Grade 11 Business Studies Exam Flashcards

Flashcards for Grade 11 Business Studies exam review, covering marketing, organizational management, leadership, and critical thinking.

Target Market

A specific group of consumers that a business aims to serve, sharing similar characteristics which influence their buying decisions.

Needs

Basic requirements for survival, such as food, water, and shelter.

Wants

Non-essential but desirable items, like fashionable clothing or convenience-oriented products.

Product (in Marketing Mix)

The goods or services offered, including features, quality, design, packaging, and branding.

Price (in Marketing Mix)

The amount customers pay for a product or service, influenced by strategies focusing on affordability, value, or premium positioning.

Promotion (in Marketing Mix)

How a business communicates with customers, including advertising, social media, sales promotions, or personal selling.

Place/Distribution (in Marketing Mix)

How the product reaches customers, involving the right locations and methods for delivery or sales.

Direct Distribution

Selling products directly to the customer without involving intermediaries, reducing costs and speeding up delivery.

Effective Communication

Ensures communication is clear and easy to understand, minimizing confusion.

Product Element (expanded)

Involves design, features, branding, and packaging, shaping how consumers perceive and interact with a product.

Distribution

Getting the product to where the consumer is.

Functional Structure

Businesses organize their workforce into departments like finance or marketing to improve efficiency and specialization.

Autocratic Leadership

A leadership style where decisions are made independently by the leader, which may speed things up but can reduce team morale.

Human Resource Management (HRM)

HR handles recruitment, induction, and ensuring the right people are placed in the right roles.

Conflict Resolution

Involves resolving disagreements constructively so that team relationships and productivity are maintained.

Penetration Pricing

Used when entering a new market, this strategy sets low initial prices to attract buyers and build customer base.

Distribution in Marketing (expanded)

Ensures the product gets to customers through the appropriate channels, whether online, in-store, or direct.

Non-Verbal Communication

Eye contact, posture, and gestures play an important role in sending messages without words.

First Step in Decision-Making

Before taking action, a business must first identify the problem it wants to solve.

Above the Line Promotion

Mass media like TV ads and billboards are used to reach a large audience and enhance brand visibility.

Premium Pricing

Setting high prices to reflect high quality or exclusivity is a tactic aimed at certain consumer segments.

UAE Labor Law

Designed to protect both employees and employers, this law governs fair workplace practices and legal employment terms.

Target Market (revisited)

Businesses tailor their offerings to a specific group of consumers who share similar needs or preferences.

Order of Decision-Making Process

1. Identify the problem 2. Evaluate the options 3. Choose a solution 4. Implement the decision 5. Monitor and review

Entrepreneur

Starts and runs a business, often taking financial risks.

Democratic leadership

Involves team participation