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Business Key Terms

lilli.atkin Buisness Studies AS Englisch 104 Karten

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  1. 1Above the line promotionPromotion in the form of advertising
  2. 2Adverse varianceactual figures that are worse than planned figures
  3. 3Advertising mediathe means by which advertisments can be communicated to the public
  4. 4Advertisinga form of advertising between a business and its customers where a buisnesss uses visual, oral and pictoral images in the media to encourage the purchase of products
  5. 5Agent/Brokeran intermediatary which arrages contracts for the sale of products between a supplier and a customer
  6. 6Assset-led marketingwhere a business combines its knowlege of the market with an understanding of its strengths and weaknesses to decide what products to bring to market
  7. 7Authoritythe right to command a situation, task or activity
  8. 8Barrier to entryfactors whcih make it diffcult or impossible for business to enter a market and compete with existing producers
  9. 9Below the line promotionpromotion that is not media advertising
  10. 10Boston Matrixa model which analyses a product portfolio according to the growth rate of the market and the relative market share of products within the market
  11. 11Brand leadera brand with the high sales or sometimes the brand with the highest sales in the market
  12. 12Brand loyaltythe extent to whci hcustomers of a brand repeat purchases of that brand rather than others
  13. 13Branda name, term, sign, symbol, design or any other feature that allows cnsumers to identify the goods and services and differentiate them from those of competitiors
  14. 14Budgetinga business system which involves making future plans, comparing the actual results with the planned results and then investigating causes of any differences
  15. 15Business to business marketingwhere a business markets its products to other businesses
  16. 16Capacity Utilisationthe use that a business makes of its resources
  17. 17Capacitythe possible maxium output a business can produce
  18. 18Cartela group a businesses which join together to agree on pricig and output in a market in an attempt to gain higher profits at te expense of customers
  19. 19Chain of commandthe way authority and power are passed down in a business
  20. 20Competiton rivalryrivalry between buisnesses offering products in the same market, it can take many forms such a price competition, advetising and distribution
  21. 21Consumer Marketingwhere a business is marketing to consumers
  22. 22Consumer productsGoods or services sold to individuals for personal consumption
  23. 23Contribution pricingwhen a business sets its price to cover all of its variable costs, but only a contribution is made to fixed costs and profit
  24. 24Cost based pricingmethods of pricing products which are based on costs
  25. 25Credit controlthe process of monitoring and collecting the money owed to a business
  26. 26Creditorsthose to whom a business owes money to for goods and services delivered but not paid for yet
  27. 27Customer Servicesa series of activities designed to enhance the level of customer satisfaction
  28. 28Delegationauthority passeed down from superior to subordinate
  29. 29Direct marketingselling by manufacturers direct to consumers without passing theough retailers or wholesalers
  30. 30Distribution channelthe path taken by a product as it goes from manufacturer to the ultimate customer
  31. 31Excess Capcitywhen a business has too many resources, such as labour and capital, to produce its desired level of output
  32. 32Extension Strategymethods used to extend the life of a produ
  33. 33External recruitmentwhen a employer looks for applicants for a job outside the organisation
  34. 34Favorable varianceactual figures better than the planne dfigures
  35. 35Going Rate Pricingwhere prices is set equal to the prices of similar products in the market
  36. 36Gross Profit Margingross profit expressed as a percentage of sales revenue
  37. 37Gross Profittotal sales revenue minus cost of sales
  38. 38Growthstage of product life cylce where the product has become establishes and customers are becoming aware of it
  39. 39Hawthorn Effectthe idea taht workers are motivated by recognition given to them as a group
  40. 40Hierarchyth elevels of management of a business from lowest to highest
  41. 41Hygiene Factorsthose things that can lead to workers becoming dissatisfied
  42. 42Informative advertisingadvertising which primarily seeks to provide consumers with information about a product
  43. 43Internal Recruitmentwhen an employer seeks to find applicants for a job from inside the organisation
  44. 44Job analysisa studt of what a job entails, such as skills, tasks and performance expected
  45. 45Job Descriptiona statement of the task to be undertaken and responsibilities of the employee holding the job
  46. 46Labour Productivityoutput per worker
  47. 47Labour Turnoverthe proportion of staff leaving the business over a period of time
  48. 48Loss Leadersproducts with prices set deliberately below average total cost to attract customers who will then buy other, more profitable, products
  49. 49Market Structuresthe charaterisitics of a market, such as size of the barriers to entry to the market, number of businesses in the market, which determine the behaviour of businesses within the market
  50. 50Market intermediarya business or individual which acts as a link between the producer and customer
  51. 51Marketing MixThe elements of a business marketing that are designed to meet the needs of its customers. Elements are reffered to the 4 P's
  52. 52Marketingthe management process invloved in identiftying, anticipated and satisfying consumer requirement profitbly
  53. 53Market-orientation pricingwhere a business takes intoaccount conditions in the market without setting prices
