4663674
Description
Flashcards by James Dodd, updated more than 1 year ago
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Created by James Dodd
over 8 years ago
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| Question | Answer |
| Primary research | When a firm carries out first-hand research by field work, e.g. a questionnaire about customer perceptions of its products |
| Qualitative research | In depth research using depth interviews, used to find out customers' behaviour and attitudes |
| Quantitative research | Research involving large quantities of data, which allows statisical analysis of the results |
| Secondary research | Desk research; research that has been previously carried out or published for another body or purpose |
| Demand curve | The downward sloping line drawn to show how falling prices lead to rising sales (the 'curve' may be a straight line) |
| Effective demand | Demand backed by the ability to pay |
| Repeat purchase | Customer loyalty reflected in regualr purchasing |
| Market map | Grid that measures two different aspects of the brands within a market (e.g. young/old compared with luxury/economy) |
| Market research | Finding out customer opinions and actions, usually by interviews and by gathering information about sales |
| Innovative | A new perhaps original, product or process |
| Unethical | An action or decision that is wrong from a moral standpoint |
| Market segments | Sections of a market focused upon specific types of customer, such as children |
| Market share | One brand's sales as a percentage of all the sales in the market |
| Adding value | Creating something of a higher value to a customer than its bought-in costs |
| Unique Selling Point (USP) | A feature of a product or service that is not shared by any competitior |
| Entrepreneur | Someone who takes on the risk of starting up a new enterprise |
| Royalties | Paying a percentage of the sales revenue generated by a business or product |
| Copyright | Protection for a creator against his/her work being copied |
| Innovation | Putting a new idea into practice |
| Invention | Showing how an original idea can work in theory |
| Patent | Registering a new way of producing something, to establish sole rights to its use |
| Trademark | Registering a logo, name, brand or slogan so that other businesses can not imitate you |
| Profit | Revenue minus costs. This is the surplus that can be used to reward shareholders or to invest in the expansion of the business |
| Revenue | The value of sales (price x quantity sold). This does not allow for any costs |
| Sales forecasts | Estimates of the future level of sales to be achieved by a new or exsisting product |
| Fixed costs | Costs that do not change when sales/output change |
| Total costs | All the costs of making a specific level of sales (i.e. fixed costs plus total variable costs) |
| Variable costs | Costs that change in direct proportion to changes in sales/output |
| Business plan | A formal document setting out a new business idea and how it is planned to make it succeed |
| Cash | The money the firm holds in notes and coins and in its bank account |
| Cash flow | The movement of money into and out of the fimr's bank account |
| Cash flow forecasting | Prediccting the future flows of cash into and out of the firm's bank account |
| Cumulative cash | The build-up of cash in a firm's bank account |
| Insolvency | The inability to repay debts as they become due |
| Negative cash flow | When cash out is greater than cash in |
| Net monthly cash | The month's cash inflow minus the month's cash outflow |
| Dividends | Payments to shareholders from the company's yearly profits. The directors of the company decide how large a dividend payment to make; in a year they can decide on zero |
| Liquidation | Selling off a firm's assets in order to raise cash to pay off the firm's debts |
| Share captial | Raising finance by selling part ownership in the business. Shareholders have the right to question the directors and to receive part of the yearly profits |
| Venture capital | A combination of share capital and loan capital, provided by a bank that is willing to take a chance on the success of a small to medium-sized business |
| Mission | Something that a person passionately wants to achieve |
| Patent | Legal protection for the originator of a technical breakthrough |
| Limited liability | Where responsibility for paying the debts of the business is limited to the business, and cannot be passed on to the owners (the shareholders) |
| Vision | A clear view of what the business should be aiming for (e.g. bringing millions of people together) |
| Word of mouth | People speaking to each other about a topic or a business |
| Customer focus | Keeping your staff thinking about customers' needs and wants |
| Target audience | The part of the market your product is aimed at (e.g. women aged 15-24) |
| Bankrupt | When an individual is unable to pay his/her debts, even after all personal assets have been sold for cash |
| Private Limited Company (LTD) | A small private business where shareholders enjoy limited liability but shares can only be sold to invited individuals |
| Sole Trader | A business run by one person; that person has unlimited liability for any business debts |
| Unlimited liability | Treating the business and the individual owner as inseparable, therefore making the individual responsible for all the debts of a fialed business |
| Corporation tax | Tax paid as a percentage of a company's profit |
| Discrimination | Treating some types of people worse than others for reasons of prejudice. This may include choosing one person other another for a job based upon race, sex or age. |
| Income tax | Tax paid as a percentage of a person's wage/salary |
| Legal entity | A person or company that is treated by the law as having its own independent rights and responsibilities |
| National Insurance | A form of tax that is paid by employers and employees as a contribution towards welfare payments such as unemployment pay. Employers pay around 13 per cent of the employees salary |
| Customer satisfaction | The degree to which buyers rate the quality of the service they have received |
| Repeat purchase | Buyers returning regularly to buy from the same supplier |
| Supply chain | The links in the chain from the start to the end of the supply process. For a bakery that might be: wheat from farm - ground to flour - delivered to baker - baked into bread - sliced and wrapped - delivered to shops |
| Curriculum Vitae (CV) | The story of life (i.e. a summary of a person's qualifications, acheivements and interests) |
| Reference | One brand's sales as a percentage of all the sales in the market |
| Induction | Intial training to make newcomers feel comfortable in their new job |
| Off-the-job | Training that takes place away from the job (e.g. at college or at a company's training centre) |
| On-the-job | Training that takes place while working at the job (e.g. till training at a supermarket) |
| Absenteeism | The percentage of the workforce that is absent on the average day. The national average is about 3 per cent, but in some organisations it is highas 10 per cent |
| Labour turnover | The percentage of the workforce that leaves each year and has to be replaced |
| Consumer spending | The total spent by all shoppers throughout the country |
| Exports | Goods produced in one country but sold overseas (e.g. a british-made Mini sold in France) |
| Recession | A downturn in sales and output throughout the economy, often leading to rising unemployment |
| Commodity | A product in which all supplies are the same, such as a pound of sugar. By contrast, types of jam have different flavours and different brand names |
| Market | Where buyers and sellers come together; it could be in a particular street, or at an internet location (such as eBay) |
| Monopoly | Where sales in the market are dominated by a single supplier |
| Wholesale | The middleman between and retailers; retailers can buy at discounts when they buy wholesale, and may pass that discounts on to the public |
| Economic Growth | The rate of rise in total output per year within an economy. This rate will determine how wealthy the country becomes in the future |
| European Union (EU) | The group of countries that trade freely with one another and have agreements on many areas of social and economic policy |
| Foreign exchange markets | The places where currencies are bought and sold. The city of London is a major centre for the massive daily trade in foreign exchange |
| Bank of England | The state-owned bank that lends to - and regulates - the high street banks such as Barclays and Lloyds TSB |
| Bank rate | The interest rate set by the Bank of England, from which the high street banks decide the rates they will charge |
| Chancellor of the Exchequer | The government minister responsible for decisions about the economy. The second most poweful politician in the country, after the Prime Minister |
| Booming | An economy that is growing much faster than it usually does. The term 'boom' implies that it probably will not last (i.e. that the economy is heading for a bit of an explosion) |
| Forecast | A prediction of the future based on evidence (e.g. forecasting what UK interest rates will be in six months' time) |
| Primary Stakeholders | People or groups seen by the business to be fundamental to the organisation's success or failure |
| Secondary Stakeholders | People or groups who feel involved in the organisation's success or failure, whether or not management agrees |
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