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Business Studies > Theme 1 - Marketing And People > Flashcards

Theme 1 - Marketing And People Flashcards

1
Q

Brand name

A

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

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2
Q

E-commerce

A

Conducting business transactions online.

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3
Q

Online retailing or e-tailing

A

The retailing of goods online.

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4
Q

Market

A

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

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5
Q

Marketing

A

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

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6
Q

Market share

A

The proportion of total sales in a particular market for which one or more businesses or brands are responsible. It is expressed as a percentage and can be calculated by value or volume.

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7
Q

Mass market

A

A very large market in which products with mass appeal are targeted.

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8
Q

Niche market

A

A smaller market, usually within a large market or industry (subset).

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9
Q

Consumer panels

A

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

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10
Q

Database

A

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

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11
Q

Focus groups

A

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

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12
Q

Market orientation

A

An approach to business which places the needs of customers at the centre of the decision-making process.

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13
Q

Market research

A

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

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14
Q

Market segment

A

Part of a whole market where a particular customer group has similar characteristics.

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15
Q

Primary research or field research

A

The gathering of ‘new’ information which does not already exist.

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16
Q

Product orientation

A

An approach to business which places the emphasis upon the production process and the product itself.

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17
Q

Qualitative research

A

The collection of data about attitudes, beliefs and intentions.

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18
Q

Quantitative research

A

The collection of data that can be quantified.

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19
Q

Respondent

A

A person or organisation that answers questions in a survey.

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20
Q

Sample

A

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

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21
Q

Secondary research or desk research

A

The collection of data that is already in existence.

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22
Q

Socio-economic groups

A

Division of people according to social class.

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23
Q

Added value

A

The extra features that may be offered by a business when selling a product, such as high quality customer service, which helps to exceed customer expectations.

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24
Q

Competitive advantage

A

An advantage that enables a business to perform better than it’s rivals in the market.

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25
Q

Market maps or perceptual maps

A

Typically a two-dimensional diagram that shows two of the attributes or characteristics of a brand and those of rival brands in the market.

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26
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.

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27
Q

Product differentiation

A

An attempt by a business to distinguish its product from those of competitors.

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28
Q

Reposition

A

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

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29
Q

Unique selling point (or proposition)

A

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

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30
Q

Complementary goods

A

Goods that are purchased together because they are consumed together.

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31
Q

Demand

A

The quantity of a product bought at a given price over a given period of time.

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32
Q

Demand curve

A

A line drawn on a graph that shows how much of a good will be bought at different prices.

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33
Q

Inferior goods

A

Goods for which demand will rise if income rises or if income falls.

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34
Q

Normal goods

A

Goods for which demand will rise if income rises or fall if income falls.

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35
Q

Substitute goods

A

Goods that can be bought as an alternative to others, but perform the same function.

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36
Q

Subsidy

A

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

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37
Q

Supply

A

The amount of a product that suppliers make available to the market at any given price in a given period of time.

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38
Q

Supply curve

A

A line drawn on a graph that shows how much of a good sellers are willing to supply at different prices.

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39
Q

Equilibrium price or market clearing price

A

The price where supply and demand are equal.

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40
Q

Excess demand

A

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

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41
Q

Excess supply

A

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

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42
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.

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43
Q

Price elastic demand

A

A change in price results in a greater change in demand.

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44
Q

Price elasticity of demand

A

The responsiveness of demand to a change in price.

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45
Q

Price inelastic demand

A

A change in price results in a proportionately smaller change in demand.

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46
Q

Discretionary expenditure

A

Non-essential spending or spending that is not automatic.

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47
Q

Income elastic demand

A

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

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48
Q

Income elasticity of demand

A

The responsiveness of demand to a change in income.

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49
Q

Income inelastic demand

A

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

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50
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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51
Q

Design mix

A

The range of features that are important when designing a product.

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52
Q

Ergonomics

A

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

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53
Q

Ethical sourcing

A

Using materials, components and services from suppliers that respect the environment, treat their workforce well and generally trade with integrity.

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54
Q

Product design

A

The process of creating a new product or service.

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55
Q

Recycling

A

Making use of materials that have been discarded as waste.

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56
Q

Resource depletion

A

The using op of natural resources.

