Business Studies Flash Cards - M

Front 1

Maintenance

Back 1

Providing the working conditions and work environmentthat motivate staff to be increasingly productive, gainsatisfaction from their work and remain loyal to the firm.

Front 2

Market segmentation

Back 2

The process of breaking down a total market into smallmarkets based on the similar characteristics of a customergroup.

Front 3

Market share

Back 3

The percentage of total sales a business has compared withits competitors within a particular market.

Front 4

Market share analysis

Back 4

An examination of the sales performance of a business andits comparison with that of its direct competitors.

Front 5

Market skimming

Back 5

A pricing strategy that is used when a business wants torecover the high costs involved in establishing a product andreleasing it onto the marketplace by setting a high price.

Front 6

Marketing

Back 6

The process of developing a product and implementing aseries of strategies aimed at correctly promoting, pricingand distributing the product to a core group of customers.

Front 7

Marketing function

Back 7

Involves finding out what consumers want and needand attempting to link the results of this research to thebusiness’s product.

Front 8

Marketing mix

Back 8

The process of developing a product that meets the needsof consumers and implementing a series of promotional,pricing and distribution strategies that will encourageconsumers to purchase the product.

Front 9

Marketing profitability analysis

Back 9

The process of evaluating the financial (such as profit andsales) and nonfinancial (such as brand awareness andcustomer satisfaction) benefits that have been achieved bya specific marketing plan against the costs of implementingthe plan.

Front 10

Mass market

Back 10

The market where the products are aimed at all consumers.

Front 11

Matching principle

Back 11

Involves using the appropriate finance for purchasing anasset. Current assets should be purchased with short-termfinance while non-current assets should be purchased withlong-term finance, such as a 15-year mortgage loan. Thematching principle also relates to matching the recording ofa transaction to the date that it occurred.

Front 12

Mediation

Back 12

Occurs where an independent party with no ties to eitherstakeholder is asked to assist the conflicting stakeholders toreach a settlement.

Front 13

Merger

Back 13

The joining together of two businesses to form one business.

Front 14

Monetary policy

Back 14

Steps taken by the Reserve Bank of Australia to affectthe finance market and assist the federal government toachieve its goal of low inflation and economic growth.