Higher Business Management (Full Course)

Goods - correct answertangible products that we use to satisfy our wants and needs Services - correct answerintangible products Trade Descriptions Act - correct answera law whereby a good or service must do what the advertising claims Monopolies and Mergers Act - correct answera law aimed at preventing domination of a market by one or two firms ITC - correct answerIndependent Television Comission Monopoly - correct answer(economics) a market in which there are many buyers but only one seller Oligopoly - correct answera market structure in which a few large firms dominate a market Product substitutes - correct answerin economics, when a good or service has a close rival that can take it's place USP - correct answerUnique selling point ESP - correct answeremotional selling point Channel of distribution - correct answerthe route a product follows and the businesses involved in moving a product from the producer to the final consumer Direct selling - correct answerselling to consumers in their homes or where they work Retailer - correct answeran organization that sells to ultimate consumers Wholesaler - correct answersomeone who buys large quantities of goods and resells to merchants rather than to the ultimate customers Agent - correct answera businessman who buys or sells for another in exchange for a commission Importer - correct answeragent who brings good into a country from another country Exporter - correct answera businessperson who transports goods abroad (for sale) Buying habits - correct answercustomer preferences as shown by an analysis of the way they shop Price skimming - correct answerinvolves charging a high price to recover costs and maximize profit as quickly as possible. Penetration pricing - correct answerPricing strategy in which the seller charges a low price on a new product to discourage competition and gain market share. Destroyer pricing - correct answerPrices are lowered to weaken competition by forcing them to lower their prices Promotional Pricing - correct answerTemporarily pricing products below the list price, and sometimes even below cost, to increase short-run sales Premium Pricing - correct answermaintaining high prices to create an exclusive image Demand-orientated pricing - correct answera pricing strategy that changes due to differences in consumer demand, or time/season Core product - correct answerAll the benefits the product will provide for consumers or business customers. Augmented product - correct answerAdditional services and benefits like credit, installation or warranty Product mix - correct answerall the products a company makes or sells. Product range - correct answerthe combination of different products a business manufactures and sells Product life cycle - correct answera theoretical model of what happens to sales and profits for a product class over time Prototype - correct answeran early or original product upon which later products are based Test market - correct answerSelling a product on a limited bases in a defined ara to help decide the effectiveness or potential marketing actions Idea Generation - correct answerThe first step of product development in which marketers brainstorm for products that provide customer benefits and are compatible with the company mission. Extension strategies - correct answeroccurs when marketing changes are made to prevent sales falling Product Portfolio - correct answerAll the products a company has available for customers at any one time. Boston Box - correct answerMarketing tool that includes cash cows, question marks, dogs, and stars Branding - correct answerestablishing an identity for a range of products Repeat purchases - correct answerwhen customers come back and buy again Own Brands - correct answerMany large retailers make products and brand them under there own name Informative advertising - correct answeradvertising that provides information about a product to consumers Persuasive advertising - correct answeradvertising designed to appeal to your emotions to influence you to buy, but does not provide much information Corporate advertising - correct answeradvertising intended to establish a favorable attitude toward a company as a whole. Sales Promotion - correct answerShort-term incentives to encourage the purchase or sale of a product or service. Into the pipeline - correct answerDeals that encourage the retailer to purchase from the manufacter Out of the pipeline - correct answerDeals that encourage end custumers to purchase the product Point of Sale - correct answerplaces where goods are sold to the public - shops, stores, kiosks, market stalls, etc Dealer Loader - correct answerA gift, often part of a display, given to a retailer that purchases a specified quantity of merchandise. BOGOF - correct answerbuy one get one free PR - correct answerPublic Relations Packaging - correct answerMaterials used to wrap or protect goods. Merchandising - correct answerDisplays and presentations