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theme 1 key terms Flashcards

(115 cards)

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1
Q

market

A

anywhere where buyers and sellers interact with one another

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2
Q

marketing

A

researching and demonstrating the ability to meet the needs and wants of the customers

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3
Q

market share

A

the amount sold compared to other businesses in the industry

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4
Q

economies of scale

A

the more you make the cheaper per unit to sell

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5
Q

dynamic market

A

a market that regularly changes in nature

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6
Q

direct competition

A

business that sell exactly the small product to the exact same market

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7
Q

indirect competition

A

businesses that offer different products or services but could still impact your success

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8
Q

innovation

A

adapting a product/service to make it improved

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9
Q

product orientation

A

when a business decides to produce what it knows and it good at, rather than listening to customer needs

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10
Q

market orientation

A

where the business listens to customer wants and needs before attempting research

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11
Q

primary research

A

research collected by the business

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12
Q

secondary research

A

research that pre existed prior to being used

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13
Q

quantitative data

A

any information that can be represented numerically, e.g out of 5

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14
Q

qualitative data

A

any information that is subjective and opinion based

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15
Q

market segmentation

A

when you split up a market into different types

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16
Q

market positioning

A

when a business maps out where it sits in relation to it’s competitors in the market

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17
Q

added value

A

when you make something worth more than what it cost to produce

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18
Q

real added value

A

adding physics attributes to a product or service

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19
Q

perceived added value

A

customers perceive added value through branding and marketing techniques

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20
Q

demand

A

the amount of a good that consumers are willing and able to buy at a given price

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21
Q

effective demand

A

backing up a want with the ability to pay

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22
Q

supply

A

the amount of goods and services provided at a given price by companies in a market

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23
Q

market equilibrium

A

the price and quantity where demand equals supply

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24
Q

PED (price elasticity of demand)

A

the responsiveness of demand to a change in price (how sensitive it is)

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25
elastic demand
a change in price will mean there's a significant change in demand
26
inelastic demand
a change in price will lead to a very small change in demand
27
YED (income elasticity of demand)
how much the demand or something changes due to people's incomes
28
promotion
process by which people are encouraged to buy and organisation's product or service
29
above the line promotion (ATL)
advertising to a mass market
30
below the line promotion (BTL)
advertising to a smaller/niche market
31
branding
a characteristic, name or symbol that distinguishes one product from another
32
re-branding
reinvent yourself, improve the image, remind customers you are still around
33
viral marketing
buzzword created through word of mouth
34
emotional branding
seeks to create a bond between the consumer and the product
35
design mix
combination of factors needed to create an effective design - function, aesthetics, economic manufacture
36
cost plus pricing
the cost to produce the products are worked out and then money is added on top
37
competitive pricing
some products or services are priced in line with competitors
38
skimming pricing
a product is prices high to begin with as it has a desirability factor
39
penetration pricing
setting prices really low on a new product
40
predatory pricing
purposely setting prices really low to drive out any existing competitors
41
psychological pricing
pricing a product at 1.99 rather than 2 to appear cheaper
42
multi product retailers
companies that sell multiple products from different companies, e.g asos, amazon
43
comparison websites
any site that shows you prices across many providers
44
e-commerce
buying and selling online
45
extension strategies
ways to increase and reignite interest and sakes in a potentially declining product that happens at peak maturity
46
product portfolio
the range of products a business sells
47
Boston matrix
a model that plots out the product portfolio
48
stars in the BM
high growth products competing in markets with high market share
49
cash cow in BM
low growth products competing in markets with high market share
50
problem child in BM
high growth products competing in markets with low market share
51
dog in BM
low growth products competing in markets with low market share
52
supply chain
the network of all individuals, organisations, resources, activities and technology involved in the creation and sale of a product
53
direct selling
you take responsibility for delivering goofs into the hands of consumers
54
indirect selling
when a company uses an intermediary (someone else) to distribute and sell its products
55
dual distribution
a supplier sells goods or services with directly and through independent distributors
56
reverse distribution
the product is retuned from the point of sake to the manufacturers for repair
57
distribution
the process in getting the right product or service to the consumer in the right place
58
wholesaler
sent and sold in bulk
59
agent
the middleman between the manufacturers and the foreign wholesaler
60
flexible workforce
workers can do a range of things, in a variety of different ways
61
multi-skilling
the process of training workers to fulfil multiple job roles
62
part time/temporary work
only shows up when the business might need them
63
flexible working
allow people to do work at home and the office at their discretion
64
home working
working full time from home
65
outsourcing
contracting specific aspects of a job to an external agency or company
66
zero hour contract
an employer doesn't need to commit to offering a minimum number of hours
67
compulsory redundancy
where a member of staff must leave a job
68
trade union
an organisation formed by workers to protect workers
69
hierarchy
a system in which members of an organisation or society are ranked according to relative status or authority
70
chain of command
the system where instructions are passed from one person to another
71
span of control
the number of people directly under the control of a person
72
tall structure
. lots of layers . long chain of command . narrow span of control
73
flat structure
. few layers of hierarchy . short chain of command . wide span of control
74
centralisation decision making
decision making kept at the centre
75
delayering
removing one or more levels of hierarchy from the organisational structure
75
decentralisation decision making
decision making delegated
76
piecework
paid per unit produced
76
commission
money earned on top of a basic salary
76
performance related pay
financial reward for staff whose work is above average
76
bonuses
lump sun on top of salary
77
delegation
tasks allocated to different workers by managers who then manage the task
77
profit share
employees paid an annual dividend based on the businesses level of profits (return o your share)
77
empowerment
allowing people to make decisions in addition to delegation
78
consultation
employees made part of the decision making process
79
Job enlargement
involves giving employee more work to of more of the same level of responsibility
80
team working
grouping employees to work in teams
81
job enrichment
involves giving the employee a greater variety of tasks a higher responsibility
82
job rotation
involves moving employees from one task to another
83
leadership
to be in charge of, to show direction, to be superior to others
84
management
the responsibility for and control of a business
85
autocratic leadership
. authoritarian . little delegation to staff
86
democratic leadership
employees are involved and listened to
87
paternalistic leadership
. attention to views/needs of workers . checking in/caring
88
laissez faire
senior leaders busy/lazy sp decisions taken by more junior staff
89
capital
any finance used for a start up point
90
intrepreneur
an employee within a business who takes risks to solve a problem/design something new
91
PESTLE analysis
Political Economic Social Technological Legal Environment
92
aim
long term goal for the business - over a year
93
objective
shirt term tasks that help to achieve a goal
94
sales maximisation
sell as many products as you can
95
soletrader
business owned by one owner
96
partnership
between 2-20 partners
97
liability
anything a business owes
98
unlimited liability
you are liable for 100% for the business debts
99
limited liability
you are only responsible for a portion of the businesses debts
100
private limited company (LTD)
people who are invited to buy shares in the business, making them part owners
101
private limited company (PLC)
company that floats their shares on the stock market
102
franchises
where an individual buys the rights to sell the goods and services of a large, well established company
103
franchisee
the individual who is buying the rights
104
franchisor
the large business, who are selling the rights
105
stock market floatation
the process of going LTD to a PLC
106
social enterprise
aim to reinvest profits into society/community to achieve positive things for society
107
lifestyle business
aim to provide a greater quality of life for the owner
108
opportunity cost
the cost of the next best alternative forgone (given up)
109
trade off
compromising one thing for another

business (3 decks)

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