Unit 3

Business studies for unit three

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  • Created by: Sarah
  • Created on: 10-02-13 15:58
Marketing
The management process that is responsible for anticipating,identifying and sastifying customer needs profitably.
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Market Research
The process of gaining information about customers, competitors and market trends through collecting primary and secondary data.
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Primary Data
Information that has been gathered for a specific purpose through direct investigation such as observation, surveys and experiments.
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Secondary Data
Information that already exists such as acconts and sales records, newspaper and internet articles.
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Quantitative Data
Data that can be expressed as numbers and can be statistically analysed.
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Qualititive Data
Data about opinions, jugdement and attitude.
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Survey
Research involing asking questions of people or organisations.
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Respondents
Those who provide data for a survey usually by answering questions.
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Market Segment
Part of a market that contains a group of buyers with similar buying habitats.
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Sample
A small group out of the total populations which is selected to take part in a survey.
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Questionaires
A list of questions to be answered by respondents, designed to give information about consumers' tastes.
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Product Trial
When consumers buy a good for the first time and assess whether or not they want to buy it again.
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Public Relations
Promotion of a positive image about a product or business through giving information about the product to the general public, other businesses or to the press.
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Viral Marketing
Getting individuals to spreed a message about the product through their social networks like Facebook or their group of friends.
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Penetration Pricing
Setting an initial low price for a new product so that it is attractive to customers. The price is likerly to be raised later as the product gains market share.
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Trade Buyers
Buyers of good which then sell those goods on to consumers or other buyers; they include supermarket chains and wholesalers.
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Wholesalers
Business which buy in bulk from a manufactor or other supplier and then sell the stock on in smaller quantities to the consumers.
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Retailers
Businesses which specialise in selling goods in small quantities to the consumer.
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Customer Loyalty
The willingness of buyers to make repeated purchases of a product or form a business.
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Repeat Purchase
When a customers buys a product more than once.
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Product Life Cycle
The stages through which a product passes from its development to being withdrawn from sale, the phases are research and development, launching the product, growth, maturity, saturation and decline.
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Research and Development
The process of scientific and technological research and then the development of the findinqs of that research before a product is launched.
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Extension Stratergy
Method used to increase the life of a product and prevent it falling into decline.
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Product Portfolio or Product Mix
The combination or range of products that a business sells.
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Product Portfolio Analysis
Investigation of the combination of products sold by a business.
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Boston Matrix
A model which analyses a product portfolio according to the growth rate of the whole market and relative market of a product within that market; a product ias placed in one of four categories - Star. Cash Cow, Problem Child or Dog.
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Brand
A named product which consumers see as being different from other products and which they can associate and identify with.
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Generic Product
A product made by a number of different businesses in which customers see very little or no difference between the product of one business comparred to the product of another business.
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Own Brand
A product which is sold under the brand name of a supermarket chain or other retailer rather than under the name of the business which manufactors the product.
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Product Differentiation
Making one product different from another in some way, for instance through the quality of a product, its design, packerging or advertising.
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Premiun Price
A price which is above the average for products of a particular type.
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Marketing Mix
A combination of factors which help a business to take into account customer needs when selling a product usually summeraised as the 4p's (Price, Product,Promotion and Place).
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Design Mix
The range of variables which contributes to successful design: they are function,cost an apperance.
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Stocks
Materials that a business holds. Some could be materials waiting to be used in the production process and some could be finished stock waiting to be delievered to customers.
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Maximum Stock Level
The highest amount of stock to be kept by a business.
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Re-order Level
The amount of stock held by a business at which an order for new stock is placed with suppliers.
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Buffer Stock Level or Minimum Stock Level
The lowest amount of stock to be kept by a business.
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Just in Time (JIT)
A stock managment system where stocks are only delivered when they are needed by the production system, and so no stock are kept by a business.
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Quality
Achieving a minimum standard for a product or service, or a production process, which meets customers' needs.
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Quality Control
Ensuring that a product or service meets minimum standards, or a production process, which meets customer needs.
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Quality Assurance
Ensuring that quality is produced and delieverd at every stage of production process.
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Customer Service
The experince that a customer gets when dealing with a business abd the extent to which that expirence meets and exceeds customer needs.
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Innovation
The process of transforming inventions into products that can be sold.
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Sales of Goods Legisation
Gives consumers right to compensation if a product they buy is not merchantable quality, not as describe or not fit for purpose.
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Trade Description Legistration
Makes businesses liable for prosecution and fines if products are sold in a misleading way.
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Cash Flow
The flow of cash into and out of a business.
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Financial Managment
Deliberaty changing monterary variables like cash flows to achieve objectives.
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De-Stocking
Reducin g the level of stock in a business.
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Trade Credit
Where a supplier gives a customer a period of time to pay a bill onced delievered.
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Profit
Occurs when the revenues of a business are greater then it costs.
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Revenues
The amount of money reviced from selling goods or services over a period of time.
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Break-even point
The level of output where total revenues are equal to total costs; where a profit nor a loss is made.
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Total Revenue
The revenue earned by a business from the sale of a given quanitity of products. Quantity x Average Price.
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Total Costs
All the costs of a business
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Fixed Costs
Costs which do not vary with amount purchased.
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Variable Costs
Costs which change directly with the number of products made.
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Break even chart
A graph which shows total revenue and total cost, allowing the break even point.
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Margin of safety
The amount of output between the actual level of output where profit is made and the break even level.
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Finacing a business
How a business obtains money.
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Internal sources of finance.
Finance which is obtained within the business.
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External Sources of finance
Finance which is obtained form outside the business.
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Retained Profit
Profit which is kept back in the business and used to pay for investment.
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Equity or Share Capital
The monetary walue of a business that belongs to the business owner.
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Share
A part ownership in a business.
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Overdraft
Borrowing money form the bank by drawing more money than you have.
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Bonds
A long term loan where typically interest is paid.
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External Sources of finance
Finance which is obtained form outside the business.
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Retained Profit
Profit which is kept back in the business and used to pay for investment.
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Equity or Share Capital
The monetary walue of a business that belongs to the business owner.
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Share
A part ownership in a business.
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Overdraft
Borrowing money form the bank by drawing more money than you have.
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Bonds
A long term loan where typically interest is paid.
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Orgainistaion
The way in which a business is structered for it to achieve its objectives.
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Other cards in this set

Card 2

Front

The process of gaining information about customers, competitors and market trends through collecting primary and secondary data.

Back

Market Research

Card 3

Front

Information that has been gathered for a specific purpose through direct investigation such as observation, surveys and experiments.

Back

Preview of the back of card 3

Card 4

Front

Information that already exists such as acconts and sales records, newspaper and internet articles.

Back

Preview of the back of card 4

Card 5

Front

Data that can be expressed as numbers and can be statistically analysed.

Back

Preview of the back of card 5
View more cards

Comments

umah

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Really good, understandable and helpful- thank you :)

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