

179
Q

Subsidy

A

A grant given to producers, usually to encourage production of a certain good.

180
Q

Job enrichment

A

Giving an employee more responsible tasks

181
Q

Substitute products

A

Products that can be used in place of each other, for example if no tea is available a substitute hot beverage is coffee or hot chocolate

182
Q

Job rotation

A

Moving an employee round similar tasks

183
Q

Supply

A

Amount businesses willing to supply

184
Q

Laissez-faire Leadership

A

Leaders allow employees to make their own decisions

185
Q

Supply curve

A

A line to plot the relationship between price and quantity supplied

186
Q

Leader

A

A person who has vision and followers

187
Q

Tall structure

A

This is a hierarchy design which is the opposite to a flat structure, it has a long chain of command but a short span of control

188
Q

Leadership

A

Same as management plus is a visionary who motivates their workers, a strategist and a problem solver

189
Q

Team working

A

Employees in small groups with a similar aim

190
Q

Lifestyle business

A

A business aims to make enough money and provide the flexibility needed to support a particular lifestyle for the owner

191
Q

Tertiary sector

A

The production of services in the company

192
Q

Limited liability

A

A legal status which means that a business owner is only liable for the original amount of money invested in the business

193
Q

Temporary staff

A

Employees are hired on a fixed term contract, to finish building a housing estate for example

194
Q

Limited company

A

A business organisation that has a separate legal entity from that of its owners

195
Q

Total revenue or total expenditure

A

The amount of revenue generated from the sale of goods calculated by multiplying price by quantity in a given period of time.

196
Q

Limited partnership

A

A partnership where some members contribute capital and enjoy a share of the profits, but do not participate in the running of the business. At least one partner must have limited liability

197
Q

Trade union

A

Organisations of workers that exist to promote the interests of their members

198
Q

LTD

A

Stands for private limited company, shares can only be sold to friends and family

199
Q

Trade offs

A

In business, where a decision maker faces a compromise between two different alternatives, for example between paying dividends to shareholders and reinvesting profits in the business

200
Q

Management

A

Authority to make decisions in the best interest of the business

201
Q

Training

A

A process that involves increasing the knowledge and skills of a worker to enable them to do their job effectively.

202
Q

Manufactured brands

A

Brands created by the producers of goods and services

203
Q

Uncertainty

A

Something in the future which is not known, for example a world recession

204
Q

Mark up

A

The percentage added to unit costs that makes a profit for a business when setting up the price.

205
Q

Unit costs

A

The same as average costs- total costs divided by output

206
Q

Market

A

A set of arrangements that allows buyers and sellers to communicate and trade in a particular range of goods and services.

207
Q

Unlimited liability

A

A legal status which means that the owner of a business is personally liable for all the business debts

208
Q

Market mapping

A

Marker mapping is about positioning the products/ service a business plans to provide

209
Q

USP

A

The aspect or feature of a product that clearly distinguishes it from its rivals.

210
Q

Market orientation

A

To sell products or services based on customer needs and wants

211
Q

Viral marketing

A

Any strategy that encourages people to pass on messages to others about a product or a business electronically

212
Q

Market positioning

A

The view consumers have about the quality, value for money and image of a product in relation to those of competitors.

213
Q

Waste minimisation

A

Business way of making sure that there is no waste in the production process, for example making other goods from offcuts

214
Q

Market research

A

The collection, presentation and analysis of information relating to the marketing and consumption of goods and services.

215
Q

Waste minimisation

A

Reducing the quantity of resources that are discarded in the production process

216
Q

Market segmentation

A

A whole market can be divided into sections called segments

217
Q

Wholesaler

A

A business that sells goods to retailers

218
Q

Zero hour contracts

A

Employees are called into work only when they are needed, they get no work benefits and cannot be guaranteed work

219
Q

YED

A

Income elastic demand ( we use Y because the letter I is used for the word investment)

A level Business (4 decks)

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