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57
Q

Waste minimisation

A

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

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58
Q

Above-the-line promotion

A

Placing adverts using the media.

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59
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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60
Q

Below-the-line promotion

A

Any promotion that does not involve using the media.

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61
Q

Emotional branding

A

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

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62
Q

Generic brands

A

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

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63
Q

Manufacturer brands

A

Brands created by the producers of goods or services.

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64
Q

Marketing mix

A

The elements of a businesses marketing that are designed to meet the needs of customers. The four elements are often called the ‘4P’s’ - product, price, promotion and place.

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65
Q

Merchandising

A

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

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66
Q

Own-label, distributor or private brands

A

Products that are manufactured for wholesalers or retailers by other businesses.

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67
Q

Point of sale

A

Any point where a consumer buys a product.

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68
Q

Promotion

A

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

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69
Q

Public relations

A

An organisations attempt to communicate with interested parties.

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70
Q

Sales promotions

A

Methods of promoting products on the short term to boost sales.

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71
Q

Sponsorship

A

Making a financial contribution to an event in return for publicity.

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72
Q

Viral marketing

A

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

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73
Q

Competitive pricing

A

Pricing strategies based on the prices charged by rivals.

74
Q

Cost plus pricing

A

Adding a percentage (the mark-up) to the costs of producing a product to get the price.

75
Q

Mark-up

A

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

76
Q

Penetration pricing

A

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

77
Q

Predatory or destroyer pricing

A

Setting a low price forcing rivals out of business.

78
Q

Pricing strategy

A

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

79
Q

Product life-cycle

A

Shows the different stages in the life of a product and the sales that can expected at each stage.

80
Q

Psychological pricing

A

Setting the price slightly below a round figure.

81
Q

Skimming or creaming

A

Setting a high price initially and then lowering it later.

82
Q

Unit costs

A

The same as average cost (total cost divided by output).

83
Q

Agent or broker

A

An intermediary that brings together buyers and sellers.

84
Q

Breaking-bulk

A

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

85
Q

Direct selling

A

Producers selling their products directly to consumers.

86
Q

Distribution

A

The delivery of goods from the producer to the consumer.

87
Q

Distribution channel

A

The route taken by a product from the producer to the customer.

88
Q

E-commerce

A

The use of electronic systems to sell goods and services.

89
Q

Intermediaries

A

Links between the producer and the consumer.

90
Q

Retailer

A

A business that buys good me from manufacturers and wholesalers, and sells them in small quantities to consumers.

91
Q

Wholesaler

A

A business that buys goods from manufacturers and sells them in smaller quantities to retailers.

92
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.

93
Q

Extension strategies

A

Methods used to prolong the life of a product.

94
Q

Marketing strategy

A

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

95
Q

Product lines

A

A group of products that are very similar.

96
Q

Product portfolio

A

The collection of products a business is currently marketing.

97
Q

Collective bargaining

A

A method of determining conditions of work and terms of employment through negotiations between employers and employee representatives.

98
Q

Flexible workforce

A

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

99
Q

Home workers

A

People who undertake their regular work from home.

100
Q

Industrial action

A

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

101
Q

Outsourcing

A

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

102
Q

Multi-spilling

A

The process of increasing the skills of employees.

103
Q

Trade unions

A

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

104
Q

Zero-hour contract

A

A contract that does not guarantee any particular number of hours’ work.

105
Q

Curriculum vitae

A

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

106
Q

External recruitment

A

Appointing workers from outside the business.

107
Q

Induction training

A

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

108
Q

Internal recruitment

A

Appointing workers a from inside the business.

109
Q

Job description

A

A document that shows clearly the tasks, duties and responsibilities expected of a worker for a particular job.

110
Q

Off-the-job training

A

Training that takes place away from the work area.

111
Q

On-the-job training

A

Training that takes place while doing the job.

112
Q

Person specification

A

A personal profile of the type of person needed to do a particular job.

113
Q

Training

A

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

114
Q

Authority

A

The right to command and make decisions.

115
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.

116
Q

Chain of command

A

The way authority and power is organised in an organisation.

117
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.

118
Q

Delayering

A

Removing layers of management from the hierarchy of an organisation.

119
Q

Delegation

A

Authority to pass down from superior to subordinate.

