The combination of factors which help businesses to take into account customer needs when selling a product
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The 4P's
Price, Product, Place, Promotion
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Price
The amount of money customers have to give up to acquire a product
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Product
A good or service produced by a business or organisation and made available to customers for consumption
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Promotion
Commuinication between the business and customer, making the customer aware that the product is for sale, telling or explaining to them what is the product, making the customers aware of how the product will meet their customer needs and
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Promotion cont
persauding them to buy it again or for the first time
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Place
The way in which a product is distributed, how it gets from the producer to the consumer
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Sole Trader
The only owner of a business which has unlimited liabilty
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Unlimited liaibilty
A legal obligation on the owner of a business to settle all debts of the buisness. In law there is no distinction between what the business owes and owns and what the business owner owes and owns
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Limited liabilty
When Shareholders of a company are not personally liable for the debts of the company, the most they can lose is thevalue of their share
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Company
Businesses whose shareholders have limited laibilty
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Records
Evidence of what has happened in the past; records can be kept in paper forms or digitally
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HM Revenue and Customs (HMR&C)
The government authorities in the UK responsible for tax collecting
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VAT ( Value Added Tax)
A tax on the value of sales; it is paid by businesses to the government
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Income Tax
A tax on the value of income earned by workers; this includes sole traderts who have to pay income tax on their net earnnings
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National Insurance contributions (NIC'S)
A tax on the earnnings of workers; Employers National Insurance contributions are paid by employesr on the wages of their workers ; employees and sole traders have to pay NIC's on their earnings
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Corporation Tax
A tax on the profits of limited companies
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Customer service
The experince that a customer gets when dealing with a business and the extent to which that experience metets and exceeds customer needs and expectations
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Customer Satisfaction
A measure of how much products met customers expectations
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Repeat Purchase
Orders or sales that occur from customers who have brought the product or service in the past
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Job Applicant
A person who shows they would like to be considred for the appointment to a particular job with a business
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Job Description
Document that describes the duties of a worker and their status in the organistaion
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Person Specification
A profile of the type of person needed for a job- their qualities and skills
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Application Form
Document to be filled in with personal details
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Curriculum Vitae (CV)
A brief list of the main details about a person including name , address, qualifications and experience
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Motivation
In work, the desire to complete a task and meet the needs of the business consistently
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Other cards in this set
Card 2
Front
Price, Product, Place, Promotion
Back
The 4P's
Card 3
Front
The amount of money customers have to give up to acquire a product
Back
Card 4
Front
A good or service produced by a business or organisation and made available to customers for consumption
Back
Card 5
Front
Commuinication between the business and customer, making the customer aware that the product is for sale, telling or explaining to them what is the product, making the customers aware of how the product will meet their customer needs and
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