the process of identifying, anticipating and meeting customer needs profitably
1 of 26
Marketing Mix
the combination of factors which help the company to take account of customer needs (summarised as the 4Ps: Price, Product, Place, Promotion)
2 of 26
Price
the amount of money customers have to give up in order to acquire a product
3 of 26
Product
a good or service produced by a business, made available to customers for consumption
4 of 26
Place
the way in which a product is distributed - how it gets from the producer to the consumer
5 of 26
Promotion
communication between the business and the customer, whereby the business looks to make consumers aware of the product, inform of its features and persuade them to buy it for the first time or again
6 of 26
Sole Trader
the only owner of a business who has unlimited liability
7 of 26
Unlimited Liability
a legal obligation on the owner of a business to settle all debts of the business
8 of 26
Limited Liability
when shareholders of a company are not personally liable for the debts of the company: the most they can lose is the value of their investment in the shares of the company
9 of 26
Companies
businesses whose shareholders have limited liability
10 of 26
HM Revenue and Customs (HMR&C)
the Government authorities in the UK responsible for collecting tax
11 of 26
VAT (Value Added Tax)
a tax on the value of sales: it is paid by the businesses to the Government
12 of 26
Income Tax
a tax on the value of income earned by workers; this includes sole traders who have to pay income tax on their net earnings
13 of 26
National Insurance Contributions (NICs)
a tax on earnings of workers; NICs are paid by employers on the wages of their workers
14 of 26
Corporation Tax
a tax on the profits of limited companies
15 of 26
Customer Service
the experience that a customer gets when dealing with a business and the extent to which that experience meets and exceeds customer needs and expectations
16 of 26
Customer Satisfaction
a measure of the extent to which a product meets customer expectations
17 of 26
Repeat Purchase
orders or sales that occur from customers who have bought the product or service in the past
18 of 26
Key Features of Effective Customer Service
Accuracy, On-time, Dealing with Complaints
19 of 26
Job Applicants
a person who would like to be considered for a job vacancy
20 of 26
Job Description
a document which described the duties, role and responsibilities of a position and the status within the business
21 of 26
Person Specification
a document which describes the ideal person to fill a vacancy in terms of their skills, qualities, qualifications and experience
22 of 26
Application Form
a document fulled in by job applicants with personal details
23 of 26
Curriculum Vitae (CV)
a document created y job applicants outlining personal details including: name, personal statement, qualifications, skills, experience, interests and references
24 of 26
Attitude
as well as skill, attitude is an important factor in recruiting staff in a small business
25 of 26
Motivation
the desire to complete a task and meet the needs of the business consistently
26 of 26
Other cards in this set
Card 2
Front
the combination of factors which help the company to take account of customer needs (summarised as the 4Ps: Price, Product, Place, Promotion)
Back
Marketing Mix
Card 3
Front
the amount of money customers have to give up in order to acquire a product
Back
Card 4
Front
a good or service produced by a business, made available to customers for consumption
Back
Card 5
Front
the way in which a product is distributed - how it gets from the producer to the consumer
Comments
No comments have yet been made