front 1 Consumer good | back 1 the physical and tangible goods sold to |
front 2 consumer service | back 2 – the non-tangible products sold to |
front 3 capital goods | back 3 the physical goods used by the industry |
front 4 creating value | back 4 – increasing the difference between the |
front 5 added value | back 5 the difference between the costs of |
front 6 opportunity cost | back 6 the benefit of the next most desired option which is given up |
front 7 entreprenuer | back 7 someone who takes the financial risk of starting and managing a new venture. |
front 8 social enterprise | back 8 – a business with mainly social |
front 9 triple bottom line | back 9 the three objectives of social |
front 10 holding company | back 10 – a business organization that owns |
front 11 market share | back 11 sales of the business as a proportion of |
front 12 mission statment | back 12 a statement of the business’s core |
front 13 corporate social responsiblities | back 13 – this concept applies to those businesses that consider the
interests of society by taking responsibility for the impact of
their |
front 14 internal growth | back 14 expansion of a business by opening new branches, hops, or factories (also known as organic growth). |
front 15 management by objectives | back 15 a method of coordinating and motivating all staff in an organization
by dividing its overall aim into specific targets for each
department |
front 16 ethical code/code of conduct | back 16 a document detailing a company’s rules and guidelines on staff behavior that must be followed by all employees |
front 17 commision | back 17 – a payment to a sales person for each sale |
front 18 laisser faire leadership | back 18 – a leadership style that leaves |
front 19 informal leadership | back 19 a person who has no formal authority but has the respect of colleagues and some power over them. |
front 20 emotional inteligence | back 20 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 |
front 21 human resource management | back 21 the strategic approach to the effective management of
an |
front 22 recruitment | back 22 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 |
front 23 selection | back 23 involves the series of steps by which the |
front 24 marketing | back 24 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 |
front 25 marketing objectives | back 25 the goals set for the marketing department to help the business achieve its overall objectives |
front 26 marketing stratergy | back 26 long-term plan established for achieving marketing objectives |
front 27 market orientation | back 27 an outward-looking approach basing product decisions on consumer demand, as established by market research |
front 28 asset led marketing | back 28 an approach to marketing that |
front 29 product orientation | back 29 an inward-looking approach that |
front 30 equilibrium price | back 30 the market price that equates supply and demand for a product |
front 31 market size | back 31 the total level of sales of all producers within a market |
front 32 market growth | back 32 the percentage change in the total size of the market (volume or value) over a period of time. |
front 33 market share | back 33 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 |
front 34 direct competitor | back 34 – a business that provides the same or |
front 35 USP(unique selling price) | back 35 the special feature of a product that differentiates it from competitors’ products. |
front 36 product diffrenciation | back 36 – making a product distinctive so that it stands out from competitors’ products in consumers’ perception. |
front 37 niche marketing | back 37 identifying and exploiting a small segment of a larger market by developing products to suit it. |
front 38 mass marketing | back 38 selling the same products to the whole market with no attempt to target groups within it. |
front 39 consumer profile | back 39 a quantified picture of consumers of a firm’s products, showing proportions of age groups, income levels, location, gender and social class. |
front 40 market segment | back 40 a sub-group of a whole market in which consumers have similar characteristics. |
front 41 market segmentation | back 41 identifying of different segments within a market and targeting different products or services to them |
front 42 qualitative research | back 42 – research into the in-depth motivations behind consumer buying behaviour or opinions. |
front 43 quantitative research | back 43 research that leads to numerical results that can be statistically analysed. |
front 44 focus group | back 44 – a group of people who are asked about their attitude towards a product, service, advertisement or new style of packaging |
front 45 random sampling | back 45 every member of the target population has an equal chance of being selected. |
front 46 systematic sampling | back 46 every nth item in the target population is selected |
front 47 stratified sampling | back 47 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. |
front 48 quota sampling | back 48 – when the population has been stratified and the interviewer selects an appropriate number from each stratum. |
front 49 marketing mix | back 49 the four key decisions that must be taken to effectively market a product. |
front 50 customer relationship management | back 50 using marketing activities to establish successful customer relationships to maintain existing customer loyalty. |
front 51 brand | back 51 an identifying symbol, image or trademark that distinguishes a product from its competitors. |
front 52 intangible attributes of a product | back 52 – subjective opinions of customers about a product that cannot be measured or compared easily. |
front 53 product positioning | back 53 – the consumer perception of a product or service as compared to its competitors. |
front 54 product portfolio analysis | back 54 analysing the range of existing products of a business to help allocate resources effectively between them |
front 55 product life cycle | back 55 – 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. |
front 56 Extention strategy | back 56 these are marketing plans to extend the maturity stage of the product before a brand new one is needed. |
front 57 consumer durable | back 57 manufactured process that can be reused and is expected to have a reasonably long life, such as a car or washing machine. |
front 58 price elasticity of demand | back 58 measures of demand responsiveness following a price change. |
front 59 markup pricing | back 59 adding a fixed markup for profit to the unit price of a product. |
front 60 target pricing | back 60 setting a price that will give a required rate of return at a certain level of output/sales. |
front 61 full cost pricing | back 61 setting a price by calculating a unit cost for the product (allocated fixed and variable costs) and then adding a fixed profit margin |
front 62 competition based pricing | back 62 a firm will base its price upon the price set by its competitors. |
front 63 above-the-line promotion | back 63 – a form of promotion that is undertaken by a business by paying for communication with consumers. |
front 64 branding | back 64 – the strategy of differentiating products from those of competitors by creating an identifiable image and clear expectations about a product. |
front 65 marketing or promotional budget | back 65 the financial amount made available by a business for spending on marketing/promotion during a certain time period. |
front 66 adverse variances | back 66 where actual income is less than budget, or actual expenditure is more than budget. |
front 67 favourable variances | back 67 go through each line item in your budget and subtract the actual spend from the original budget. Then do up the total. |
front 68 budget | back 68 a plan you write down to decide how you will spend your money each month |