Business Theme 1&2 Key Terms 0.0 / 5 ? Business StudiesPEOPLEA2/A-levelAQA Created by: rebekahsouthernCreated on: 16-06-17 10:36 STAFF AS AN ASSET Treat employees as the most important resource in the business and a source of competitive advantage 1 of 25 STAFF AS A COST Treat employees simply as a resource of the business. 2 of 25 SPAN OF CONTOL The number of employees a manager is responsible for 3 of 25 ENTREPRENEURS A person who organizes, operates, and assumes the risk for a business venture” 4 of 25 AUTOCRATIC A leader or manager who holds all of the decision making power compared to their employees. 5 of 25 DEMOCRATIC Manager focuses power more over groups as a whole 6 of 25 LAISSEZ-FAIRE Leader has little input into day-to-day decision making 7 of 25 PATERNALISTIC Leader decides what is best for the group 8 of 25 DELEGATION The assignment of the authority of particular functions , tasks or decisions 9 of 25 EMPOWERMENT Giving employees greater control over their working lives. Employees are the main decision makers. 10 of 25 PRICE ELASTICITY OF DEMAND %CHANGE IN QUANTITY DEMAND / %CHANGE IN PRICE 11 of 25 INCOME ELASTICITY OF DEMAND = %CHANGE IN QUANTITY DEMANDED / %CHANGE IN INCOME 12 of 25 DEMAND The demand for a good or a service in the quantity which customers are willing and able to buy 13 of 25 SUPPLY The quality of a good or a service that a producer is willing and able to supply onto the market at any given time 14 of 25 PRODUCT LIFE CYCLE A thoretical model which describes the stages a product goes through over its life 15 of 25 STAGES OF PRODUCT LIFE CYCLE Development, Introduction, Growth, Maturity, Decline 16 of 25 PRICE SKIMMING Set a high price to maximise profit, Product is sold to different market segments at different times 17 of 25 PENETRATION PRICING Gain market share quickly, Build customer usage and loyalty, Build sales of higher-priced related items 18 of 25 PROMOTIONAL MIX The specific mix of promotional methods that a business uses to pursue its marketing objectives 19 of 25 ELEMENTS OF PROMOTIONAL MIX Advertising (offline & online), Sales promotion & merchandising, Personal selling, Public relations/publicity / Sponsorship, Direct marketing 20 of 25 DISTRIBUTION To make products available in the right place at the right time in the right quantities. 21 of 25 DISTRIBUTION CHANNELS A distribution channel moves a product through the stages from production to final consumption 22 of 25 DIRECT DISTRIBUTION Channel where a producer and consumer deal directly with each other without the involvement of an intermediary 23 of 25 INDIRECT DISTRIBUTION Involves the use of intermediaries between the producer and consumer 24 of 25 MULTI-CHANNEL DISTRIBUTION A business using more than one type of distribution channel. 25 of 25
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