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Description
Flashcards by lilli.atkin, updated more than 1 year ago
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Created by lilli.atkin
about 9 years ago
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| Question | Answer |
| Above the line promotion | Promotion in the form of advertising |
| Adverse variance | actual figures that are worse than planned figures |
| Advertising media | the means by which advertisments can be communicated to the public |
| Advertising | a 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 |
| Agent/Broker | an intermediatary which arrages contracts for the sale of products between a supplier and a customer |
| Assset-led marketing | where a business combines its knowlege of the market with an understanding of its strengths and weaknesses to decide what products to bring to market |
| Authority | the right to command a situation, task or activity |
| Barrier to entry | factors whcih make it diffcult or impossible for business to enter a market and compete with existing producers |
| Below the line promotion | promotion that is not media advertising |
| Boston Matrix | a model which analyses a product portfolio according to the growth rate of the market and the relative market share of products within the market |
| Brand leader | a brand with the high sales or sometimes the brand with the highest sales in the market |
| Brand loyalty | the extent to whci hcustomers of a brand repeat purchases of that brand rather than others |
| Brand | a 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 |
| Budgeting | a business system which involves making future plans, comparing the actual results with the planned results and then investigating causes of any differences |
| Business to business marketing | where a business markets its products to other businesses |
| Capacity Utilisation | the use that a business makes of its resources |
| Capacity | the possible maxium output a business can produce |
| Cartel | a 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 |
| Chain of command | the way authority and power are passed down in a business |
| Competiton rivalry | rivalry between buisnesses offering products in the same market, it can take many forms such a price competition, advetising and distribution |
| Consumer Marketing | where a business is marketing to consumers |
| Consumer products | Goods or services sold to individuals for personal consumption |
| Contribution pricing | when a business sets its price to cover all of its variable costs, but only a contribution is made to fixed costs and profit |
| Cost based pricing | methods of pricing products which are based on costs |
| Credit control | the process of monitoring and collecting the money owed to a business |
| Creditors | those to whom a business owes money to for goods and services delivered but not paid for yet |
| Customer Services | a series of activities designed to enhance the level of customer satisfaction |
| Delegation | authority passeed down from superior to subordinate |
| Direct marketing | selling by manufacturers direct to consumers without passing theough retailers or wholesalers |
| Distribution channel | the path taken by a product as it goes from manufacturer to the ultimate customer |
| Excess Capcity | when a business has too many resources, such as labour and capital, to produce its desired level of output |
| Extension Strategy | methods used to extend the life of a produ |
| External recruitment | when a employer looks for applicants for a job outside the organisation |
| Favorable variance | actual figures better than the planne dfigures |
| Going Rate Pricing | where prices is set equal to the prices of similar products in the market |
| Gross Profit Margin | gross profit expressed as a percentage of sales revenue |
| Gross Profit | total sales revenue minus cost of sales |
| Growth | stage of product life cylce where the product has become establishes and customers are becoming aware of it |
| Hawthorn Effect | the idea taht workers are motivated by recognition given to them as a group |
| Hierarchy | th elevels of management of a business from lowest to highest |
| Hygiene Factors | those things that can lead to workers becoming dissatisfied |
| Informative advertising | advertising which primarily seeks to provide consumers with information about a product |
| Internal Recruitment | when an employer seeks to find applicants for a job from inside the organisation |
| Job analysis | a studt of what a job entails, such as skills, tasks and performance expected |
| Job Description | a statement of the task to be undertaken and responsibilities of the employee holding the job |
| Labour Productivity | output per worker |
| Labour Turnover | the proportion of staff leaving the business over a period of time |
| Loss Leaders | products with prices set deliberately below average total cost to attract customers who will then buy other, more profitable, products |
| Market Structures | the 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 |
| Market intermediary | a business or individual which acts as a link between the producer and customer |
| Marketing Mix | The elements of a business marketing that are designed to meet the needs of its customers. Elements are reffered to the 4 P's |
| Marketing | the management process invloved in identiftying, anticipated and satisfying consumer requirement profitbly |
