business theme 1 definitions

dynamic market

markets that expirence rapid and continous change

risk vs uncertanty

risk can be measured

uncertanty cant be predicted

qualitiave research

information about opinions and views

quantitive research

numbers or stuff that can be recorded easily

sampling

when a business collects a sample of a population instead of a full population

market segmentation

age,gender,location,income

market mapping

a process to identify a gap in the market by looking at competitors

demand

the amount of product a consumers willing and able to purchase

quantity demanded

total number bought at a certain price

supply

the amount of product a business is willing and able to sell

price elascity demand

the amount demand changes in response to a price change

elastic demand

when a change in price leads to a signifigant change in demand

ped of <-1

price inelastic

when a change in price dosent lead to a signifgant change in demand

YED

measures how much demand changes in response to a change in income.  

normal goods

goods for which demand rises as incomes rise and vice versa. These goods have a positive YED. 

inferior goods

goods for which demand falls as incomes rise and vice versa, e.g. own brand baked beans. These goods have a negative YED. 

design mix

functionality,aesthics,price point,economic manufacture

pricing strategys factors

internal:cost,product life cycle

external:nature of product

price skimming

when a business sets a high initial price and lowers it over time

penetration pricing

setting a low initial cost and increasing price later in the plc

Dog

low market share in a market of slow growth e.g.dvds and cds

cash cow

high makret share in a market of low growrt e.g.apple tv

star

high market share in a high growth market e.g. new iphones

question marks

low market share in a high growth market

type of contracts of employment

part time - workless than 30 hrs a week

full time - minimum amount of hrs a week

job share - when twon people share a job

zero hrs-when a business dosent have to offer any work or an employee dont have to work

dismissal

when someone is fired due to misconduct or inablity

redudancy

when an employee is no longer needed by a business