used to promote and sustain certain products Mass Marketing - correct answerusing one marketing strategy to reach all customers Niche Marketing - correct answerthe process of finding small but profitable market segments and designing or finding products for them. Market Growth - correct answerThe percentage change in the size of the market Personal Interview - correct answerMethod of collecting data in which subjects are more likely to participate, but costly and subjects may not divulge personal info. Postal Survey - correct answera survey conducted by the mail Telephone Survey - correct answera research method in which respondents answers to a questionaire are recorded by interviewers on the phone. Quota sampling - correct answerincludes the same proportion of individuals with certain characteristics as found in the population. researcher uses his/her individual judgment to select respondents Random sampling - correct answera method of poll selection that gives each person in a group the same chance of being selected Consumer panel - correct answera group of consumers who provide information on a continuing basis Focus group - correct answerGroup of individuals brought together for the purpose of asking them questions about a product or marketing strategy. Hall test - correct answersampling products and offering feedback Club Card - correct answerTesco's Loyalty Card EPOS - correct answerElectronic point of sale Internet - correct answera computer network consisting of a worldwide network of computer networks that use the TCP/IP network protocols to facilitate data transmission and exchange Mr McGowan's Blog - correct Bill Gates - correct answerfounder of microsoft Steve Jobs - correct answerco-founder of Apple Anita Roddick - correct answerFounder of the Body Shop Tom Farmer - correct answerFounder of Kwik Fit Tom Hunter - correct answerScottish entrepreneur, owned and sold Sports Division Alan Sugar - correct answerOwner of Amstrad Donald Trump - correct answerAmerican property billionaire Peter Jones - correct answerEnglish dragon made his fortune in telecoms Michelle Mone - correct answerOwner of Ultimo Bras Deborah Meaden - correct answerDragon famous for Holiday homes/parks Rachel Elnaugh - correct answerDragon who owned Red Letter Days but went bust Doug Richard - correct answerUS born Dragon who runs Library House Theo Paphitis - correct answerCypriot dragon who owns Rymans stationers Duncan Bannantyne - correct answerClydebank born Scottish dragon, owner of gymns and bars Dave Whelan - correct answerWigan Athletic's JJB Sports owner John Caudwell - correct answerOwner of Phones 4 U Ann Gloag - correct answerStagecoach owner David Murray - correct answerAyr born Scottish businessman, involved in football, basketball and metals. Lee Scott - correct answerWal-Mart CEO Roger Smith - correct answerInfamous CEO of General Motors in the 1980s. Chased by film-maker Michael Moore for years! Ingvar Kampread - correct answerFounder of IKEA Henry Ford - correct answerUnited States manufacturer of automobiles who pioneered mass production () Philip Kotler - correct answerAuthor of best selling Marketing Management. Dedicates every book "To my darling wife, Nancy" Douglas McGregor - correct answerHe formulated his theory X and Theory Y, Classical =X and a early stages of human relations. Theory Y is more of a realistic view he believed workers are. Henri Fayol - correct answerFrench management theorist who is credited with founding the functions of managers Frederick Taylor - correct answeran American efficiency engineer who wrote "The Principles of Scientific Management", which earned him the title "father of scientific management" Abraham Maslow - correct answerPsychologist who invented the Hierarchy of needs Tom Peters - correct answerWith Robert A. Waterman wrote the seminal In Search of Excellence Michael E. Porter - correct answerAuthor and Harvard Business School Professor. Created the Five Forces, and is an expert in Competitve Strategy Adam Smith - correct answerScots economist and author of The Wealth of Nations Elton Mayo - correct answerHawthorne Experiment 1928, founder of the human relations movement Peter Drucker - correct answerManagement guru who was an advocate of Management By Objectives (MbO) James Caan - correct answerDragon who teams up with Duncan Bannantyne often Richard Farleigh - correct answerAustralian dragon who specialised in start-ups Jack Welch - correct answerLegendary CEO of General Electric Theodore Levitt - correct answerthis man suggested that firms should standardize all of their products and services for all of their worldwide markets. Author of Marketing Myopia Andrew Carnegie - correct answerDunfermline born United States industrialist and philanthropist who endowed education and public libraries and research trusts (). Owned US Steel Evan Davis - correct answerBBC presenter of Dragons Den Richard Pascale - correct answerAuthor of The Art of Japanese Management W. Edwards Deming - correct answerUS quality guru whose ideas were accepted in Japan Joseph Juran - correct answerRomanian born US quality guru, famous for Pareto Principle Henry Mintzberg - correct answerDivided manager's job into three types: interpersonal, informational, decisional Tim Berners Lee - correct answerFather of the World-Wide Web. Wrote the first web-browser editor Alexander Graham Bell - correct answerScottish born inventor of the telephone () John Logie Baird - correct answerHelensburgh born Scottish inventor; 1926--first to demonstrate a television system before a gathering of 50 scientists in his attic workshop, stretched cable from London to Glasgow and London to New York James Watt - correct answerScottish engineer and inventor whose improvements in the steam engine led to its wide use in industry () Larry Page - correct answerAmerican computer scientist, co-founded Google, the worlds largest internet company Sergey Brin - correct answerco-founder of Google Ray Kroc - correct answerMilkshake salesman that turned a small eatery into the McDonalds mega-franchise Warren Buffett - correct answerThe Oracle of Omaha,Chairman of Berkshire Hathaway . A billionnaire investor. Carlos Slim - correct answerMexican engineer, businessman, and philanthropist Charles Handy - correct answerBritish management guru specialising in the future of work John Adair - correct answerNorthern Irish management guru focusing on Leadership Rosabeth Moss Kanter - correct answerFemale business guru who is a lead advocate for empowerment Roman Abramovitch - correct answerRussian billionaire, owns Chelsea FC John Madejski - correct answerFounder of Auto Trader. Owns Reading FC Igor Ansoff - correct answerRussian born management guru who invented the growth matrix Meredith Belbin - correct answerFamous for identifying team roles Frederick Herzberg - correct answerthe founder of the two-factor motivational theory Geert Hofstede - correct answerDutch engineer who created a framework of national and organisational culture Edward De Bono - correct answerFather of lateral thinking Alfred Chandler - correct answerGuru who believes structure must always follow strategy E. F. Schumacher - correct answerGerman economist who worked for British Coal Board who belives Small is Beautiful Alfred Sloan - correct answerLed General Motors from 1920s-50s. Father of decentralisation. Gary Hamel - correct answerGuru who focuses on Core Competencies. Writes with C. K. Prahalad Sumantra Ghoshal - correct answerIndian born guru who with Christopher Bartlett developed idea of Transnational Corporation Business - correct answerAny organisation working towards a set of objectives Goods - correct answerThings we can see and touch Durable Goods - correct answerThings we can use again and again Non-durable goods - correct answerThings we can use only once Service - correct answerA thing that is done for us Wants - correct answerNon-essential things we would like to have Needs - correct answerEssential things for survival Land - correct answerAn economic term meaning natural resources Labour - correct answerAn economic term meaning employees Capital - correct answerAn economic term meaning factories, machines, vehicles, tools etc Enterprise - correct answerThe human effort that creates goods and services Entrepreneur - correct answerThe person who brings together the factors of production Factors of Production - correct answerLand, Labour, Capital and Enterprise Cycle of Business - correct answerThe constant process of producing goods and services Primary Sector - correct answerBusinesses involved in extracting natural resources Secondary Sector - correct answerBusinesses involved in manufacturing & construction Tertiary Sector - correct answerBusinesses involved in providing services De-industrialisation - correct answerThe process of manufacturing decline Sole Trader - correct answera business owned by a single person Partnership - correct answera business owned by two or more people Public Limited Company - correct answera buisness witth limited liabilty whose shares are availible to the general public to buy on the stock market Private Limited Company - correct answera company whose shares are not bought and sold on the stock market and can only pass to another person with the agreement of other shareholders Franchise - correct answerthe right to use a specific business's name and sell its products or services in a given territory. Public Corporation - correct answerAn organisation created by an Act of Parliament Charity - correct answeran organisation created to promote good causes Private Sector - correct answerthe part of the economy owned by individuals and businesses Public Sector - correct answerthe part of the economy owned by the government Voluntary Sector - correct answerorganistions set up to rise money for good causes, or to provide facilities for their members Deed of Partnership - correct answercontract drawn up between owners Memorandum of Association - correct