Business U1 Key Terms
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt Play1/272
There's no tags or description
Looks like no tags are added yet.
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai | Chat |
|---|
No analytics yet
Send a link to your students to track their progress
273 Terms
Brand
A unique design, symbol, words, or logo which makes a product recognizable and distinguishes or differentiates it from its competitors.
Competition
The rivalry among sellers trying to achieve goals such as increasing profits, market share, or sales volume where there are similar business operations in the same market for goods and services (e.g., KFC vs. McDonald's).
Direct Competition
Businesses that offer similar products or services and appeal to the same target group of customers.
Dynamic Market
A market that is subject to rapid and continuous change.
Innovation
A new idea, device, or method; turning an invention into a viable product or process development.
Market Size
The total demand or total sales in a particular market, measured by volume or value.
Mass Market
A large, unsegmented market where products are targeted at a wide audience.
Niche Market
A specialist, targeted sub-segment of a larger market focused on meeting specific customer needs and wants.
Online Retailing
Selling goods or services over the internet directly to consumers.
Market Volume
The total physical quantity of products sold within a specific period of time.
Market Value
The total amount spent by customers in a market, calculated as quantity sold multiplied by price.
Risk
Uncertainty or inability to predict outcomes due to unknown factors, often within the business's control or choice.
Uncertainty
A lack of knowledge about future events and outcomes, often caused by uncontrollable external factors.
Market Research
The gathering, processing, and analyzing of data regarding customers, competitors, and the market.
Primary Research
Gathering first-hand, new data directly for a specific purpose (e.g., surveys, focus groups).
Secondary Research
Gathering existing data that has already been collected for another purpose (e.g., reports, articles, internet data).
Quantitative Data
Data that can be measured and expressed numerically (e.g., statistics, graphs, percentages).
Qualitative Data
Information about opinions, beliefs, attitudes, and feelings that cannot be easily measured in numbers.
Sample
A small group of individuals selected to represent the population as a whole.
Bias
A skewed or unfair representation or opinion that interferes with making an accurate judgment.
Database
An organized collection of data stored electronically for instant access, searching, and analysis.
Focus Group
A small group of people brought together to discuss and give feedback on a product, brand, or service.
Market Segmentation
Dividing a market into distinct sub-groups of consumers with similar needs, characteristics, or behaviors.
Demographic Segmentation
Categorizing a market based on demographic factors such as age, gender, income, or social class.
Geographic Segmentation
Dividing a market based on location, such as region, country, or climate.
Psychographic Segmentation
Segmenting a market based on lifestyle, attitudes, social class, or personality traits.
Target Market
A specific group of consumers at which a company aims its products and services.
Product Positioning
How a product is perceived in the minds of consumers relative to competing products.
Market Map
A two-dimensional diagram plotting two key variables (e.g., price and quality) to spot gaps in the market.
Unique Selling Point (USP)
A feature or characteristic of a product or service that differentiates it clearly from competitors.
Added Value
The difference between the cost of purchasing raw materials/inputs and the final price of the finished product.
Demand
The quantity of a good or service that consumers are willing and able to buy at a given price over a given period.
Substitute Good
An alternative good that can be purchased in place of another if prices change.
Complementary Good
A product or service that is bought and used alongside another product.
Supply
The amount of a product or service that producers are willing and able to offer for sale at a given price.
Equilibrium Price
The price at which the quantity demanded by consumers equals the quantity supplied by producers (market-clearing price).
Price Elasticity of Demand (PED)
A measure of the responsiveness of the quantity demanded of a good to a change in its price.
Product Design Mix
The combination of three essential factors in designing a product: function, aesthetics, and cost.
Sustainability
Designing or producing goods in a way that minimizes environmental impact and conserves resources for future generations.
Promotion
Activities designed to inform, persuade, and remind target customers about a product or service to boost sales.
Branding
The strategy of creating a unique name, image, and reputation for a product or company in the customer's mind.
Penetration Pricing
Setting a low initial price for a new product to attract customers and quickly gain market share.
Price Skimming
Setting a high initial price for a new, innovative product before gradually lowering it over time.
Predatory Pricing
Setting artificially low prices to drive competitors out of the market (often illegal).
Psychological Pricing
Setting prices that appeal to customers' emotional rather than rational responses (e.g., $9.99 instead of $10.00).
Boston Matrix
A portfolio analysis tool that classifies products into Cash Cows, Stars, Question Marks, and Dogs based on market share and market growth.
Business-to-Business (B2B)
Commercial transactions conducted directly between two or more businesses.
Business-to-Consumer (B2C)
Commercial transactions conducted directly between a business and individual end consumers.
E-Commerce
The buying and selling of goods or services using the internet.
Distribution Channel
The chain of businesses or intermediaries through which a good or service passes until it reaches the final buyer.
Entrepreneur
An individual who sets up a business, taking on financial risks in the hope of making a profit.
Resilience
The ability of an entrepreneur to recover quickly from setbacks, difficulties, or business failures.
Trade-Off
A situational decision that involves losing one feature or quality of something in return for gaining another.
Opportunity Cost
The next best alternative foregone when making a choice.
Fixed Costs
Costs that do not change with the level of output or sales produced (e.g., rent, salaries).
Variable Costs
Costs that vary directly with the level of output or production volume (e.g., raw materials).
Total Costs
The sum of all fixed costs and variable costs incurred by a business.
Break-Even Point
The level of output where total revenue equals total costs, resulting in neither a profit nor a loss.
Margin of Safety
The amount by which current output/sales exceeds the break-even level of output.
Budgets
A financial plan for the future concerning expected revenues, costs, or profits over a specific period.