Business Key Terms

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Added Value
The enhancement a company gives its product or service before offering the product to customers.
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The activity or profession of producing advertisements for commercial products or services
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Brand Loyalty
The tendency of some consumers to continue buying the same brand of goods rather than competing brands.
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Brand Image
The general impression of a product held by real or potential consumers.
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Break - Even
Where the business reach a point in a business venture when the profits are equal to the costs.
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Business Objectives
Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources.
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This is the wealth in the form of money or other assets owned by a person or organization or available for a purpose such as starting a company or investing.
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Channels of Distribution
The routes used by a company to distribute its products, e.g., through wholesalers, retailers, mail order, etc.
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Economic Growth
an increase in the amount of goods and services produced per head of the population over a period of time.
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this is the moral principles that govern a person's behaviour or the conducting of an activity.
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Exchange Rates
the value of one currency for the purpose of conversion to another.
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Interest Rates
The amount charged expressed as a percentage of principal, by a lender to a borrower for the use of assets.
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Pricing Strategy
Pricing strategies for products or services encompass three main ways to improve profits. These are that the business owner can cut costs or sell more, or find more profit with a better pricing strategy.
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Private Limited Company
A limited company is a company in which the liability of members or subscribers of the company is limited to what they have invested or guaranteed to the company. Limited companies may be limited by shares or by guarantee.
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Public Limited Company
this is a Company registered under the Companies Act (1980), with statutory minimum capital requirements and shares offered to the public subject to conditions of limited liability.
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Sources of Finances
Some sources of finance are short term and must be paid back within a year. Other sources of finance are long term and can be paid back over many years. There are external and internal finances.
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this is the publicizing of a product, organization, or ventures so as to increase sales or public awareness.
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Market segmentation
is a marketing strategy that involves dividing a broad target market into subsets of consumers, who have common needs, and then designing and implementing strategies to target their needs and desires using media channels.
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Taylor Scientific Theory
Staff are only motivated by money, give them more money and they will be more motivated for work.
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Hierarchy of Needs
Maslow in his 1943 paper "A Theory of Human Motivation" in Psychological Review. Maslow subsequently extended the idea to include his observations of humans' innate curiosity.
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The hierarchy of needs for each member of staff, such as physiological needs, safety needs Social needs, Self-esteem and self-fulfilment. It can be difficult as each member of staff is at different stages.
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Employees have two needs. Hygiene factors, which are to make the job more acceptable and if any of these are missing they might feel more demotivated, this could be working conditions and company policies.
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Studied the link between productivity and working conditions. His studies led to behavioural techniques to manage. He suggested that social activity and workers responded to having a sense of belonging.
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The activity or profession of producing advertisements for commercial products or services

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Brand Loyalty


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Brand Image


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Break - Even


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