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fvwrvw Flashcards

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1
Q

Market research

A

The process of gathering analyzing and interpreting data about customers competitors and the market to support business decisions

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2
Q

Primary research

A

Original data collected first hand by a business for a specific purpose such as surveys interviews or focus groups

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3
Q

Secondary research

A

Existing data collected by others such as government statistics market reports or newspapers

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4
Q

Quantitative data

A

Numerical data that can be statistically analysed such as sales figures or market share

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5
Q

Qualitative data

A

Descriptive non numerical data that provides insight into consumer attitudes and motivations

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6
Q

Market segmentation

A

Dividing a market into groups of consumers with similar characteristics to target them more effectively

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7
Q

Demographic segmentation

A

Segmenting a market based on age gender income occupation or family size

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8
Q

Geographic segmentation

A

Segmenting a market based on location such as country region or climate

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9
Q

Psychographic segmentation

A

Segmenting consumers based on lifestyle values personality or interests

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10
Q

Behavioural segmentation

A

Segmenting consumers based on usage loyalty or purchasing behaviour

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11
Q

Marketing objectives

A

Specific measurable targets set by a business such as increasing market share sales revenue or brand awareness

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12
Q

Marketing strategy

A

A long term plan to achieve marketing objectives through targeting positioning and the marketing mix

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13
Q

Marketing mix

A

The combination of product price promotion and place used to market a product

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14
Q

Product life cycle

A

A model showing the stages a product goes through from launch growth maturity to decline

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15
Q

Extension strategies

A

Methods used to prolong the life of a product such as rebranding price reductions or product improvements

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16
Q

Branding

A

Creating a unique name image or identity to differentiate a product from competitors

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17
Q

Digital marketing

A

Using online platforms such as social media search engines and websites to promote products

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18
Q

Workforce planning

A

Ensuring a business has the right number of employees with the right skills at the right time

