Theme 1 key terms

Sub
Key term Definition Theme
theme
A symbol, logo or design that is recognisable and
distinguishes a product from competitors
Brand A unique design/sign/symbol/words/logo which makes it 1 1.1.1
recognisable/distinguishes/differentiates it from its
competitors
The rivalry among sellers trying to achieve goals such as
Competition 1 1.1.1
increasing profits, market share, and sales volume
Competitive market When there are many rivals selling similar products 1 1.1.1
A rival business operating in the same market offering similar
goods or services
Competitor A rival business operating in the same market 1 1.1.1
offering similar goods or services e.g. KFC and McDonalds

Businesses produce similar products that appeal to the same

Direct competition 1 1.1.1
group of customers
Dynamic market A market that is subject to rapid/continuous change. 1 1.1.1
Different businesses make or sell products that are not in
Indirect competition direct competition but compete for the same customer 1 1.1.1
experience e.g. Netflix and the local cinema
The creation, development and implementation of a new
product, process or service.
Innovation Creating a new idea/product/process and turning it into a 1 1.1.1
marketable/sellable product/service
Putting new ideas/designs into action
Market Where buyers and sellers interact 1 1.1.1
Market growth An increase in demand/sales for a particular product/service 1 1.1.1
The % of the total market a business has in terms of volume
Market share 1 1.1.1
or value
The total amount of sales/customers in a market measured
Market size 1 1.1.1
by value/volume
A large unsegmented market where mass appeal products
Mass market 1 1.1.1
are on sale
A specialist area of the market/is a subset of the market on
which a specific product focuses. It is a smaller segment of a
larger market where consumers have specific needs and
wants.
Niche market 1 1.1.1
A specialised section of the market where customers have
specific needs/wants.
A small section of a market with distinctive specialised
requirements
Online retailing Selling goods and services on the internet 1 1.1.1
The development/creation of products not previously
Product innovation 1 1.1.1
available
The quantity of a good or service sold within a period of time.
Sales volume 1 1.1.1
Calculation Sales revenue/selling price
The inability to predict/a lack of knowledge about future
events and outcomes/reasons for uncertainty. Is caused by
Uncertainty 1 1.1.1
unexpected often external factors outside the business’s
control, even though sometimes these can be predictable
Where the questions do not produce findings that give a true
Biased questions reflection of the views of the target audience on the product 1 1.1.2
or service

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Consumer How consumers make decisions about how they choose and
1 1.1.2
behaviour use products or services
An organised collection of data stored electronically with
Databases 1 1.1.2
instant access, searching and sorting facilities
A research method used where the interviewer
Face-to-face
communicates directly with the respondent using a 1 1.1.2
survey
questionnaire.
A group of people who participate in a discussion as part of
Focus group 1 1.1.2
market research to give feedback about a product or service
Government publications that a business can use such as the
Government data 1 1.1.2
census of the population
Where the opinion of the interviewer interferes with the
Interview bias 1 1.1.2
judgements of the interviewee
When a business’s products/services are based around the
needs and wants of the customer.
Market orientation 1 1.1.2
The business finds out the needs and wants of the customers
and responds to them/meets customer requirements
A document that contains information, stats, research and
Market reports 1 1.1.2
facts on a chosen field
Gathering, presenting and analysing information about
Market research 1 1.1.2
products/customers
Market Dividing a whole market into particular customer groups that
1 1.1.2
segmentation have similar characteristics
An identifiable group of individuals/a part of the market where
Market segments 1 1.1.2
consumers share one or more characteristic or need
Observations Where market researchers watch the behaviour of customers 1 1.1.2
Obtaining data first hand by the business to match the
Primary market
specific needs of the business. It can also be known as field 1 1.1.2
research
research
When a business prioritises a product’s design quality or
Product orientation performance rather than meeting customer preferences to 1 1.1.2
guide production and marketing decisions
Qualitative Market research collected relating to the opinions and beliefs
1 1.1.2
research of consumers . Data not presented numerically.
Quantitative Numerical information gathered and can be presented and
1 1.1.2
research data analysed using graphs, charts, table etc
When respondents respond inaccurately to a question for
Respondent bias 1 1.1.2
some reason
A small group of people who must represent a proportion of a
Sample 1 1.1.2
total market when carrying out market research
Secondary market Data collected by another business or organisation but used
1 1.1.2
research by the business in question. Also known as desk research
Dividing the market into groups of people with similar
Segmentation 1 1.1.2
attributes or common characteristics
A platform such as Facebook, X and You Tube, which can be
Social networking 1 1.1.2
used to market a businesses products/services
Survey A method of (primary) research used to collect information 1 1.1.2
Trialling the product in a small area or to a limited number of
Test marketing 1 1.1.2
users to assess the suitability of a product
Specialist magazines that look at current trends in the
Trade publications 1 1.1.2
business world
The increase in value that a business creates when
producing a product/service. The difference between the
price the customer pays and the total cost of inputs needed
Added value 1 1.1.3
to create a product
The difference between the selling price and the cost of
inputs

