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A-Level Business Edexcel > Theme 1: Marketing and people > Flashcards

Theme 1: Marketing and people Flashcards

Definitions (90 cards)

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1
Q

market

A

where buyers and sellers interact

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2
Q

market share

A

how the overall market is split between competitors in terms of value or volume of sales

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3
Q

niche marketing

A

where a business targets a smaller segment of a larger market with specific customer needs and wants

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4
Q

mass marketing

A

where a business sells into the largest part of the market with many products available

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5
Q

unique selling point (USP)

A

a feature that differentiates a product from its competitors

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6
Q

risk

A

the possibility that things will go wrong which can be managed by planning from an entrepreneur

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7
Q

uncertainty

A

the lack of knowledge of the unpredictable and uncontrollable events that affect a business

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8
Q

dynamic market

A

a market that is subject to rapid or continuous change

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9
Q

product orientation

A

when the business focuses on the characteristics of the product rather than responding to market preferences

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10
Q

market orientation

A

when a business designs goods and services based on the needs and wants of the customers

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11
Q

primary research

A

the process of gathering information first hand directly from consumers in the target market

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12
Q

secondary research

A

involves gathering existing data that has already been produced

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13
Q

qualitative research

A

collecting information about opinions and views

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14
Q

quantitative research

A

collecting numerical information on things that can be quantified

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15
Q

sampling

A

involves getting opinions from a selected group of people from the firm’s target market in order to find out about the market as a whole

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16
Q

market mapping

A

a tool for identifying the position of a product within a market

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17
Q

added value

A

difference between selling price and the cost of inputs, which a business creates by increasing the worth of the product

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18
Q

demand

A

amount of a product consumers are willing and able to buy at any given price

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19
Q

supply

A

the amount of a product producers are willing and able to provide at any given price

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20
Q

price elasticity of demand (PeD)

A

measures the responsiveness of quantity demanded to a change in price

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21
Q

PeD formula

A

PeD = % change in quantity demanded ÷ % change in price

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22
Q

income elasticity of demand (YeD)

A

measures the responsiveness of quantity demanded to a change in income

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23
Q

YeD formula

A

YeD = % change in quantity demanded ÷ % change in income

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24
Q

4 elements of the marketing mix (4 P’s)

A
  • price
  • product
  • place
  • promotion
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25
marketing mix
a plan for a business to maximise their sales revenue consisting of the elements price, place, product and promotion
26
product
refers to the thing that is sold by the business either a good or service
27
design mix
a combination of aesthetics, function and economic manufacture that make up a product's design
28
promotion
the ways a business makes customers aware of its business
29
branding
the process of creating a unique and identifiable name, design or symbol
30
manufacture/corporate branding
using a company name to promote all products
31
product branding
using a unique name, design or symbol to promote a specific product
32
own brand
refers to the use of a retailer's name to promote a specific product
33
product life cycle
describes the different stages a product goes through
34
stages of product life cycle in order
1. research + development 2. introduction 3. growth 4. maturity 5. decline
35
dismissal
the termination of employment by an employer against the will of the employee
36
redundancy
when the employee’s role is no longer required
37
multi-skilling
training an employee to do several jobs and tasks
38
flexible hours / working from home
an agreement with employers that (allows employees to schedule their working hours around their individual needs) or (allows employees the opportunity for remote working to suit their individual needs)
39
part-time working
working a few hours or a few days a week, fewer hours than a full-time employee
40
temporary work
a job position generally for a limited period of time
41
outsourcing
when a business process is contracted out to another company
42
trade union
a workforce representative that acts to protect and improve the economic and working conditions for their members
43
industrial action
when employees take action against their employer because of work dispute
44
recruitment
the process of identifying and attracting potential job candidates, who are suitable for a particular role
45
internal recruitment
involves hiring employees from within the organisation
46
external recruitment
involves hiring employees from outside the organisation
47
on-the-job training
type of training that takes place while employees are working in their job roles
48
off-the-job training
type of training that takes place outside of the workplace
49
induction training
type of training that new employees receive when they start working for a business
50
hierarchy
refers to the levels of authority within an organisation
51
chain of command
a formal line of authority that flows down from top management to lower-level employees
52
span of control
number of employees that a manager or supervisor can effectively manage
53
centralised structure
decision-making authority is concentrated at the top of the organisation
54
decentralised structure
decision-making authority is distributed throughout the organisation
55
tall structure
has many levels of hierarchy with narrow spans of control and a long chain of command
56
flat structure
has few levels of hierarchy with wide spans of control and a short chain of command
57
motivation
the will and desire to work
58
taylor’s scientific management
focuses on breaking down complex tasks into simpler ones to maximise efficiency, and believes that workers are motivated by money
59
mayo’s human relations theory
focuses on the importance of social factors in the workplace, such as the way people interact and how they are treated
60
maslow’s hierarchy of needs
outlines five tiers of human needs that must be met for individuals to reach their full potential
61
hierarchy of needs in order (top of pyramid to bottom)
• self-actualisation • esteem needs • love/belonging needs • safety needs • physiological/basic needs
62
physiological needs
provision of necessities to employees, such as water and breaks
63
safety needs
provision of job security, fair pay, and safe working conditions for their employees
64
belonging needs
generating a sense of community within the workplace, such as encouraging teamwork
65
esteem needs
provision of recognition for employees accomplishments and creating a positive work culture
66
self-actualisation
offering opportunities for employees to pursue their passions and reach their full potential
67
herzberg’s two factor theory
suggests that there are two types of factors that affect employee motivation and job satisfaction, and they are hygiene factors and motivator factors
68
hygiene factors
do not lead to motivation but their absence can cause job dissatisfaction
69
motivator factors
elements that lead to job satisfaction and motivation
70
financial incentives
ways of encouraging employees with the use of monetary rewards
71
piecework
paying employees according to the number of units they produce
72
commission
a percentage of sales revenue paid to the worker who sold the product
73
bonus
an additional payment given to staff as a reward for exceeding performance
74
profit-share
a portion of the company’s profits are distributed among staff
75
performance-related pay
staff are paid based on their performance at achieving the business objectives
76
non-financial incentives
ways of encouraging employees without the use of monetary rewards
77
delegation
involves transferring responsibility from a manager to their staff
78
consultation
involves seeking the input of staff on decisions that affect their work
79
empowerment
involves giving staff the authority and resources to make decisions and take action without first receiving management approval
80
team working
involves creating opportunities for staff to work collaboratively
81
flexible working
involves providing staff with the option to work remotely or adjust their hours to suit their lifestyle
82
job enrichment
involves adding more challenging and meaningful tasks to a job
83
job rotation
involves moving staff between different roles in the business
84
job enlargement
involves expanding job duties for staff to include additionally tasks or responsibilities
85
leadership
focuses on influencing others to achieve a common goal by inspiring and motivating
86
management
involves coordinating resources and staff to achieve the business objectives
87
autocratic leadership
leader has complete control over decision-making, with little or no input from others
88
paternalistic leadership
leader makes decisions which are in the best interest of their staff
89
democratic leadership
leader involves their team in the decision making process
90
laissez-faire leadership
leader takes a hands-off approach and allows their team to manage their own work

A-Level Business Edexcel (2 decks)

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