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19
Q

Recruitment

A

The process of attracting suitable candidates to apply for a job

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20
Q

Selection

A

The process of choosing the most suitable candidate for a job role

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21
Q

Training

A

The process of improving employee skills knowledge and performance

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22
Q

On the job training

A

Training that takes place in the workplace such as shadowing or mentoring

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23
Q

Off the job training

A

Training conducted away from the workplace such as courses or workshops

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24
Q

Motivation

A

The desire of employees to work hard and achieve business objectives

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25
Taylor theory
A motivation theory based on financial rewards and close supervision
26
Maslow hierarchy of needs
A motivation theory stating employees are motivated by fulfilling needs from basic to self actualisation Maslow argued that motivation is based on a hierarchy of needs starting with physiological then safety love and belonging esteem and self actualisation and employees must have lower level needs sufficiently met before higher level needs motivate them however individuals may prioritise needs differently and not all employees reach self actualisation
27
Herzberg two factor theory
A motivation theory distinguishing between hygiene factors and motivators
28
Mayo human relations theory
A theory suggesting workers are motivated by social factors and feeling valued
29
Leadership
The ability to inspire and influence employees to achieve business goals
30
Management
The process of planning organising directing and controlling business resources
31
Autocratic leadership
A leadership style where decisions are made solely by managers
32
Democratic leadership
A leadership style where employees are involved in decision making
33
Laissez faire leadership
A leadership style with minimal management control
34
Organisational structure
The way roles responsibilities and authority are arranged within a business
35
Hierarchy
A structure with different levels of authority and clear chains of command
36
Production methods
The ways in which goods and services are produced
37
Job production
Producing one unique product at a time
38
Batch production
Producing groups of identical products together
39
Flow production
Continuous production of standardised products
40
Capacity utilisation
The percentage of maximum output currently being achieved
41
Lean production
Methods aimed at reducing waste and increasing efficiency
42
Just in time
JIT stock management system where materials arrive only when needed
43
Quality control
Checking products for faults after production
44
Quality assurance
A system ensuring quality is built into production processes
45
Total quality management
A culture where all employees are responsible for quality
46
Supply chain
The network of organisations involved in producing and delivering a product
47
Technology in operations
Using machinery automation or IT to improve efficiency and productivity
48
Sources of finance
Ways a business can raise funds
49
Short term finance
Finance needed for less than one year such as overdrafts or trade credit
50
Long term finance
Finance used for more than one year such as loans or share capital
51
Internal finance
Funds generated within the business such as retained profit
52
External finance
Funds raised from outside the business
53
Cash flow forecast
A prediction of future cash inflows and outflows
54
Working capital
Current assets minus current liabilities
55
Budget
A financial plan showing expected income and expenditure
56
Variance analysis
Comparing actual results to budgeted figures
57
Favourable variance
When actual results are better than expected
58
Adverse variance
When actual results are worse than expected
59
Break even analysis
Calculating the level of output where total revenue equals total costs
60
Margin of safety
The difference between actual output and break even output
61
Payback period
The time taken for an investment to recover its initial cost
62
Average rate of return
ARR
63
SWOT analysis
A tool analysing internal strengths and weaknesses and external opportunities and threats
64
Strengths
Internal factors giving a business competitive advantage
65
Weaknesses
Internal factors placing a business at a disadvantage
66
Opportunities
External factors a business could exploit for growth
67
Threats
External factors that could harm business performance
68
PESTLE analysis
A framework analysing political economic social technological legal and environmental factors
69
Ansoff matrix
A model showing four growth strategies based on products and markets Market penetration is a growth strategy where a business sells existing products in existing markets by increasing promotion lowering prices or increasing market share and it is the lowest risk strategy because both the product and market are known Product development is a growth strategy where a business introduces new or improved products into existing markets and it carries medium risk because the business understands the market but the product is new Market development is a growth strategy where a business sells existing products in new markets such as new countries or customer segments and it carries medium risk because the product is proven but the market is unfamiliar Diversification is a growth strategy where a business introduces new products into new markets and it is the highest risk strategy because the business has no experience in either the product or the market
70
Market penetration
Growth by increasing sales of existing products in existing markets
71
Product development
Introducing new products into existing markets
72
Market development
Selling existing products in new markets
73
Diversification
Introducing new products into new markets
74
Porters five forces
A model analysing competitive pressures within an industry Competitive rivalry refers to the intensity of competition between existing firms in a market and is high when there are many competitors slow market growth or low product differentiation Threat of new entrants is the risk of new businesses entering the market and is high when barriers to entry are low such as low start up costs or limited economies of scale Threat of substitutes refers to the availability of alternative products that can replace the firms product and is high when substitutes are cheaper more convenient or offer better value Bargaining power of buyers is the ability of customers to influence prices and is high when there are many alternative suppliers low switching costs or large bulk purchases Bargaining power of suppliers is the ability of suppliers to control prices or quality and is high when there are few suppliers high switching costs or a unique input
75
Competitive rivalry
The level of competition between existing firms
76
Threat of new entrants
How easy it is for new firms to enter the market
77
Threat of substitutes
The availability of alternative products
78
Buyer power
The ability of customers to influence prices
79
Supplier power
The ability of suppliers to control prices or quality
80
Boston matrix
A portfolio analysis tool based on market share and market growth
81
Stars
Products with high market share in high growth markets
82
Cash cows
Products with high market share in low growth markets
83
Question marks
Products with low market share in high growth markets
84
Dogs
Products with low market share in low growth markets
85
Revenue
Price multiplied by quantity sold
86
Total cost
Fixed costs plus variable costs
87
Variable costs
Costs that change with the level of output
88
Break even output
Fixed costs divided by contribution per unit
89
Contribution per unit
Selling price minus variable cost per unit
90
Total contribution
Contribution per unit multiplied by units sold
91
Margin of safety
Actual output minus break even output
92
Profit
Total revenue minus total costs
93
Gross profit
Revenue minus cost of sales
94
Net profit
Gross profit minus overheads
95
Profit margin
Net profit divided by revenue multiplied by 100
96
Sales revenue
Price multiplied by quantity sold
97
Average cost
Total cost divided by output
98
Labour productivity
Output divided by number of employees
99
Capacity utilisation
Actual output divided by maximum capacity multiplied by 100
100
Market share
Company sales divided by total market sales multiplied by 100
101
Return on capital employed
Operating profit divided by capital employed multiplied by 100
102
Capital employed
Total assets minus current liabilities
103
Current ratio
Current assets divided by current liabilities
104
Acid test ratio
Current assets minus inventory divided by current liabilities
105
Working capital
Current assets minus current liabilities
106
Payback period
Initial investment divided by annual cash inflow
107
Average rate of return
Average annual profit divided by initial investment multiplied by 100
108
Budget variance
Actual figure minus budgeted figure
109
Favourable variance
When actual revenue is higher than budgeted or costs are lower than budgeted
110
Adverse variance
When actual revenue is lower than budgeted or costs are higher than budgeted
111
Price elasticity of demand
Percentage change in quantity demanded divided by percentage change in price
112
Income elasticity of demand
Percentage change in quantity demanded divided by percentage change in income
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