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 A feature of a business and/or its products that enable it to
Competitive compete effectively with rival producers/products.
1 1.1.3
advantage Using differentiation/USP to have an edge over the
competition
Making products or services different or distinct from
competing products/creating a USP
Differentiation 1 1.1.3
Making a product distinctive from competitors products OR
creating a USP
A form of market positioning. It is the use of a 2-dimensional
Market mapping diagram that plots products or services in a market using two 1 1.1.3
key variables. It is used to spot a gap in the market
An effort to influence consumer perception of a brand or
Market positioning product, relative to the perception of competing brands or 1 1.1.3
products
Product The act of distinguishing a product/service from competitors
1 1.1.3
differentiation to make it more attractive to a particular target market
Complementary Products consumed/used together, so they are purchased
1 1.2.1
goods together E.g. printer and printer ink
Consumer income The money earned/received from work/investments 1 1.2.1
The quantity of goods/services that a consumer is willing to
Demand 1 1.2.1
buy at a given price and at a given time
The structure of the population such as age, gender and
Demographics 1 1.2.1
geographical distribution
External shocks Factors beyond the control of a business 1 1.2.1
When demand rises or falls at particular times of the year
Seasonality 1 1.2.1
according to seasonal factors
Goods that can be bought as an alternative to others, but
Substitutes 1 1.2.1
perform the same function E.g. petrol car and electric car
Government A payment given to producers, usually to encourage
1 1.2.2
subsidies production of a certain good
Taxes imposed by the government on spending e.g. VAT and
Indirect taxes Excise duties. Responsibility for payment lies with the 1 1.2.2
business.
The amount that producers are willing/able to produce at a
given price/over a given period of time
Supply 1 1.2.2
The amount that producers are willing and able to produce at
a given price.
The price where supply and demand are equal. Also known
Equilibrium price 1 1.2.3
as market clearing price
Factors other than price e.g. Change in consumer incomes,
Non price factors 1 1.2.3
advertising and seasonality
Shortage in
Where demand exceeds supply 1 1.2.3
markets
Surplus in markets Where supply exceeds demand 1 1.2.3
Goods that consumers like to buy if they can afford them e.g.
Luxury 1 1.2.4
air travel and fashion items
Basic goods that consumers need to buy e.g. food, electricity
Necessity 1 1.2.4
and water
Price elastic Quantity demand is responsive to a change in price 1 1.2.4
Measures the responsiveness of quantity demanded to a
Price elasticity of change in price. Always negative due to laws of demand.
1 1.2.4
demand (PED) Measures the responsiveness of quantity demanded to a
change in price.
Quantity demanded for the product is less responsive
Price Inelastic 1 1.2.4
proportionately to a change in price
Income elasticity of Measures the responsiveness of changes in quantity
1 1.2.5
demand (YED) demanded to changes in consumer income

