Y10 Unit 1 and Unit 4

Above-the-line promotion

Promotion that uses mass media, such as television, radio, newspapers, and magazines, to reach a large audience

Below-the-line promotion

Promotion that does not use mass media, such as direct mail, point-of-sale displays, and sponsorship

Boston (or Boston Consulting Group BCG) matrix

A tool for analyzing the product portfolio of a business based on market share and market growth

Brand

A name, term, design, symbol, or other feature that identifies one seller's good or service as distinct from those of other sellers

Brand value

The value of a brand, based on its reputation, customer loyalty, and other factors

Business Activity

All activities involved in developing and/or providing products (goods or services) to satisfy customer needs and wants

Business Failure

The closure of a business due to its inability to generate sufficient revenue or control expenses to make a profit

Business Objective

A desired target or outcome for a business

Exchange Rate

The price of one currency in terms of another currency

External Factor

An element outside of and uncontrolled by an organization that could affect its performance

Financial objective

A target expressed in monetary terms, such as profit, revenue, or costs

Franchise

A business that sells the rights to its products and operations to another business

Globalization

The process of increased integration and interdependence among countries

Government Policy

A set of actions or rules established by a government to guide its decisions

Growth/Share matrix

A tool for analyzing the product portfolio of a business based on market share and market growth

International Trade

The exchange of goods and services across international borders

Market Research

The process of gathering and analyzing data about a market, including customer needs and preferences

Market segment

A group of consumers with similar needs and characteristics that a business may target with its products

Market Segmentation

The process of dividing a market into smaller groups of consumers with similar needs and characteristics

Multinational Company

A company that operates in more than one country

Non-Financial objective

A target not expressed in monetary terms, such as customer satisfaction or employee morale

Partnership

A business owned by two or more people

Place

The distribution channels used to get a product or service to customers

Price

The amount of money charged for a product or service

Primary market research

Research that involves gathering new data, such as through surveys or interviews

Primary sector

The sector of the economy that extracts raw materials, such as agriculture, mining, and fishing

Product

A good or service offered for sale

Product extension strategies

Methods used to prolong the life cycle of a product, such as by finding new markets or new uses for the product

Product Life Cycle (PLC)

The stages a product goes through from its introduction to its decline

Promotion

The methods used to communicate information about a product or service to customers

Quarternary Sector

The sector of the economy that provides information services, such as research and development, and information technology

Secondary market research

Research that involves using existing data, such as from government publications or market research reports

Secondary sector

The sector of the economy that manufactures goods, such as factories and construction

Social Enterprise

A business that aims to achieve social goals alongside the objective of making a profit

Target market

The specific group of consumers that a business aims its products at

Tertiary Sector

The sector of the economy that provides services, such as retail, tourism, and finance

Test marketing

Testing a new product in a limited area before launching it nationwide