Theme 1 Key Words

  • Created by: HULKSMASH
  • Created on: 13-10-19 09:27
Brand Name
A name, term, sign, symbol, design or any other feature that allows consumers to identify the goods and services of a business and to differentiate them from those competitors.
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Conducting business transactions online.
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Online Retailing or E-tailing
The retailing of goods online.
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A set of arrangements that allows buyers and sellers to communicate and trade in a particular range of goods and services.
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A management process involved in identifying, anticipating and satisfying consumer requirements profitability.
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Market Share
The proportion of total sales in a particular market for which one or more businesses or brands are responsible. IT is expressed as a percentage and can be calculated by value or volume.
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Mass Market
A very large market in which products with mass appeal are targeted.
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Niche Market
A smaller market, usually within a large market or industry.
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Consumer Panels
Groups of customers are asked for feedback about products over a period of time.
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An organised collection of data stored electronically with instant access, searching and sorting facilities.
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Focus Groups
Where a number of customers are invited to attend a discussion about a product led by market researchers.
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Market Orientation
An approach to business which places the needs of consumers at the centre of the decision-making process.
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Market Research
The collection, presentation and analysis of information relating to the marketing and consumption of goods and services.
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Market Segment
Part of a whole market where a particular customer group has similar characteristics.
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Primary Research or Field Research
The gathering of 'new' information which does not already exist.
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Product Orientation
An approach to business which places the emphasis upon the production process and the product itself.
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Qualitative Research
The collection of data about attitudes, beliefs and intentions.
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Quantitative Research
The collection of data that can be quantified.
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A person or organisation that answers questions in a survey.
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A small group of people who must represent a proportion of a total market when carrying out market research.
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Secondary Research or Desk Research
The collection of data that is already in existence.
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Socio-economic groups
Division of people according to social class.
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Added Value
The extra features that may be offered by a business when selling a product, such as high quality customer service, which helps to exceed customer expectations.
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Competitive Advantage
An advantage that enables a business to perform better than its rivals in the market.
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Market maps or perceptual maps
Typically a two-dimensional diagram that shows two of the attributes or characteristics of a brand and those of rival brands in the market.
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Market Positioning
The view consumers have about the quality, value for money and image of a product in relation to those of competitors.
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Product Differntiation
An attempt by a business to distinguish its product from those of competitors.
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Change the view consumers have about a product by altering some of its characteristics.
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Unique selling point or Proposition
The aspect or feature of a product that clearly distinguishes it from its rival.
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Complementary Goods
Goods that are purchased together because they are consumed together.
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The quality of a product bought at a given price over a given period of time.
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Demand Curve
A line drawn on a graph that shows how much of good will be bought at different prices.
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Inferior Goods
Goods for which demand will fall if income rises or rise if income falls.
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Normal goods
Goods for which demand will rise if income rises or fall if income falls.
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Substitute Goods
Goods that can be bought as an alternative to others, but perform the same function..
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A grant given to producers, usually to encourage production of a certain good.
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The amount of a product that suppliers make available to the market at any given price in a given period of time.
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Supply curve
A line drawn on a graph that shows how much of a good sellers are willing to supply at different prices.
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Equilibrium Price or Market Clearing Price
The price where supply and demand are equal.
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Excess Demand
The position where demand is greater than supply at a given price and there are shortages in the market.
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Excess Supply
The position where supply is greater than demand at a given price and there are unsold goods in the market.
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Total Revenue or Total Expenditure
The amount of revenue generated from the sale of goods calculated by multiplying price by quantity in a given period of time.
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Price Elastic Demand
A change in price results in a greater change in demand.
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Price Elasticity of Demand
The responsiveness of demand to change in price.
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Price inelastic demand
A change in price results in a proportionally smaller change in demand.
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Discretionary expenditure
Non-essential spending or spending that is not automatic.
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Income elastic demand
The percentage change in demand for a product is proportionately greater that the percentage change in income.
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Income elasticity of demand
The responsiveness of demand to a change in income.
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Income inelastic demand
Where the percentage change in demand is proportionately less than the percentage change in income.
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Consumer Durables
Goods that can be used repeatedly over a period of time, such as cars and household appliances.
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Design Mix
The range of features that are important when designing a product.
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The study of how people interact with their environment and the equipment they use- often in the workplace.
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Ethical sourcing
Using materials, components and services from suppliers that respect the environment, treat their workforce well and generally trade with integrity.
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Product Design
The process of creating a new product or service.
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Making use of materials that have been discarded as waste.
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Resource Depletion
The using up of natural resources.
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Waste Minimisation
Reducing the quantity of resources that are discarded in the production process.
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Above-the-line Production
Placing adverts using the media.
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Communication between a business and its customers where images are placed in the media to encourage the purchase of products.
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Below-the-line promotion
Any promotion that does not involve using the media.
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Emotional Branding