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 To estimate how quantity demanded will change given
changes in income
When incomes increase there is a decrease in quantity
Inferior good 1 1.2.5
demanded e.g. budget goods
A plan for using the right blend of product, price, promotion,
Marketing mix 1 1.3
and place in order to maximise sales
Changing patterns in consumer behaviour reflected in
changing demands e.g. increased use of social media/being
Social trends environmentally friendly 1 1.3
Changing patterns in consumer behaviour reflected in
changing demands
Aesthetics Relates to the appearance of a product 1 1.3.1
When the business focusses on being economically viable,
Cost (design mix) 1 1.3.1
therefore they aim to minimise costs
Design for Producing products using materials that have been discarded
1 1.3.1
recycling as waste and recycled
When a product is designed to allow for disassembly at the
Design for reuse 1 1.3.1
end of its life and the re-use of the materials.
Design for waste Reducing the quantity of resources that are discarded in the
1 1.3.1
minimisation production process
The combination of factors needed in designing a product
including Aesthetics, Function, Economic Manufacture
The combination of elements, (function, aesthetics, cost) that
Design Mix 1 1.3.1
a business considers when creating a product
The combination of factors needed in designing a product OR
Aesthetics, Function, Economic Manufacture
When a business buys materials that are produced with fair
working conditions/pay and minimum impact on the
environment
Ethical sourcing 1 1.3.1
Involves the business buying materials that are produced
with fair working conditions/pay and minimum impact on the
environment
Function Relates to the quality and reliability of a product. 1 1.3.1
A marketing strategy in which a new name, term, symbol,
design or combination is created for an established brand
Re Branding 1 1.3.1
with the intention of developing a new, differentiated identity
in the minds of consumers, investors, and/or competitors.
Resource depletion The using up of natural resources 1 1.3.1
A paid form of communication, used by a business to raise
Advertising customer awareness of its products, services and brands, to 1 1.3.2
persuade purchases to be made
Customers favouring a business over competitors when
making a purchase/favour it over competitors in the same
market.
Customer loyalty 1 1.3.2
Repeat purchases with the same business
Means that customers will return to the business again and
again/favour it over competitors in the same market
Digital
The electronic transfer of data 1 1.3.2
communications
Direct marketing Where a business mails out leaflets or letters to households 1 1.3.2
The creation of brands that may appeal to customers’
Emotional branding 1 1.3.2
emotional nature, rather than their logical side.
Manufacture/corpor Brands created by the producers of goods and services e.g.
1 1.3.2
ate branding Kellogg’s cornflakes (bear the producers name)
Products that are manufactured for wholesalers or retailers
Own brand 1 1.3.2
by other businesses e.g. Tesco Beans
Direct communication between a salesperson and the
Personal selling 1 1.3.2
customer

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 Charging a higher price than competitors because of
Premium price customer loyalty that has been built up over a period of time 1 1.3.2
charging a high price due to a lack of substitutes.
Product
Products that only contain the name of the product category
branding/Generic 1 1.3.2
rather than the company or product name e.g. Carrots
branding
The way a business creates demand/awareness for its
product/service.
A way of making customers aware of the brand/business and
Promotion 1 1.3.2
persuading them to buy products e.g advertising/discounts
The way in which a business creates awareness and interest
in its product/service
An organisation’s attempt to communicate with interested
Public relations parties, usually through unpaid media such as press 1 1.3.2
conferences
Methods of promoting products in the short term to boost
Sales promotions 1 1.3.2
sales
Websites and applications that enable users to participate in
Social media 1 1.3.2
social networking.
A company giving a product or money to support another
business or person
Sponsorship A form of promotion in which funds are provided for a 1 1.3.2
sporting, cultural, or social event in return for prominent
display of the business’s brand name or image.
USP A feature that differentiates a product from its competitors
(Unique Selling A feature that makes a product stand out from the 1 1.3.2
Point) competition
Encouraging customers to share information/adverts through
Viral marketing 1 1.3.2
existing social media platforms e.g. Facebook
When a business sets a price similar to competitors selling
Competitive pricing 1 1.3.3
similar/rival products
A cost-based method for setting the prices of goods and
Cost plus pricing services and is calculated by adding a mark-up percentage to 1 1.3.3
the cost of the product
Setting a low price initially and accepting limited short-term
Penetration pricing profits/losses in order to build market share before switching 1 1.3.3
to a more profitable and higher price
Setting a low-price forcing rivals out of the market. This is
Predatory pricing 1 1.3.3
illegal in the UK but difficult to prove
Price comparison A website that compares the price of a particular product or
1 1.3.3
websites service in different stores or from different businesses
Setting a high price at the launch of a product, to gain the
Price skimming money back from R&D and to take advantage of those 1 1.3.3
wanting to be the first people to purchase.
A method used by a business when deciding the price at
which a product is sold for
Pricing strategy The approach a business takes to setting the price of its 1 1.3.3
product/service e.g. penetration, price skimming, cost plus,
competitive, predatory, psychological
Psychological Tactics that are designed to appeal to a customer’s emotional
1 1.3.3
pricing response to prices
Methods used by businesses to get their products from
Channels of
manufacture to consumer. They can include intermediaries 1 1.3.4
distribution
such as wholesalers and retailers.
Getting products to the right place for customers and at the
Distribution 1 1.3.4
right time
Distribution The methods by which a product gets from the manufacturer
1 1.3.4
channels to the consumer

