F291 key terms 3.0 / 5 based on 1 rating ? Business StudiesASOCR Created by: MollyCreated on: 06-05-13 11:54 CHAIN OF PRODUCTION when one product goes through all of the different economic sectors 1 of 23 ADDING VALUE the difference between the selling price and the cost of making the product 2 of 23 MARKET RESEARCH gathering, recording, analysing and presenting information relevant to the marketing process 3 of 23 SAMPLING deciding who to ask when doing market research 4 of 23 MARKETING the management process involved in identifying, anticipating and satisfying consumer requirements 5 of 23 PRODUCT ORIENTATION a business focuses on the product and production process 6 of 23 MARKET ORIENTATION a business focuses on the market and consumer needs 7 of 23 MARKET SATURATION when the market ceases to grow in terms of customers as all those who require a product already have/use one 8 of 23 PRODUCT LIFESTYLE the stages that products go through from development to withdrawal from the market 9 of 23 CHANNEL OF DISTRIBUTION the way a product gets from the producer to consumer 10 of 23 ABOVE THE LINE PROMOTION promoting a product through the media 11 of 23 BELOW THE LINE PROMOTION promoting a product though non-media means 12 of 23 ELASTICITY responsiveness of one variable to changes in another 13 of 23 PRICE ELASTICITY OF DEMAND the extent to which demand will change when there is a change in price 14 of 23 INCOME ELASTICITY OF DEMAND responsiveness of demand due to changes in incomes 15 of 23 HUMAN RESOURCES PLANNING method by which a business forecasts how many and what type of employees it needs 16 of 23 LABOUR TURNOVER the number of people who leave an employment as a proportion of the total employed 17 of 23 REDUNDANCY a type of severance where the job no longer exists 18 of 23 OPPORTUNITY COST the value of the next best alternative foregone 19 of 23 ECONOMIES OF SCALE advantages to a business due to growth or expansion 20 of 23 SMART OBJECTIVES specific, measurable, agreed, realistic, time related 21 of 23 SUPPLY the quantity of a product that a producer is prepared to sell at a particular price 22 of 23 DEMAND the desire of consumers to buy a product or service with the ability to pay 23 of 23
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