unit 1.4

?
marketing
the process of identifying, anticipating and meeting customer needs profitably
1 of 35
marketing mix
the combination factorswhich help the company to take account of customer needs, summarised as the 4p's; price, product, place and promotion
2 of 35
price
the amount of money customers have togive up in order to acquire a product
3 of 35
product
a good or service produced by a business, made available to customers for consumption
4 of 35
place
the way in which a product is distributed- how it gets from the producer to the consumer
5 of 35
promotion
communication between the business and customer, wherby the business looks to make consumers aware of the product, inform them of its features and persaude them to buy it for the first time or again
6 of 35
sole trader
the only owner of a business who has unlimited liability
7 of 35
unlimited liability
a legal obligation on the owner of a business to settle (pay off) all debts of the business
8 of 35
limited liability
when shareholders of a company are not personally liable for the debts of the company: the most they can lose is the value of their investment in the shares of the company
9 of 35
companies
businesses whose shareholders have limited liability
10 of 35
risk
limited liability means that owning a private limited company is less risky than being a sole trader. If the business gets into debt, sole traders can lose everything they own including personal possessions.
11 of 35
control
sole traders will have total control, whereas in a private limited company, control is divided amongst the shareholders depending on the proportion of shares owned by each individual shareholder
12 of 35
profits
sole traders keep all the profits, whereas profits in a private limited company will be distributed to shareholders as dividends
13 of 35
privacy
Private limited companies must, by law, file their accounts each year, whereas sole traders have more privacy
14 of 35
unique trading name
businesses must establish a unique trading name
15 of 35
careful records
businesses must keep careful records- these are evidence of what has happened in the past; records can be kept in paper form or in computer files
16 of 35
HM revenue & customs (HMR&C)
the government authorities in the UK responsible for collecting tax
17 of 35
VAT (value added tax)
a tax on the value of sales: it is paid by businesses to the government
18 of 35
income tax
a tax on the value of income earned by workers; this includes sole traders who have to pay income tax on their net earnings
19 of 35
national insurance contributions (NICs)
a tax on the earnings of workers; Employers National Insurance contributions are paid by employers on the wages of their workers; employees and sole traders have to pay national Insurance contributions on their earnings
20 of 35
corporation tax
a tax on the profits of limited companies
21 of 35
customer service
the experience that a customer gets when dealing with a business and the extent to which that experience meets and exceeds customer needs and expectations
22 of 35
customer satisfaction
a measure of the extent to which a product meets customer expectations
23 of 35
repeat purchase
orders or sales that occur from customers who have bought the product or service in the past
24 of 35
3 key features of effective customer service
accuracy, on-time, dealing with complaints
25 of 35
job applicant
a person who would like to be considered for a job vacancy
26 of 35
job description
a document which describes the duties, role and responsibilities of a position and the status within the business
27 of 35
person specification
a document which describes the ideal person to fill a vacancy in terms of their skills, qualities, qualifications and experience
28 of 35
application form
a document filled in by job applicants with personal details
29 of 35
Curriculum Vitae (CV)
a document created by job applicants outlining personal details including; name, personal statement, qualifications, skills, experience, interests and references
30 of 35
attitude
as well as skill, is an important factor in recruiting staff in a small business
31 of 35
motivation
the desire to complete a task and meet the needs of the business consistently
32 of 35
laws that small businesses have to adhere to in relation to employees
age discrimination act, disability discrimination act, race relations act, sex discrimination act, equal pay act, health and safety laws, EU working time regulations, protections from unfair dismissal
33 of 35
other rights
employees have rights relating to joining a trade union, holiday entitlement, maternity and paternity leave
34 of 35
the disadvantage of them
make it more difficult and expensive for small businesses to recruit and employ staff
35 of 35

Other cards in this set

Card 2

Front

the combination factorswhich help the company to take account of customer needs, summarised as the 4p's; price, product, place and promotion

Back

marketing mix

Card 3

Front

the amount of money customers have togive up in order to acquire a product

Back

Preview of the back of card 3

Card 4

Front

a good or service produced by a business, made available to customers for consumption

Back

Preview of the back of card 4

Card 5

Front

the way in which a product is distributed- how it gets from the producer to the consumer

Back

Preview of the back of card 5
View more cards

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all making a start-up effective resources »