answerDocument that regulates a firm's external activities and must be drawn up on the formation of a plc Partnership Agreement - correct answera written agreement among all owners Limited Liability - correct answerthe responsibility of a business's owners for losses only up to the amount they invest; limited partners and shareholders have limited liability Unlimited Liability - correct answerThe owner is personally and fully responsible for all losses and debts of the business Royalty - correct answerpayment to the holder of a patent or copyright or resource for the right to use their property Articles of Association - correct answerThe internal 'rule book' that, according to corporate legislation, every incorporated firm must have and work by. And which, along with memorandum of association, forms the constitution of a firm. Shareholder - correct answera person who invests in a corporation by buying stock and is a partial owner Stakeholder - correct answersomeone with a key interest in an organiszation Manager - correct answerperson appointed to supervise and control resources and expenditures Employee - correct answera worker who is hired to perform a job Government - correct answerthe institution through which a society makes and enforces its public policies Local Community - correct answerpeople who live in an area Customer - correct answersomeone who pays for goods or services Consumer - correct answera person who uses goods or services Ordinary Shares - correct answerstock whose holders are given a vote Preference Shares - correct answerstock whose holders are guaranteed priority in the payment of dividends but whose holders have no voting rights Prospectus - correct answerA formal legal document, which is required by and filed with the Securities and Exchange Commission, that provides details about an investment offering for sale to the public. Share Issue - correct answeract of introducing more shares onto the market Debenture - correct answerbond issued to secure a loan Hire Purchase - correct answerThe buying of equipment by paying in instalments, usually including interest. Divestment - correct answeract of selling assets to make cash Loan - correct answerthe temporary provision of money (usually at interest) Mortgage - correct answera long-term loan extended to someone who buys property Pressure Group - correct answera group of people who try actively to influence legislation Multinational - correct answera corporation that has manufacturing or service operations in a number of different countries Globalisation - correct answercausing distinctively American norms and values to spread throughout the world Division of Labour - correct answerthe breaking up of a production process into a series of specialized tasks, each by a different worker. Dividend - correct answerthat part of the earnings of a corporation that is distributed to its shareholders Registrar of Companies - correct answerthe Legislation - correct answera law passed by a governing body PESTEC - correct answerPolitical, Economic, Social, Technological, Environmental, Competitive Share Price - correct answerthe value of all the assets (stocks) divided by the number of shares Stock Exchange - correct answerA market for buying and selling stock Corporation Tax - correct answerThe tax which private and public limited companies must pay on their profits. VAT - correct answera tax levied on the difference between a commodity's price before taxes and its cost of production Income Tax - correct answera tax on people's earnings AGM - correct answerEvent where shareholders meet to discuss important decisions EGM - correct answerMeeting where an unusual event has brought shareholders together Diversification - correct answerA risk management technique that mixes a wide variety of investments within a portfolio. Vertical Integration - correct answerwhen a firm would strive to control all aspects of production (from acquisition of raw materials to the finished product) Horizontal Integration - correct answerabsorption into a single firm of several firms involved in the same level of production and sharing resources at that level Local Authority - correct answeran administrative unit of local government Profit - correct answerthe excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses) Profit Maximisation - correct answerthe aim to make as much profit as possible Survival - correct answera strategy to remain in existence Turnover - correct answerthe volume of sales measured in pounds Growth - correct answera process of becoming larger or more numerous Social Responsibility - correct answerThe obligation of organization management to make decisions and take actions that will enhance the welfare and interests of society as well as the organization. Risk - correct answerexpose to a chance of loss or damage Suppliers - correct answerCompanies that provide material, human, financial, and informational resources to other companies Tax Payers - correct answerPeople