Lady A vocab
Terms in this set (90)
a business that is owned and run by one person; the owner has unlimited liability
a fixed amount for a fixed term with regular fixed repayments
a financial document that shows the expected movement of cash into and out of a business, per time period
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so
a financial gain; the difference between the amount earned and the amount spent in buying, operating, or producing something
a formal summary of the aims and values of a company or organization
a person who acts on behalf of another
legal protection for artists and authors preventing others from using or copying their work without permission
product life cycle
the cycle through which every product goes: from R&D to decline
the way in which a business wants consumers to perceive its brands
a diverse group of people discussion about a particular product before it is launched
income: price x quantity
the cost required for something
a corporate structure whereby the members of the company cannot be held personally liable for the company's debts
above the line promotion
the use of mass media sources to promote a business
below the line promotion
all forms of non-media promotional activities
a particular group of consumers at which a product or service is aimed
the act of moving non-core activities away from internal operations by finding an external party to carry out such functions
the traditional way of quality management that involves inspecting, testing, and sampling the quality of work
businesses that purchase large quantities of products from a manufacturer and then separate or 'break' the bulk-purchases into smaller units for resale to retailers
the process of hiring suitable workers; this will entail a thorough job analysis to esnure taht the best candidate is hired
an organization that is involved in the production of goods and/or the provision of services
Movement of the money you receive and the money you spend.
Finance provided by the government (or government-supported agencies) to support specific industries, regions or projects. Unlike a loan, most grants don't have to be paid back (provided that the grant criteria are met).
an organization set up to provide help and raise money for those in need.
an organization whose goals do not include making a personal profit for its owners or organizers
An amount of money paid to an employee at a specific rate per hour worked.
incentives received in addition to a base salary, such as medical insurance, use of an organization's vehicles, and paid travel
a written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law.
Mutual discussion and arrangement of the terms of a transaction or agreement.
A strategy in which marketers evaluate the attractiveness of each potential segment and decide in which of these groups they will invest resources to try to turn them into customers.
A marketing function needed to communicate information about goods, services, images, and/or ideas to achieve a desired outcome
payment to the holder of a patent or copyright or resource for the right to use their property
A person who plans, summarizes, analyzes, and interprets accounting information.
annual financial statements that all limited companies are legally obliged to report
a compulsory contribution to state revenue, levied by the government on workers' income and business profits or added to the cost of some goods, services, and transactions.
processes and methods employed in transformation of tangible inputs (raw materials, semi-finished goods, or subassemblies) and intangible inputs (ideas, information, know how) into goods or services.
a good, idea or method, information, object or service created as a result of a value-added process and serves a need or satisfies a want
a distinguished symbol, mark, logo, name, word, sentence or a combination of these items that companies use to distinguish their product from others in the market.
The money coming into an organisation from distinct business activities and/or products over a period of time.
a plan of action or policy designed to achieve a major or overall aim.
Any attempt by marketers to lengthen the product life cycle of a particular product. Such strategies are typically used during the maturity or early decline stages of a product's life cycle.
changes in birth, marriage and death rates; life expectancy and family patterns; population size and density. the economic social, and political effects of immigration, internal migration, and migration networks
The percentage growth in the size of the market, measured over a specific period
A concept developed by the Boston Consulting Group that evaluates strategic business units with respect to the dimensions of business growth rate and market share.
change in governments, policies and regulations
the process of concentrating on and becoming expert in a particular subject or skill.
a subset of supply chain management that focuses largely on the tactics involved in moving products along the supply chain
Permanent employees comprising the central and foundational group that provides the skills essential to the survival and growth of an organisation. Core employees are supported in their work by contingent or peripheral employees.
employee hired for a specific time or to complete a specific assignment
The contingent work force, whose employment derives from the external demand for the organisation's products. There is no career track for these people and they perform routine jobs. They are usually temporary and part-time workers
The art of motivating a group of people towards achieving a common objective
Different patterns of leader behavior, or "styles" employed to secure subordinate compliance toward achieving organizational goals
laissez-faire leadership style
a leadership style characterized by complete freedom for the group in making decisions
Private limited company
A business organization owned by shareholders with limited liability but whose shares cannot be bought or sold to the general public.
one of the equal parts into which a company's capital is divided, entitling the holder to a proportion of the profits.
Technological possibilities include installing pollution-capturing filters for industrial runoff and recycling of industrial wastes.
The classification of groups of businesses related to the particular good or service they produce
in general, a transaction that refers to a group of organizations that are related in terms of their primary business activities
a general direction in which something is developing or changing
ability to provide financial rewards sufficient to attract and retain financing
a decline, slump, decrease in economic activity
Social Media Marketing
The use of social media portals to create a positive influence on consumers or business customers toward an organization's brand, products, public image, or website.
A group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations
Primary market research
process of collecting and analyzing original data and applying the results to current research needs
Secondary market research
Information that has already been collected for a different purpose.
Moving operations from the country where a company is headquartered to a country where pay rates are lower but the necessary skills are available.
a good or service that meets customers expectations and is therefore 'fit for purpose'
developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering
"A Matrix looking at growth potential of a firms products. It classifies strategies into market penetration, new product development, market development and diversification and measures the degree of risk associated with each strategy."
An investment strategy in which you spread your investment dollars among industry sectors.
Determining the best ways for customers to locate,obtain,and use the products and services of an organization. Involves moving the product each step from the deign idea to the consumer.
Retail stores that share a brand and central management, and usually have standardised business methods and practices.
Retail outlets which purchase goods or products in large quantities from manufacturers directly or through a wholesale, and then sells smaller quantities to the consumer for a profit.
redesigning an organization so that it can more effectively and efficiently serve its customers
Workforce planning begins with an examination of the current workforce of an organisation. It then involves a forecast of future human resource needs and identification and development of the knowledge, skills and experience required to ensure future success in meeting the organisation's objectives. This may require recruitment and training.
passing of authority down the hierarchy to perform tasks or make decisions; responsibility remains with the person delegating
A leadership style where the leader makes decisions but takes into account the welfare of employees
The industry and the practice of helping organisations improve their performance, primarily through the analysis of existing business problems and development of plans for improvement.
Developing a long-term vision of the firm's strategic intent.
options for future, related business products or strategies
Assessing the current position of the company in relation to its market, competitors and the external environment.
Setting the organisation's mission, vision and objectives - these may be new if the firm is undergoing a significant change of direction. Taking important long-term decisions that will push the business towards the objectives set.
Integrating and coordinating the activities of the different functional
Allocating sufficient resources to put decisions into effect.
Evaluating success - evaluating the overall performance of the business and its progress towards objectives.
channels of distribution
a chain of businesses or intermediaries through which a good or service passes until it reaches the end consumer
selling products in markets other than the original domestic market
business transactions conducted online, typically via the internet
marketing several different products under the same brand name
Strategic attempt to change to change the corporate image of a product or organisation.
The management process through which goods and services move from concept to the customer.