Flashcards
Unit 1 key words
Cards in this deck (128)
- 1Added valueDifference between selling price and cost of making product
- 2AdvertisingPaid method of promotion
Above line : mass media
Below line : one to one - 3Autocratic leadersNo consultation
One way communication
Manager decided - 4BonusExtra monetary payment for meeting or exceeding a target
- 5Boston matrixShows position of products within market share and growth
- 6Cash cowHigh market share
Low market growth - 7DogLow market share
Low market growth - 8Rising starHigh market share
High market growth - 9Problem childLow market share
High market growth - 10BrandingEstablishing an identity to distinguish from competition
- 11Business objectiveTarget set by business in short term
- 12CentralisationAuthority and control is in hands of senior managers only
- 13Chain of commandLine of communication and authority
- 14Collective bargainingNegotiations of wages organised by a group of employees
- 15CommissionMoney paid upon completion of a tast
- 16Complementary goodGoods with joint demand where change in price of one affects the other
- 17ConsultationAsking for and taking into consideration the views of people who will be affected by a decision
- 18Consumer incomeMoney received by an employee in return for their services
- 19Consumer loyaltyRetaining customers who regularly repeat purchase
- 20Cost efficiencyKeeping low unit costs or low running costs
- 21DecentralisedDecision making powers and authority is passed down hierarchy
- 22DelayeringRemoving layers of the heirarchy to cut labour costs
- 23DelegationAuthority, power and decision making is passed down layers of heirarchy
- 24DemandThe amount desired by customers who are willing and able to pay at a given price and at a given time
- 25DemocraticLeadership style where manager discusses decisions
- 26DemographicsChange in population structure and size over time
- 27Design mixCombination of factors needed in designing a product
Aesthetics
Economic
Function - 28DifferentiationMaking a product unique and distinctive to add a USP
- 29DismissalWhen a employees contract is terminated due to incompetence or unacceptable behaviour
- 30Distribution channelsMethods used to get products from manufacturers to. Consumer
- 31Dynamic marketMarket subject to rapid or continuous change
- 32Economies of scaleFactors that cause unit cost to fall as scale of production increases
- 33EfficiencyImproved operations so a business can run smoothly without much waste and without compromising quality
- 34Emotional brandingBrands that appeal directly to a consumers emotional state
- 35Demployee welfareThe wellbeing of staff to ensure they're being treated in according to the employee law
- 36EmpowermentProviding employees with power and decision making responsibilities
- 37EntrepreneurA risk taker who sets up a business to make profit
- 38Ethical sourcingEnsuring throughout the supply of chain goods are manufactured under good conditions and employees are treated fairly
- 39Extension strategyPlan to elngthen the life cycle of a product when it comes to maturity
- 40External recruitmentSelecting candidates from outside the business to fill a vacancy
- 41External shocksUnexpected events that affect supply and demand
- 42Financial motivesMonetary incentive that drives an employee to work
- 43Flexible workingAllowing a worker to do different jobs, work flexible hours and when the organisation needs them
- 44FranchiseAllowing others to trade under their name in return for payment
- 45Government subsidiesFinancial support from the government with the aim of promoting social and economic policy
- 46Herzbergs theoryEmployees have motivators and hygiene needs and hygiene needs are not motivators
- 47HierarchyThe levels of authority
- 48Home workingAllowing an employee to work off the premises
- 49Indirect taxesA tax levied on goods and services e.g. VAT
- 50Induction trainingThe introduction of a new employee to the firm showing the layout and health and safety procedures
- 51InnovationThe implementation of new ideas and. Commercial application of them
- 52Internal recruitmentSelecting candidates from inside the business to fill a vacancy
- 53Job enlargementIncreasing tasks and responsibilities to make the job more challenging in hope to motivate staff
- 54Job enrichmentRedesigning jobs to make them more challenging and complex
- 55Job rotationMoving employees to different departments to give a varied job role and increased motivation
- 56Labour turnoverMeasure of the rate of change of a firms workforce
- 57Laissez-faireEmployees trusted to make their own decisions without input from management
- 58LeadershipTo inspire staff and achieve demanding goals
- 59Lifestyle businessesStarting up a business based on their own / families needs
- 60Market mappingPositioning a product on a map which shows where there is a gap in the market
- 61Marketing objectivesMarketing targets that a firm must achieve to support corporate objectives
Relating to sales/ market share - 62Market orientationResponding to market research and producing a product that satisfies the wants and need some of target market
- 63Market segmentationDividing up the target market to better tailor products and promotion
- 64Market sizeMeasured by sales value
Volume of products sold - 65Marketing strategyMethods used to achieve market objectives
