4015176
Description
Flashcards by Josh Anderson, updated more than 1 year ago
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Created by Josh Anderson
about 9 years ago
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| Question | Answer |
| B2B | Business to Business |
| B2C | Business to Consumer |
| Job Description | A document that covers the employee's responsibilities. |
| Person Specification | A description of qualifications, skills, knowledge, experience, etc. (Selection criteria) |
| Advertise | Publicise information (about a vacancy) |
| Shortlist | A list of candidates from which the final decision is made. |
| Interview | Meeting between the employer and the candidate. |
| Full-time employee | Normal working employees, usually working between 35 and 40 hours per week. |
| Part-time employee | Employees that work only a certain amount of time each week, usually around 20 hours per week. |
| Zero hour contracts | Workers that are called in when help is needed, or whenever they can. Work as much or as little as either party wants. |
| Salary | Fixed amount worked out annually, typically paid monthly. E.g. £30,000 per annum. |
| Wage | Paid per hour. E.g. Working 10 hours at £6.70, receive £67. |
| Time in lieu | Time taken off because of hours worked overtime. |
| BOGOF | Buy One Get One Free |
| Price Skimming | Setting a high initial price to make maximum profit (buyers are called early adopters). |
| Development | The stage of the product life cycle where the product is still in development. No sales are made. |
| Introduction | The stage of the product life cycle where the promotion levels are high and sales are increasing for the product or service. |
| Growth | The stage of the product life cycle where the sales are increasing fairly dramatically. Promotion levels decrease. |
| Maturity | The stage of the product life cycle where sales begin to level off. |
| Decline | The stage of the product life cycle where the sales of a product or service begins to decrease. |
| Withdrawal | When a product or service is removed from the market. |
| Promotional Mix | A variety of methods used by a business to promote the brand image and products. |
| Direct Selling | Selling a product directly to the customer, thus bypassing third parties. |
| Brand Loyalty | Having a set of customers who will repeatedly buy a certain brand of products (over another). |
| Telesales | Sales made in call centres that are used specifically to contact customers and sell them products or services. |
| Friendly Credit Terms | Financial option for customers who are unable to pay in full at the point of sale (monthly payments). |
| Collateral | A valuable asset used as security by a business when taking out a loan. |
| Wholesale | A business that buys in bulk and distributes its products to retailers (and in some cases, consumers). |
| Distribution Channels | The different channels a product goes through before reaching a customer. |
| Price | How much the customer pays for the product. |
| Market Share | The percentage of the market that belongs to one business. |
| Balance Sheet | A table showing the assets and liabilities that a business holds at a particular time. |
| Point of sale | The place in which a customer is deciding whether to proceed with the purchase of a good directly in front of them. |
| Horizontal Integration | Taking over or merging with firms on the same stage of the production chain. |
| Vertical Integration | Taking over or merging with firms on a different stage of the same production chain. |
| Overheads | Costs not directly tied to the production of goods. |
| Price Penetration | Setting a very low price to gain as many sales as possible (and then raising it after those sales have been achieved). |
| Adding Value | Making a product more attractive to customers. Add new features to the current product. |
| Exchange Rate | The cost of converting on currency into another. |
| Merchandising | Encouraging customers to make a purchase at the point of sale (like putting impulse buy products at the tills). |
| Loss-Leader | Setting extremely low prices in order to attract customers into the store to buy other complementary goods. |
| Stock Exchange | A market designed for the sale of shares from plcs to the general public. |
| Overdraft | Exceeding the money in your bank and using short term finances previously arranged with the bank. |
| Interest Rates | The cost of borrowing money charged on top of the total sum borrowed from a bank. |
| Merger | Two firms joining together in order to reap the benefits of larger market share. |
| Below The Line | Promotional methods that are directly aimed at an individual. |
| Above The Line | Promotional methods that are not specific to individuals. |
| Sponsorship | Paying a fee in order to have a famous individual or event publicise your product or business. |
| Price mark-Up | A percentage added onto the production cost in order to set a new price for a good or service. |
| Brand Logo | An image used to help identify the business from competitors. |
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