Business Activity and Marketing Fundamentals

A comprehensive set of fill-in-the-blank flashcards covering business activities, sectors, ownership structures, human resources, and marketing fundamentals based on the lecture transcript.

The process of combining resources to produce goods and services to satisfy customer needs is known as __________.

Business activity

Things that people must have to survive are called __________.

Needs

Things that people would like to have are referred to as __________.

Wants

The next best alternative given up when making a choice is defined as __________.

Opportunity cost

__________ is the difference between the selling price and the cost of bought-in materials.

Added value

The sector that extracts natural resources is the __________.

Primary sector

The sector that manufactures goods is the __________.

Secondary sector

The sector that provides services is the __________.

Tertiary sector

Anyone with an interest in the business is called a __________.

Stakeholder

A business owned by one person is a __________.

Sole trader

A business owned by two or more people is a __________.

Partnership

A __________ is owned by shareholders, and its shares cannot be sold to the public.

Private limited company (Ltd)

A business where shares can be bought and sold by the public is a __________.

Public limited company (PLC)

__________ means that the owner is personally responsible for business debts.

Unlimited liability

__________ means that owners only lose the money they invested in the business.

Limited liability

Finding and attracting suitable applicants for a job is the process of __________.

Recruitment

Choosing the best applicant from a pool of candidates is called __________.

Selection

A __________ provides details of duties and responsibilities associated with a job.

Job description

The qualities and qualifications required for a specific job are listed in the __________.

Person specification

The process of improving employees' skills and knowledge is called __________.

Training

The willingness of employees to work hard is known as __________.

Motivation

The number of employees directly supervised by a manager is known as the __________.

Span of control

The route through which instructions are passed down in an organization is the __________.

Chain of command

Collecting and analysing information about customers is known as __________.

Market research

Information collected first-hand is referred to as __________.

Primary research

Information that has already been collected by others is called __________.

Secondary research

Dividing a market into groups of customers with similar characteristics is __________.

Market segmentation

The __________ consists of the 4Ps used to market a product.

Marketing mix

In the marketing mix, the __________ refers to what is being sold.

Product

In the marketing mix, the __________ is the amount charged to the customer.

Price

In the marketing mix, the __________ refers to where the product is sold.

Place

In the marketing mix, __________ refers to how customers are informed about the product.

Promotion