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Distribution
A plan to get a product or service to the customer 1 1.3.4
strategy
Four stage Manufacturer/producer to wholesaler to retailer, then
1 1.3.4
distribution channel consumer. Examples include groceries and confectionery
Online
distribution/E- The use of electronic systems to sell goods and services 1 1.3.4
commerce
Where the product can be purchased and is also the process
Place 1 1.3.4
of making a product or service available to the consumer
Product A tangible item offered for sale 1 1.3.4
The non-physical, intangible parts of our economy, as
Service 1 1.3.4
opposed to goods, which we can touch
Three stage Manufacturer/producer to retailer, then consumer. Examples
1 1.3.4
distribution channel include electrical goods and cars.
Two stage A direct marketing approach with no intermediary levels e.g.
1 1.3.4
distribution channel Manufacturer/producer to consumer
A method used to analyse the product portfolio of a business
Boston matrix that contains stars, Cash cows, question marks and dogs 1 1.3.5
A method used to analyse the product portfolio of a business
Business to When a business promotes the sale of products/services to
1 1.3.5
business (B2B) other businesses for use in their operations
Business to Where a company targets to sell its products to individual
1 1.3.5
customer (B2C) customers
A preference for a product or brand based on experience
Consumer loyalty and/or an emotional attachment, which inclines buyers to 1 1.3.5
repeat purchases and away from rivals
A plan that is aimed at preventing the decline stage of a
Extension strategy product/service’s sales in the medium-to-long term 1 1.3.5
A method used to lengthen the life/sales of a product/service
A goal the business aims to achieve through its marketing
Marketing objective 1 1.3.5
activities
The methods used/plan/way chosen to achieve marketing
Marketing strategy 1 1.3.5
objectives
When business considers each of its products in the context
Portfolio analysis 1 1.3.5
of its market position
The stages that a product goes through from introduction to
Product life cycle 1 1.3.5
decline
The collection/range/ list of items/products produced/sold/
Product portfolio 1 1.3.5
offered by a business
Collective Negotiation of wages/conditions of employment between
1 1.4.1
bargaining employee representatives / trade unions and the employer
Referred to informally as firing or sacking. It is the termination
Dismissal of employment by an employer against the will of the 1 1.4.1
employee.
Employer/employe The way in which a company’s management and its
1 1.4.1
e relations employees behave towards each other
Individual approach
When employers develop relationships with employees at an
(employer/ee 1 1.4.1
individual level
relations)
Multiskilling The process of increasing the skills of employees 1 1.4.1
Part-time Workers that generally work a few hours or a few days a
1 1.4.1
employees week. Fewer hours than a full-time employee.
When a business needs to reduce the size of its workforce or
Redundancy 1 1.4.1
even close. Redundancy can be voluntary
A cost to businesses in terms of recruitment, training,
Staff as a cost 1 1.4.1
remuneration, welfare and even severance
Employers recognise the input of employees as an important
Staff as an asset 1 1.4.1
business resource. They contribute to the value of output,