The practise of using the emotions of a consumer to build a brand.
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Generic Brands
Products that only contain the name of the product category rather than the company or product name.
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Manufacturer Brands
Brands created by the producers of goods or services.
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Marketing Mix
The elements of a business's marketing that are designed to meet the needs of customers. The four elements are often called the "4P's"- product, price, promotion and place.
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A promotion specifically at the point of sale of a product.
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Own-label, distributor or private brands
Products that are manufactured for wholesalers or retailers by other businesses.
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Point of Scale
Any point where a consumer buys a product.
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An attempt to obtain and retain customers by drawing their attention to a firm or its products.
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Public Relations
An organization's attempt to communicate with interested parties.
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Sales Promotions
Methods of promoting products in the short term to boost sales.
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Making a financial contribution to an event in return for publicity.
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Viral Marketing
Any strategy that encourages people to pass on messages to others about a product or business electronically.
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Competitive Pricing
Pricing strategies based on the prices charged by rivals.
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Cost plus pricing
Adding a percentage (the mark up) to the costs of producing a product to get the price.
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The percentage added to unit cost that makes a profit for a business when setting the price.
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Penetration Pricing
Setting a low price when launching a new product in order to get established in the market.
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Predatory or Destroyer Pricing
Setting a low price forcing rivals out of business.
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Pricing Strategy
The pricing policies or methods used by a business when deciding what to charge for its products.
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Product Life Cycles
Shows the different stages in the life of a product and the sales that can be expected at each stage.
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Psychological Pricing
Setting the price slightly below a round figure.
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Skimming or Creaming
Setting a high price initially and then lowering its later.
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Unit Costs
The same as average cost (total cost divided by output)
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Agent or Broker
An intermediary that brings together buyers and sellers.
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Dividing a large quantity of goods received from a supplier before selling them on in smaller quantities to customers.
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Direct selling
Producers selling their products directly to consumers.
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The delivery of goods from the producer to the consumer.
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Distribution channel
The route taken by a product from the producer to the customer.
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The use of electronic systems to sell goods and services.
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Links between the producer and the consumer.
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A business that buys goods from manufacturers and wholesalers, and sells them in small quantities to consumers.
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A business that buys goods from manufacturers and sells them in smaller quantities to retailers.
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Boston Matrix
A 2x2 matrix model that analyses a product portfolio according to the growth rate of the market and the relative market share of products within the market.
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Extension Strategies
Methods used to prolong the life of a product.
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Marketing Strategy
A set of plans that aim to achieve a specific marketing objective.
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Product Lines
A group of products that are very similar.
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Product Portfolio
The collection of products a business is currently marketing.
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Collective Bargaining
A method of determining conditions of work and terms of employment through negotiations between employers and employee representatives.
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Flexible Workforce
A workforce that can respond, in quantity and type, to changes in market demand.
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Home workers
People who undertake their regular work from home.
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Industrial action
Disruptive measures taken by workers to apply pressure on employers when disagreements cannot be resolved.
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Getting other people or businesses to undertake work that was originally done in-house.
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The process of increasing the skills of employees.
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Trade unions
Organisations of workers that exist to promote the interests of their members.
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Zero-hours contract
A contract that does not guarantee any particular number of hours' work.
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Curriculum Vitae
A document that lists personal details, qualifications, work experience, referees and other information about teh jobseeker.
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External Recuitment
Appointing workers from outside the business.
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Induction Training
Training given to new employees when they first start a job.
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Internal recruitment
Appointing workers from inside the business.
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Job Description
A document that shows clearly the tasks, duties and responsibilities expected of a worker for a particular job.
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Off-the-job training
Training that takes place away from the work area.
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On-the- job training
Training that takes place while doing the job.
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Person Specification
A personal profile of the type of person needed to do a particular job.
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A process that involves increasing the knowledge and skills of a worker to enable them to do their jobs more effectively.
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The right to command and make decisions.
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A type of business organisation where major decisions are made at the centre or core of the organisation
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Chain of Command
The way authority and power is organised in an organisation.
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A type of business organisation where decision making is pushed down the chain of command and away from the centre of the organisation.
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Removing layers of management from the hierarchy of an organisation.
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Authority to pass down from superior to subordinate.
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Formal organisation
The internal structure of a business as shown by an organisational chart.
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The order or levels of responsibility in an organisation, from the lowest to the highest.
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Organisational chart
A diagram that shows the different job roles in a business and how they relate to each other.
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The duty to complete a task.
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Span of control
The number of people a person is directly responsible for in a business.
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People in the hierarchy who work under the control of a senior worker.
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A payment in addition to the basic wage for reaching targets or in recognition for service.