| Market-orientation pricing | where a business takes intoaccount conditions in the market without setting prices |
| Mass Marketing | the marketing of a product to all possible customers in te same way |
| Merchandising | a promotion specifically the point of sale promotion |
| Monopolistic competition | a 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 |
| Monopoly | a market structure wher theer is a single business in the market and there are barriers to entry |
| Motivators | those things that can lead to workers being satisfied |
| Net profit margin | net proft expressed as a percentage of sales revenue |
| Net Profit | total sales revenue minus costs of sales and overheads |
| Niche Marketing | the marketing of theproducts to a particular, small segment of the market |
| Oligopoly | a 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 |
| operational targets | the goals set by a business that must be achieved in the production of a product or provision or a service |
| Operations Management | the 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 |
| Overtrading | a sistuation where a business does not have enough cash and liquid resources to support its production and sales |
| Penetration Pricing | when a business sets low prices in an attempt to enter a new market |
| Persuasive adevertising | advertising which seeks to influence and persuade consumers to buy a product |
| Point of Sale | any point where a customer buys a product |
| Premium Pricing | wher high prices are charged to reinforce the quality and luxury imaghe of a product |
| Price Skimming | where 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 |
| Price Taker | a business that is unable to choose the price it sets an follows the market price |
| Pricing Strategies | the pricing policies or methods of pricing adopted by businesses |
| Pricing tactics | ways of using price as a promtional tactic usually over a short period of time |
| Product Life Cycle | shows the diffferent stages in the life of a product and the sales that can be expected at each stage |
| Product portfolio analysis | an analysis of a particualr portfolio of products which a firm is marketing |
| Profit Margins | profit expressed as a percentage of turnover |
| Promotion | an attempt to retain and obtain customers by drawing attention to a firm or its products |
| Promotional Mix | the mixture of promtional techniques used by a business to promote its products |
| Quality Assurance | a method of working for businesses that take into account customers wants and standardising quality. invloves guaranteeing that quality standards are met |
| Quality Control | making sure that the quality of a product meets specified quality perfomance criteria |
| Rate of Absenteeism | the number of staff absent as a percentage of the total number staff employeed |
| Rationalising | reducing the number of resources, particularly labour and capital, put into the production process, usually undertaken because a business has excess capacity |
| Reassuring advertising | a method used to assure consumers about their purchases and encourage them to make repeat purchases |
| Relationship marketing | an approach to marketing which seeks to strengthen a business's relationships with customers |
| Retailer | a type of business which buys goods from manufacturers and wholesalers and sells them, typically in smaller quantities |
| Return on Capital | the amount of profit expressed as a percentage of the capital invested in a business |
| Sales promotions | methods of promoting a product in the short term to give a boost to sales |
| Saturation | stage of the product life cycle where sales are no longer growing |
| Scientific management | a theory that suggests there is a 'best' way to perform work tasks |
| Self-actualisation | A level on Maslow's hierarchy where an employee realises his or her full potential |
| Span of Control | the number of subordinates working under a superior |
| Subcontracting | hiring or contracting another business to do work that could be done in-house by the business |
| Tangible benefits | benefits that can be measured |
| Technology | a creative process which uses human, scientific and material resources to solve problems and improve efficiency |
| Total quality management | a managerial approach which focuses on quality and aims to improve the effectiveness, flexibility and competitiveness of a business |
| Trade Credit | Gven when a supplier allows a customer to receive goods or services but pay for them at a later point in times |
| Training | the process of increasing the knowledge and skills of workers so they are better able to perform their jobs |
| USP | thenaspect or feature of the product that differentiates it from its rivals |
| Variance Analysis | the process of calulating variances and attempting to identify their causes |
| Variance | the difference between actual financial outcomes and those which were budgeted |
| Vendor rating | a method of measuring and evaluating the performance of suppliers |
| Wholesaler | a type of business which buys goods from manufactures and sells them in small quantities to retailers |
| Work life balance | the relationship between time spent at work and time spent away from work as a proportion of total time |
| Zero Budgeting | a 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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