- 66Market sharePercentage of sales in a market that a firm is accountable for
- 67Maslow Hierarchy of needsA pyramid that individuals must climb based on their needs
- 68Mass marketA large undifferentiated market that produces standard products
- 69Matrix structureWhere employees have the flexibility to work on products with or for other departments
- 70Mayo's theoryEmployees were motivated by the attention that is given to their welfare
- 71MotivationWhat drives a worker to achieve a goal
- 72MultiskillingTraining staff in many toasts to promote job rotation
- 73Niche marketA small specialised segment of the market specialising in expensive products
- 74Non financial motivesNon monetary incentives designed to motivate staff to work
- 75Organisational structureHow a firm organises the chain of command and lines of authority
- 76Off the job training gEmployees are trained before performing the job not whilst
- 77On the job trainingEmployees being trained whilst they're doing the job
- 78Opportunity costThe cost of next best alternative
- 79OutsourcingAn organisation bringing in a service from an external firm
- 80Part time workerA member of staff who words less hours than a full time worker
- 81MarketWhere buyers and sellers come to complete sales
- 82PaternalisticLeadership style where the manager takes the employees best interest into account before making a decision
- 83Price elasticity of demandA measure of the responsiveness of demand to a change in price
- 84Performance related payA financial reward for achieving a target
- 85Piece workFinancial incentive where a worker is paid per unit produced
- 86Product portfolioThe range of products sold by a business
- 87Profit maximisationThe difference between sales revenue and costs.
The attempt to make as much profit as possible - 88Profit satisficingWhen businesses settle for the right profit rather than the most
- 89Qualitative dataThoughts and opinions
- 90Quantitative dateNumerical and statistical data
- 91Competitive pricingPricing to compete directly with rival brands
- 92PartnershipAn organisation sun by 2-20 owners
- 93Price inelastic demandWhen change in demand is smaller than change in price e.g. PED UNDER 1
- 94Price penetrationCharging a low price when entering a market then increasing it
- 95Private limited companyCompany who can sell shares to who they choose
- 96Predatory pricingCharging a price so low to force out competitors from the market
- 97Psychological pricingInfluencing a customer to perceive the product as a better deal
- 98Premium pricingCharging high price for high quality
- 99Price skimmingCharging a high price to take advantage of customers willing to pay
- 100Pricing statergues (5)Price skimming
Penetration pricing
Premium pricing
Psychological pricing
Cost based pricing - 101Primary researchNew or original data that has been collected first hand
- 102Profit sharingProviding staff with a percentage of the firms annual profit
- 103Promotional mixPublicising a product to increase sales or awareness
- 104Public limited companyA company owned by shareholders who can buy shares on the stock market
- 105RecruitmentThe process of hiring staff
- 106RedundancyWhen a employee is no longer needed as their position no longer exists
- 107Resource depletionThe worlds natural resources that are of limited supply
- 108SampleSelecting a group for market research that represents the overall population
- 109SeasonalitySeasonal trend factors that affect demand
- 110Secondary researchMarket research that was originally collected for another purpose
- 111Social enterpriseA business set up for the good of the community rather than profit
- 112Social objectivesBusinesses who aim to do good for the community
- 113Social trendsChanges in attitudes and lifestyles of a population over time
- 114Sole traderSomeone who individually runs a business
- 115Spam of controlThe number of subordinates directly reporting to a superior
- 116SponsorshipPaying for the right to be featured at an event
- 117Stock market flotationSelling shares public ally on the stock market
- 118SubstitutesProducts a customer may turn to for better price
- 119SupplyThe quantity of product a provider is willing and able to sell at a given price at a given time
- 120The product lifeThe pattern of sales of a product over a time:
Development
Introduction
Growth
Maturity
Decline - 121Target marketSegment of the market that the firm is trying to capture sales from
- 122Taylor's scientific managementSeeking to improve productivity by the manager showing staff for each task should be performed
- 123Team workEmployees being encourages to work in groups to share ideas and feel motivated
- 124Temporary workerA worker who's contract has a set end date
- 125Trade offAccepting less of one thing to achieve more of another
- 126TrainingThe process where employees gain new skills
- 127USPadding a unique feature to a product that differentiates it
- 128Viral marketingThe idea brands can be spread quickly through the use of social media
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- AS level Business Studies (Key words 1) Flashcards on Unit 1 key words, created by amy shann on 11/05/2017.
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- amy shann
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