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 whether this is through providing added value to a product by
supporting the manufacturing process or through effective
customer service. Note that in accounting terms, staff are an
expense not an asset.
Temporary work The job position is generally for a limited period of time 1 1.4.1
A workforce representative that act to protect and improve
Trade unions 1 1.4.1
the economic and working conditions for their members.
External When the business looks to fill the vacancy from outside of
1 1.4.2
recruitment the business.
Introductory training given to employees covering its
Induction training 1 1.4.2
background, policies, health and safety procedures
Selecting employees who already work within the business to
Internal recruitment 1 1.4.2
fill job vacancies
When employees are given training away from their normal
Off the job training job environment, often in a classroom 1 1.4.2
Learning/gaining/developing skills whilst at work doing the job
On-the-job training Learning/gaining/developing skills whilst at work doing the job 1 1.4.2
Recruitment The process of finding and selecting workers. 1 1.4.2
The developing of a person, to enhance skills and
Training 1 1.4.2
knowledge. Training can be on-the-job or off-the-job
An organisational structure where business decisions are
Centralised
made at the top of the hierarchy by senior management/or at 1 1.4.3
structure
the headquarters of a business
Chain of command The way authority and power is organised in an organisation 1 1.4.3
When a business allows branches to take more control/make
Decentralised their own decisions
1 1.4.3
structure Allows branches to take more control/make their own
decisions.
Flat organisational A structure with few layers and a wider span of control for
1 1.4.3
structure each manager
The order or levels of responsibility in an organisation, from
Hierarchy 1 1.4.3
the lowest to the highest
Matrix
Organises employees from different disciplines or divisions
organisational 1 1.4.3
into projects/teams
structure
A diagram that shows who is answerable to whom in an
Organisation
organisation. It can also show vertical and horizontal 1 1.4.3
structure
communication links
The number of employees/subordinates that a manager is
Span of control 1 1.4.3
responsible for
Tall organisational One with many layers and a narrow span of control for each
1 1.4.3
structure manager
A sum of money added to an employee’s wages/salary as a
reward for performance when they reach or exceed their
Bonus targets 1 1.4.4
A sum of money added to an employee’s wages/salary as a
reward for performance
A payment to a worker based on a percentage of the value of
Commission 1 1.4.4
sales.
Employee opinions/feedback are sought when making
Consultation 1 1.4.4
business decisions
Delegation Authority to pass down from superior to subordinate 1 1.4.4
Giving official authority to employees to make decisions and
Empowerment 1 1.4.4
to control their own work activities
Monetary rewards used to help improve staff motivation and
Financial incentives achievement. They can include Piecework, commission, 1 1.4.4
bonuses, profit sharing and performance related pay

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 Employees have choice over how/when they work by
agreement with the company. E.g. zero hours contracts,
Flexible workforce homeworking, part-time 1 1.4.4
Employees have choice over how/when they work by
agreement with the company.

Offering different working hours/location/pattern of working

Flexible working 1 1.4.4
that improve work-life balance/motivation for employees
Giving an employee more work to do of a similar nature,
Job enlargement 1 1.4.4
horizontally extending their work role
Giving employees greater responsibility and recognition by
Job enrichment 1 1.4.4
vertically extending their work role
Job rotation The changing of jobs or tasks 1 1.4.4
Maslow's hierarchy The order of people’s needs, starting with basic human
1 1.4.4
of needs needs
Emphasises the importance of the ways in which people
Mayo's human
interact and how they are treated. Motivation can improve 1 1.4.4
relations theory
when employees feel more involved
Motivation The reason for people's actions, willingness and goals. 1 1.4.4
Non-monetary rewards
Non-financial Ways of encouraging employees without the use of monetary
methods of rewards 1 1.4.4
motivation Include consultation, empowerment, team working, flexible
working and job rotation
Ways of encouraging employees without the use of monetary
Non-financial rewards e.g Delegation, consultation, empowerment, team
1 1.4.4
techniques working, flexible working, job enrichment, job rotation and job
enlargement
Performance- A financial reward to employees whose work is considered to
1 1.4.4
related pay have reached a required standard
A payment system where employees are paid an agreed rate
Piece rate 1 1.4.4
for every item produced
A form of financial incentive given to employees, where part
Profit sharing of the profit of the business is shared amongst the 1 1.4.4
employees.
Suggested a job could be broken down into constituent parts,
so that the most efficient way of working could be calculated.
Taylor’s scientific
He believed workers are motivated by money 1 1.4.4
management
Employee pay should be related to the amount of work they
do/Money is the most appropriate motivator for employees
Organising people into working groups that have a common
Team working 1 1.4.4
aim
The physical surroundings and the atmosphere of the
Working conditions 1 1.4.4
workplace, and the way staff are treated by managers
A leadership style where the decision-making is best kept
Autocratic
with managers, who will direct subordinates with little 1 1.4.5
leadership
consultation
A type of leadership style in which members of the group
Democratic take a participative role in the decision-making process.
1 1.4.5
leadership Group members are encouraged to share ideas and
communication is two-ways
A leadership style where employees are encouraged to make
Laissez-faire 1 1.4.5
their own decisions within certain limits
Having a vision, sharing that vision with others and providing
Leadership 1 1.4.5
direction.
The day-to-day organisation of the business, including
Management 1 1.4.5
staffing.