  54. 54Mass Marketingthe marketing of a product to all possible customers in te same way
  55. 55Merchandisinga promotion specifically the point of sale promotion
  56. 56Monopolistic competitiona market structure where there is a large number of small busiinesses producing differentiated, branded products, where the barriers to entery are low and businesses are price setters
  57. 57Monopolya market structure wher theer is a single business in the market and there are barriers to entry
  58. 58Motivatorsthose things that can lead to workers being satisfied
  59. 59Net profit marginnet proft expressed as a percentage of sales revenue
  60. 60Net Profittotal sales revenue minus costs of sales and overheads
  61. 61Niche Marketingthe marketing of theproducts to a particular, small segment of the market
  62. 62Oligopolya market structure where a few large businesses dominate the market producing differntiated, branded, products, where barriers to entry are low and where businesses are price-takers
  63. 63operational targetsthe goals set by a business that must be achieved in the production of a product or provision or a service
  64. 64Operations Managementthe organisation and control of the process by which inputs, such as labour are transformed into final products or by which services are provided to customers
  65. 65Overtradinga sistuation where a business does not have enough cash and liquid resources to support its production and sales
  66. 66Penetration Pricingwhen a business sets low prices in an attempt to enter a new market
  67. 67Persuasive adevertisingadvertising which seeks to influence and persuade consumers to buy a product
  68. 68Point of Saleany point where a customer buys a product
  69. 69Premium Pricingwher high prices are charged to reinforce the quality and luxury imaghe of a product
  70. 70Price Skimmingwhere a product with a USP may have a high price for a limited period o time to tahe advantage of the newness of the product
  71. 71Price Takera business that is unable to choose the price it sets an follows the market price
  72. 72Pricing Strategiesthe pricing policies or methods of pricing adopted by businesses
  73. 73Pricing tacticsways of using price as a promtional tactic usually over a short period of time
  74. 74Product Life Cycleshows the diffferent stages in the life of a product and the sales that can be expected at each stage
  75. 75Product portfolio analysisan analysis of a particualr portfolio of products which a firm is marketing
  76. 76Profit Marginsprofit expressed as a percentage of turnover
  77. 77Promotionan attempt to retain and obtain customers by drawing attention to a firm or its products
  78. 78Promotional Mixthe mixture of promtional techniques used by a business to promote its products
  79. 79Quality Assurancea method of working for businesses that take into account customers wants and standardising quality. invloves guaranteeing that quality standards are met
  80. 80Quality Controlmaking sure that the quality of a product meets specified quality perfomance criteria
  81. 81Rate of Absenteeismthe number of staff absent as a percentage of the total number staff employeed
  82. 82Rationalisingreducing the number of resources, particularly labour and capital, put into the production process, usually undertaken because a business has excess capacity
  83. 83Reassuring advertisinga method used to assure consumers about their purchases and encourage them to make repeat purchases
  84. 84Relationship marketingan approach to marketing which seeks to strengthen a business's relationships with customers
  85. 85Retailera type of business which buys goods from manufacturers and wholesalers and sells them, typically in smaller quantities
  86. 86Return on Capitalthe amount of profit expressed as a percentage of the capital invested in a business
  87. 87Sales promotionsmethods of promoting a product in the short term to give a boost to sales
  88. 88Saturationstage of the product life cycle where sales are no longer growing
  89. 89Scientific managementa theory that suggests there is a 'best' way to perform work tasks
  90. 90Self-actualisationA level on Maslow's hierarchy where an employee realises his or her full potential
  91. 91Span of Controlthe number of subordinates working under a superior
  92. 92Subcontractinghiring or contracting another business to do work that could be done in-house by the business
  93. 93Tangible benefitsbenefits that can be measured
  94. 94Technologya creative process which uses human, scientific and material resources to solve problems and improve efficiency
  95. 95Total quality managementa managerial approach which focuses on quality and aims to improve the effectiveness, flexibility and competitiveness of a business
  96. 96Trade CreditGven when a supplier allows a customer to receive goods or services but pay for them at a later point in times
  97. 97Trainingthe process of increasing the knowledge and skills of workers so they are better able to perform their jobs
  98. 98USPthenaspect or feature of the product that differentiates it from its rivals
  99. 99Variance Analysisthe process of calulating variances and attempting to identify their causes
  100. 100Variancethe difference between actual financial outcomes and those which were budgeted
  101. 101Vendor ratinga method of measuring and evaluating the performance of suppliers
  102. 102Wholesalera type of business which buys goods from manufactures and sells them in small quantities to retailers
  103. 103Work life balancethe relationship between time spent at work and time spent away from work as a proportion of total time
  104. 104Zero Budgetinga system of budgeting where no money is allocated for costs or spending unless they can be justified by the fund holder

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Beschreibung
AQA Business Studies Key Woeds
Erstellt von
lilli.atkin
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