AICE BUS MIDTERM

Work–life balance: the extent to which employees are able to balance work responsibilities with personal life; Societal marketing: a marketing approach that considers customer needs, business goals, and long-term social welfare; Asset-led marketing: marketing strategy based on a firm’s existing strengths and resources rather than market demand; Unfair dismissal: termination of employment without a valid reason or without following proper procedure; Marketing objectives: specific, measurable goals a business wants to achieve through marketing; Marketing strategy: a long-term plan showing how marketing objectives will be achieved; Market growth: the increase in total demand or sales within a market over time; Market orientation: a business focus on identifying and meeting customer needs; Product orientation: a focus on producing high-quality products rather than responding to customer demand; Niche marketing: targeting a small, specific segment of a market; Mass marketing: selling the same product to the whole market; Market segment: a group of customers with similar characteristics or needs; Supply and demand: the relationship between the quantity producers supply and consumers demand at different prices; Equilibrium: the price at which supply equals demand; Equality policy: a policy ensuring equal treatment and opportunities for all employees; Diversity policy: a policy promoting workforce variety in gender, ethnicity, age, and background; Redundancy: job loss due to a business no longer needing the role; Market share: a firm’s percentage of total market sales; Market size: the total sales value or volume of a market; Direct competitor: a business offering similar products to the same target market; USP (Unique Selling Point): a feature that differentiates a product from competitors; Maslow’s hierarchy of needs: a theory stating human needs progress from basic to self-actualization; Vroom’s expectancy theory: motivation depends on expected outcomes and rewards; McClelland’s theory: motivation driven by need for achievement, affiliation, or power; Test marketing: launching a product in a small area to assess demand; Social enterprise: a business that reinvests profits to achieve social objectives; Mixed economy: an economy with both private and public sector involvement; Command economy: an economy controlled by the government; Sole trader: a business owned and run by one person; Partnership: a business owned by two or more people; Shareholders: owners of a company who hold shares; Stakeholders: individuals or groups with an interest in a business; Private limited company: a company whose shares are privately owned and not publicly traded; Legal personality: a company’s ability to exist independently from its owners; Mission statement: a statement outlining a business’s purpose; Vision statement: a statement describing long-term goals; Corporate aims: overall long-term objectives of a business; Tata Nano: an example of low-cost product strategy targeting price-sensitive consumers; Emotional intelligence (EI): the ability to understand and manage emotions; Democratic leadership: leadership style involving employee participation; Autocratic leadership: leadership style where decisions are made by one leader; Laissez-faire leadership: leadership style with minimal management control; CSR (Corporate Social Responsibility): business actions benefiting society beyond profit; MBO (Management by Objectives): setting targets agreed by managers and employees; Memorandum of Association: document outlining a company’s relationship with shareholders; Articles of Association: document outlining internal company rules; Public limited company: a company whose shares can be sold to the public; Entrepreneur: an individual who takes risks to start a business; Added value: the difference between selling price and cost of inputs; Creating value: increasing worth through production or service; Capital goods: man-made goods used to produce other goods; Consumer goods: goods purchased for personal use; Primary sector: extraction of natural resources; Secondary sector: manufacturing and processing; Tertiary sector: service provision; Market share formula: firm sales ÷ total market sales × 100; Decision-making framework stages: identify problem, analyze options, choose solution; Customer focus: prioritizing customer needs; Social focus: considering social impact of decisions; Stakeholder concept: considering interests of all stakeholder groups; Capital employed: total resources invested in a business; Market capitalization: total value of a company’s shares; Employment contract: a legal agreement between employer and employee; Labor turnover: the rate employees leave a business; Induction training: training given to new employees; On-the-job training: training while working; Employee appraisal: formal performance assessment; Employee evaluation: review of employee effectiveness; Product differentiation: making products distinct from competitors; Consumer profile: description of a typical customer; Demographics: population characteristics such as age and income; Theory X: assumption employees dislike work; Theory Y: assumption employees are self-motivated; Advantages of small businesses: flexibility and close customer relationships; Disadvantages of small businesses: limited finance and economies of scale.