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Percentage payment on a sale made to the salesperson.
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Listening to the views of employees before making key decisions that affect them.
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The passing of authority further down the managerial hierarchy.
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Giving official authority to employees to make decisions and control their own work activities.
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Hawthorne Effects
The idea that workers are motivated by recognition given to them as a group.
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Hygiene or Maintenance factors (Herzberg's)
Things at work that result in dissatisfaction.
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Job enlargements
Giving an employee more work to do of a similar nature; 'horizontally' extending their work role.
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Job enrichment
Giving employees greater responsibility and recognition by 'vertically' extending their work role.
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Job rotation
The periodic changing of jobs or tasks.
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Maslow's hierarchy of needs
The order of people's needs starting with basic human requirements.
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The desire to take action to achieve a goal.
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Motivators (Herzberg's)
Things at work that result in satisfaction.
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Payment by results
Payment methods that reward workers for the quantity and quality of work they produce.
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Performance-related pay
A payment system designed for non- manual workers where pay increases are given if performance targets are met.
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Piece Rates
A payment system where employees are paid an agreed rate for every item produced.
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Profit Sharing
Where workers are given a share of the profits, usually as part of their pay.
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Scientific Management
A theory that suggests there is a 'best way' to perform work tasks.
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A level in Maslow's hierarchy where people realise their full potential.
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Organising people into working groups that have a common aim.
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Autocratic Leadership
A leadership style where a manager makes all the decisions without consultation.
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Democratic Leadership
A leadership style where managers allow others to participate in decision making.
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Laissez-faire Leadership
A leadership style where employees are encouraged to make their own decisions, within certain limits.
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Paternalistic Leadership
A leadership style where the leader makes decisions but takes into account the welfare of employees.
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Individuals who, typically, set up and run a business and take the risks associated with this.
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Employees who use entrepreneurial skills,without having to risk their own money, to find and develop initiatives that will have financial benefits for their employer.
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Profit Maximisation
An attempt to make as much profit as possible in a given time period.
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Profit Satisficing
Making enough profit to satisfy the needs of the business owner(s).
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What a business tries to achieve in the long term.
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The goals or targets set by a business to help achieve its long-term purpose.
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Sales Maximisation
An attempt to sell as much as possible in a given time period (or an attempt to generate as much sales revenue as possible in a given time period).
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Articles of Association
A document that provides details of the internal running of a limited company.
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Certificate of Incorporation
A document that declares a business is allowed to trade as a limited company.
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A business organisation owned by its members, who have equal voting rights.
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Deed of Partnership
A binding legal document that states the formal rights of partners.
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A business model in which a business (the franchisor) allows another operator (the franchisee) to trade under their name.
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Lifestyle business
A business that aims to make enough money and provide the flexibility needed to support a particular lifestyle for the owner.
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Limited Company
A business organisation that has a separate legal entity from that of its owners.
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Limited Liability
A legal status which means that a business owner is only liable for the original amount of money invested in the business.
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Limited PartnerShip
A partnership where some members contribute capital and enjoy a share of profit, but do not participate in the running of the business. At least one partner must have unlimited liability.
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Memorandum of Association
A document that sets out the constitution and states key external details about a limited company.
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Mutual Organisation
A business owned by its members, who are customers not shareholders.
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Online business
A business that uses the global communications infrastructure of the internet as a trading base.
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A business organization that is usually owned by between 2-20 people.
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Primary Sector
Production involving the extraction of raw materials from the earth.
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Secondary sector
Production involving the conversion of raw materials into finished and semi-finished goods.
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Sleeping partner
A partner that contributes capital and enjoys a share of the profit but takes no active role in running the business.
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Social Enterprise
A business that trades with the objective of improving human or environmental well-being - charities and workers' co-operatives, for example.
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Sole Trader or Sole Proprietor
A business organisation which has a single owner.
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Teriary Sector
The production of services in the economy.
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Unlimited Liability
A legal status which means that the owner of a business is personally liable for all business debts.
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Private Equity Company
A business usually owned by private individuals backed by financial institutuions.
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Public Limited Company
A company owned by shareholders where the shares can be traded openly on the stock market.
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Stock Market
A market for second-hand shares.
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Stock Market Flotation or Initial Public Offering (IPO)
The process of a company 'going public' - making shares available to the public for the first time.
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In business, deciding between alternative uses of resources.
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Opportunity Cost
When choosing between different alternatives, the opportunity cost is the benefit lost from the next best alternatives to the one that has been chosen.
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In business, where a decision-maker faces a compromise between two different alternatives; for example, between paying dividends to shareholders and reinvesting profits in the business.
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Other cards in this set

Card 2


Conducting business transactions online.



Card 3


The retailing of goods online.


Preview of the back of card 3

Card 4


A set of arrangements that allows buyers and sellers to communicate and trade in a particular range of goods and services.


Preview of the back of card 4

Card 5


A management process involved in identifying, anticipating and satisfying consumer requirements profitability.


Preview of the back of card 5
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