who pay earnings to the Government Investors - correct answera person or group who puts money into a business Trustee - correct answermembers of a governing board Donor - correct answerperson who makes a gift of property Bank - correct answera financial institution that accepts deposits and channels the money into lending activities Building Society - correct answerBritish equivalent of United States savings and loan association Grant - correct answera gift of money to be used for a special purpose Business Gateway - correct answeradvisory agency to assist small businesses Trade Fair - correct answeran event at which many different companies show and sell their products European Union - correct answeran international organization of European countries formed after World War II to reduce trade barriers and increase cooperation among its members Inland Revenue - correct answera board of the British government that administers and collects major direct taxes Merger - correct answerthe combination of two or more commercial companies Takeover - correct answerOne investor group buys enough stock in a corporation to gain control of the other corporation Demerger - correct answerwhen a firm divides into more than one firm Management buy-out - correct answera form of acquisition where a company's existing managers acquire a large part or all of the company. Unemployment - correct answerthe total number of people out of work, but wanting to work Interest Rate - correct answerthe percentage of a sum of money charged for its use Exchange Rate - correct answerthe charge for exchanging currency of one country for currency of another Greenpeace - correct answeran international organization that works for environmental conservation and the preservation of endangered species Environment - correct answerall of the surrounding things, conditions, and influences affecting the growth or development of living things. Grey Pound - correct answerthe aging consumer market is often called this CAM - correct answercomputer aided manufacture CAD - correct answerComputer Aided Design Robotics - correct answerMechanical devices programmed to do routine tasks Automation - correct answerthe act of implementing the control of equipment with advanced technology Assembly Line - correct answerIn a factory, an arrangement where a product is moved from worker to worker, with each person performing a single task in the making of the product. Hardware - correct answer(computer science) the mechanical, magnetic, electronic, and electrical components making up a computer system Software - correct answer(computer science) written programs or procedures or rules and associated documentation pertaining to the operation of a computer system and that are stored in read/write memory IT - correct answerinformation technology ICT - correct answerInformation and Communications Technologies Advertising - correct answerany paid form of communication through mass media directed at identified consumers to provide information and influence their actions Finance - correct answerthe management of money and credit and banking and investments Training - correct answerbeing taught how to do something Recruitment - correct answerThe development of a pool of applicants for jobs in an organization. Selection - correct answerthe process of collecting info about applicants to make hiring dicisions Marketing - correct answerthe commercial processes involved in promoting and selling and distributing a product or service Sales - correct answerthe exchange of a product of service for money Gross Profit - correct answer(finance) the net sales minus the cost of goods and services sold Net Profit - correct answerThe money you have left after you have paid for expenses Purchasing - correct answerthe function in a firm that searches for quality material resources, finds the best suppliers, and negotiates the best price for goods and services Buyer - correct answersomeone who purchases Competitor - correct answerA rival. Michael Porter - correct answerBusiness Guru who created the Five Forces Alan Sugar - correct answerOwner of Amstrad Donald Trump - correct answerAmerican property billionaire Richard Branson - correct answerHead of Virgin Group Michelle Mone - correct answerOwner of Ultimo Bras Anita Roddick - correct answerFounder of the Body Shop Phillips Curve - correct answerA graph showing the relationship between inflation and unemployment . The theory states that unemployment can be reduced in the short run by increasing price level (inflation) at a faster rate. Conversely, inflation can be lowered at the cost of possibly increased unemployment and slower economic growth Downsizing - correct answerreducing a company in size by laying off workers and managers to become more efficient Recession - correct answerthe state of the economy declines Primary Information - correct answerfirst hand information gathered by a business for their own purposes using questionnaires, interviews, ect