120
Q

Formal organisation

A

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

121
Q

Hierarchy

A

The order or levels of responsibility in an organisation, from the lowest to the highest.

122
Q

Organisational chart

A

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

123
Q

Responsibility

A

The duty to complete a task.

124
Q

Span of control

A

The number of people a person is directly responsible for in a business.

125
Q

Subordinates

A

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

126
Q

Bonus

A

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

127
Q

Commission

A

Percentage payment on a sale made to the salesperson.

128
Q

Consultation

A

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

129
Q

Delegation

A

The passing of authority to employees to make decisions and control their own work activities.

130
Q

Hawthorne effect

A

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

131
Q

Hygiene or maintenance factors (Hertzberg’s)

A

Things at work that result in dissatisfaction.

132
Q

Job enlargement

A

Giving an employee more work to do of a similar nature; horizontally extending their work role.

133
Q

Job enrichment

A

Giving employees greater responsibility and recognition by ‘vertically’ extending their work role.

134
Q

Job rotation

A

The periodic changing of jobs or tasks.

135
Q

Maslow’s hierarchy of needs

A

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

136
Q

Motivated

A

The desire to take action to achieve a goal.

137
Q

Motivators (Herzberg’s)

A

Things at work that result in satisfaction.

138
Q

Payment by results

A

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

139
Q

Performance-related pay (PRP)

A

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

140
Q

Piece rates

A

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

141
Q

Profit sharing

A

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

142
Q

Scientific management

A

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

143
Q

Self-actualisation

A

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

144
Q

Team working

A

Organising people into working groups that have a common aim.

145
Q

Autocratic leadership

A

A leadership style where a manager makes all the decisions without consultation.

146
Q

Democratic leadership

A

A leadership style where managers allow others to participate in decision making.

147
Q

Laissez-faire leadership

A

A leadership style where employees are encouraged to make their own decisions, within certain limits.

148
Q

Paternalistic leadership

A

A leadership style where the leader makes decisions but takes into account the welfare of employees.

149
Q

Entrepreneurs

A

Individuals who, typically, set up and run a business and take the risks associated with this.

150
Q

Intrapreneurs

A

Employees who use entrepreneurial skills, without having to risk their own money, to find and develop initiatives that will have financial benefits for their employer.

151
Q

Profit maximisation

A

An attempt to make as much profit as possible in a given time period.

152
Q

Profit satisficing

A

Making enough profit to satisfy the needs of the business owner(s).

153
Q

Aims

A

What a business tries to achieve in the long term.

154
Q

Objectives

A

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

155
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).

156
Q

Articles of association

A

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

157
Q

Certificate of incorporation

A

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

158
Q

Co-operative

A

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

159
Q

Deed of partnership

A

A binding legal document that states the formal rights of partners.

160
Q

Franchise

A

A business model that in which a business (the franchisor) allows another operator (the franchisee) to trade under their name.

161
Q

Lifestyle business

A

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

162
Q

Limited company

A

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

163
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.

164
Q

Limited partnership

A

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

165
Q

Memorandum of association

A

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

166
Q

Mutual organisation

A

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

167
Q

Online business

A

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

168
Q

Partnership

A

A business organisation that is usually owned by between 2-20 people.

169
Q

Primary sector

A

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

170
Q

Secondary sector

A

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

171
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.

172
Q

Social enterprise

A

A business that trades with the objective of improving human or environmental well-being - charities and workers’ co-operatives, for example.

173
Q

Sole trader or sole proprietor

A

A business organisation which has a single owner.

174
Q

Tertiary sector

A

The production of services in the economy.

175
Q

Unlimited liability

A

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

176
Q

Private equity company

A

A business usually owned by private individuals backed up by financial institutions.

177
Q

Stock market

A

A market for second-hand shares.

178
Q

Stock market flotation or initial public offering (IPO)

A

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

179
Q

Choices

A

In business, deciding between alternative uses of resources.

180
Q

Opportunity cost

A

When choosing between different alternatives, the opportunity cost is the benefit lost from the next best alternative to the one that has been chosen.

181
Q

Trade-offs

A

In business, where a decision-maker faces a compromise between two different alternatives; for example, between paying dividends to shareholders or re-investing profits in the business.

Business Studies (4 decks)

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