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Paternalistic Leaders that are in control, but take the welfare of employees
1 1.4.5
leaders into account when making decisions
Someone who organises a business venture by combining
the other factors of production, namely land, labour and
capital. They task risks to set up a business in the hope of
profit/reward
Entrepreneur 1 1.5.1
An individual who sets up and runs a business taking on the
financial risk
A person who sets up a business/takes risks in the hope of
profit/reward
The activity of setting up a business, taking on risks, normally
Entrepreneurship 1 1.5.1
in the hope of making a profit
Resilience The ability to recover from difficulties and try again 1 1.5.1
Something an entrepreneur can essentially plan for.
Risk Probabilities of outcomes are known or at least understood or 1 1.5.1
considered.
Entrepreneurial Qualities or traits demonstrated by an individual starting up
1 1.5.2
characteristics and running a business
Entrepreneurial
Factors that drive a person to start a business 1 1.5.2
motive
Ethical stance In support of a moral belief 1 1.5.2
Home working Setting up a business from home 1 1.5.2
Independence A desire to be one’s own boss 1 1.5.2
Making enough profit to satisfy the needs of the business
Profit Satisficing 1 1.5.2
owner
Social
Setting up a business and showing concern for social issues 1 1.5.2
entrepreneurship
A goal/target set by the business in the short/medium term to
Business objective 1 1.5.3
help achieve its aim/mission
Minimising costs/expenses/waste when producing a product
Cost efficiency 1 1.5.3
or service
Customer Is a measurement of how satisfied a customer is with their
1 1.5.3
satisfaction purchase
Facilities and benefits provided by a business to meet the
Employee welfare 1 1.5.3
well-being of the employee
A goal/target set by the business to help achieve its
Objective 1 1.5.3
aim/mission
When the difference between sales revenue and cost is at its
Profit maximisation 1 1.5.3
greatest
An attempt to sell as much as possible in a given time period
Sales maximisation 1 1.5.3
(or to generate as much sales revenue as possible)
Social objectives A goal to benefit/improve the community 1 1.5.3
A short-term business objective that aims to keep the
Survival 1 1.5.3
business running.
A business buys the right to trade using the
brand/logo/business model of an existing firm in return for a
Franchise fee/royalty 1 1.5.4
A business is allowed to trade using the brand/logo/business
model of an existing firm in return for a fee/royalty
A type of business where a business operator (franchisor)
Franchising 1 1.5.4
allows others (franchisee) to trade under its name (for a fee)
A business set up with the aim of making no more than a set
Lifestyle business 1 1.5.4
level of income from which to enjoy a particular lifestyle
A type of business ownership/organisation owned by two or
Partnership 1 1.5.4
more people
A small to medium sized business, usually run by the family
Private limited
that owns it. Shares are sold to friends, family, and business 1 1.5.4
company
associates and it has limited liability.

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 A business with limited liability whose shares are publicly
Public limited traded on the stock market
1 1.5.4
company Shares are available to the public on the stock exchange. Are
owned by shareholders/has limited liability
A business that has aims/objectives which benefits society
Social enterprise and is not for profit/its profits are reinvested into the 1 1.5.4
business/community
A business that that is owned by one person who has
Sole trader 1 1.5.4
unlimited liability
Stock market When a business sell shares publicly on the stock exchange
1 1.5.4
flotation for the first time
Opportunity cost The next best alternative forgone when making a decision 1 1.5.5
A situation where having more of one thing leads to having
less of something else
Trade-off 1 1.5.5
A situation in which the benefits of one option are reduced in
return for increased benefit of another option.
A person who inspires and motivates others to meet
Leader 1 1.5.6
objectives

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