caie-as-level-business-9609-definitions Flashcards

the physical and tangible goods sold to
the general public – they include durable consumer
goods like cars and washing machines, and non durable
consumer goods like food, drinks and sweets that can be
used only once.

– the non-tangible products sold to
the general public – they include hotel accommodation,
insurance services and train journeys

the physical goods used by the industry
to aid in production of other goods and services, such as,
machines and commercial vehicles

– increasing the difference between the
cost of purchasing bought-in materials and the price of the
finished goods are sold

the difference between the costs of
purchasing bought-in materials and the price the finished
goods are sold for.

the benefit of the next most desired option which is given up

someone who takes the financial risk of starting and managing a new venture.

– a business with mainly social
objectives that reinvest most of its profits into benefiting society rather than maximizing returns to owners

the three objectives of social
enterprises: economic, social, and environmental

– a business organization that owns
and controls several separate businesses, but does
not unite them into one unified company.

sales of the business as a proportion of
total market sales.

a statement of the business’s core
aims, phrased in a way to motivate employees and to
stimulate interest by outside groups

– this concept applies to those businesses that consider the interests of society by taking responsibility for the impact of their
decisions of customers, employees, communities, and the envionment

expansion of a business by opening new branches, hops, or factories (also known as organic growth).

a method of coordinating and motivating all staff in an organization by dividing its overall aim into specific targets for each department
manager and employee.

a document detailing a company’s rules and guidelines on staff behavior that must be followed by all employees

– a payment to a sales person for each sale
made.

– a leadership style that leaves
much of the business decision-making to the workforce –
a ‘hands-off’ style approach and the reverse of the
autocratic style

a person who has no formal authority but has the respect of colleagues and some power over them.

the ability of managers to understand their own emotions, and those of the people they work with, to achieve better business performance.Motivation – the internal and external factors that stimulate people to take actions that lead to achieving a
goal.

the strategic approach to the effective management of an
organization’s workers so that they help the business gain
a competitive advantage.

the process of identifying the need for a new employee, defining the job to be filled and the type of person needed to fill it, and attracting suitable
candidate for the job.

involves the series of steps by which the
candidates are interviewed, tested, and screened for
choosing the most suitable person for the vacant post.
Job description – a detailed list of the key points about the job to be filled-stating all of its key tasks and
responsibilities.

the management tasks that link business to the customer by identifying and meeting the needs of the customers' profitability-it does this by getting the right product to the right place at the right time

the goals set for the marketing department to help the business achieve its overall objectives

long-term plan established for achieving marketing objectives

an outward-looking approach basing product decisions on consumer demand, as established by market research

an approach to marketing that
bases strategy on the firm’s existing strengths and assets
instead of purely on what the customer wants.

an inward-looking approach that
focuses on making products that can be made-or have
been made for a long time-and then trying to sell them.Social marketing – this approach considers not only the demands of consumers but also the effects on all members of the public (society) involved in some way
when firms meet these demands.

the market price that equates supply and demand for a product

the total level of sales of all producers within a market

the percentage change in the total size of the market (volume or value) over a period of time.

the percentage of total sales in the total market sold by one business. this is calculated by the following formula :(sales in time period/total market sales in time)*100

– a business that provides the same or
very similar goods or services.

the special feature of a product that differentiates it from competitors’ products.

– making a product distinctive so that it stands out from competitors’ products in consumers’ perception.

identifying and exploiting a small segment of a larger market by developing products to suit it.

selling the same products to the whole market with no attempt to target groups within it.

a quantified picture of consumers of a firm’s products, showing proportions of age groups, income levels, location, gender and social class.

a sub-group of a whole market in which consumers have similar characteristics.

identifying of different segments within a market and targeting different products or services to them

– research into the in-depth motivations behind consumer buying behaviour or opinions.

research that leads to numerical results that can be statistically analysed.

– a group of people who are asked about their attitude towards a product, service, advertisement or new style of packaging

every member of the target population has an equal chance of being selected.

every nth item in the target population is selected

this draws a sample from a specified sub-group or segment of the population and uses random sampling to select an appropriate number from each stratum.

– when the population has been stratified and the interviewer selects an appropriate number from each stratum.

the four key decisions that must be taken to effectively market a product.

using marketing activities to establish successful customer relationships to maintain existing customer loyalty.

an identifying symbol, image or trademark that distinguishes a product from its competitors.

– subjective opinions of customers about a product that cannot be measured or compared easily.

– the consumer perception of a product or service as compared to its competitors.

analysing the range of existing products of a business to help allocate resources effectively between them

– the pattern of sales recorded by a product from launch to withdrawal from the market and is one of the main forms of product portfolio analysis.

these are marketing plans to extend the maturity stage of the product before a brand new one is needed.

manufactured process that can be reused and is expected to have a reasonably long life, such as a car or washing machine.

measures of demand responsiveness following a price change.

adding a fixed markup for profit to the unit price of a product.

setting a price that will give a required rate of return at a certain level of output/sales.

setting a price by calculating a unit cost for the product (allocated fixed and variable costs) and then adding a fixed profit margin

a firm will base its price upon the price set by its competitors.

– a form of promotion that is undertaken by a business by paying for communication with consumers.

– the strategy of differentiating products from those of competitors by creating an identifiable image and clear expectations about a product.

the financial amount made available by a business for spending on marketing/promotion during a certain time period.

where actual income is less than budget, or actual expenditure is more than budget.

go through each line item in your budget and subtract the actual spend from the original budget. Then do up the total.

a plan you write down to decide how you will spend your money each month