Edexcel As Business Studies

Front 1

Marketing mix

Back 1

The plan for getting the right blend of product, price, promotion and place.

Front 2

Marketing objectives

Back 2

The targets the marketing department must achieve.

Front 3

Market segmentation

Back 3

Dividing a market up by customers' age, gender or income to find areas that are under-served.

Front 4

Marketing strategy

Back 4

The medium to long-term plan for meeting the marketing objectives, delivered through the marketing mix.

Front 5

Marketing

Back 5

The department tasked with targeting the right product at the right target market using the right combination of price, promotion and place.

Front 6

The market

Back 6

Where buyers meet sellers, either face-to-face or online.

Front 7

Economies of scale

Back 7

Factors that cause costs per unit to fall when a firm operates at a higher level of production.

Front 8

Franchise

Back 8

A business that sells the rights to the use of its name and trading methods to local businesses.

Front 9

Generic brands

Back 9

Brands that are so well known that customers say the brand when they mean the product.

Front 10

Product differentiation

Back 10

The extent to which consumers perceive your brand as being different from others.

Front 11

Mass marketing

Back 11

The attempt to create products or services that have universal appeal.

Front 12

Niche marketing

Back 12

A niche market is a very small segment of a much larger market.

Front 13

Demand

Back 13

Measures the level of interest customers have in buying a product. To be effective, that interest must be backed by the ability to pay.

Front 14

Complementary goods

Back 14

These are bought in conjunction with each other.

Front 15

Inferior goods

Back 15

Ones for which sales fall when people are better off but rise when consumers are struggling financially.

Front 16

Luxury goods

Back 16

Ones for which sales rise rapidly when people are better off, but may fall rapidly in hard times.

Front 17

Normal goods

Back 17

Ones for which sales move in line with changes in consumer outcomes.

Front 18

Seasonal variation

Back 18

Change in the value of a variable that is related to the seasons.

Front 19

Substitutes

Back 19

Products or services in competition with each other, so customers will substitute one for the other.

Front 20

Supply

Back 20

Supply is the quantity of a product that producers are able to deliver within a specific time period.

Front 21

Market price

Back 21

The price of a commodity that has been established by the market - that is where supply equals demand.

Front 22

Supply chain

Back 22

The whole path from suppliers of raw materials through production and storage on to customer delivery.

Front 23

Supply curve

Back 23

A line showing the quantity of goods firms want to supply at different price levels (the higher the price, the more enthusiastic the supply).

Front 24

Price elasticity

Back 24

Price elasticity measures the extent to which demand for a product changes when its price is changed.

Front 25

External constraint

Back 25

Something outside the firm's control that can prevent it achieving its objectives.

Front 26

Predatory pricing

Back 26

Pricing low with the deliberate intention of driving a competitor out of business.

Front 27

Price-elastic

Back 27

A product with demand that is highly price sensitive, so price elasticity is above 1.

Front 28

Price-inelastic

Back 28

A product with demand that is not very price sensitive, so price elasticity is below 1.

Front 29

Loss leader

Back 29

Pricing a product below cost in order to attract further, profitable business.

Front 30

Price elasticity

Back 30

A measurement of the extent to which a product's demand changes when its price is changed

Front 31

Price sensitive

Back 31

When customer demand for a product reacts sharply to a price change.

Front 32

Pricing tactics

Back 32

Short-term pricing responses to opportunities or threats.

Front 33

Leadership

Back 33

Leadership means inspiring staff to achieve demanding goals.

Front 34

Autocratic manager

Back 34

Keep most of the authority to themselves; do not delegate much or share information with employees; tell employees what to do.

Front 35

Democratic manager

Back 35

Take the views of their subordinates into account when making decisions; discuss what needs to be done and employees are involved in the decision.

Front 36

Hubris

Back 36

Overweening arrogance leading to excessive self-confidence and therefore blindness to the risks being taken.

Front 37

Nemesis

Back 37

Divine punishment for wrongdoing or presumption; the fall that comes after the pride.

Front 38

Paternalistic manager

Back 38

Believes he/she knows what is best for the employees; tend to tell employees what to do, but will often explain their decisions; concerned about the social needs of employees.

Front 39

Entrepreneur

Back 39

An entrepreneur takes a restless look at the business opportunities that exist and then turns a business idea into action.

Front 40

Geographical mapping

Back 40

Plotting on a map the locations of all the existing businesses in your market.

Front 41

Innovations

Back 41

New ideas brought to the market.

Front 42

Line manager

Back 42

A manager responsible for meeting specific business targets and responsible for specific staff.

Front 43

Market map

Back 43

A grid plotting where each existing brand sit on scales based on two important features of a market.

Front 44

Market niche

Back 44

A gap in the market.

Front 45

Crowd-funding

Back 45

Obtaining external finance from many individual, small investments, usually through a web-based appeal.

Front 46

Entrepreneur

Back 46

Someone who makes a business idea happen, either through their own effort or by organising others to do the work.

Front 47

Piece rate

Back 47

Paying workers per piece they produce.