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J837 - E & M
Enterprise and Marketing Full Course
| Term | Definition |
|---|---|
| Creativity | A characteristic of successful entrepreneurs; Generating original and imaginative ideas or solutions. |
| Innovation | A characteristic of successful entrepreneurs; Introducing new or improved methods, products |
| Risk-taking | A characteristic of successful entrepreneurs; Willingness to take chances and embrace uncertainty |
| Communication | A characteristic of successful entrepreneurs; Exchanging information and ideas effectively |
| Negotiation | A characteristic of successful entrepreneurs; Discussions to reach agreements or resolve conflicts. |
| Confidence | A characteristic of successful entrepreneurs; Belief in oneself and abilities to achieve desired outcomes. |
| Determination | A characteristic of successful entrepreneurs; Persistence and drive to overcome challenges |
| Financial Gain | A reward for risk taking with Increasing wealth or monetary benefits. |
| Gaining independence | A rewards for risk taking; achieving freedom and self-reliance. |
| Self-satisfaction | A rewards for risk taking; Fulfillment and happiness from personal achievements. |
| Making a difference | A rewards for risk taking; Creating positive impact or contributing to a meaningful cause. |
| Financial loss | A drawback from risk-taking; Decrease or depletion of financial resources. |
| Health/Wellbeing Issues | A drawback from risk-taking; Challenges or concerns related to physical or mental health. |
| Work-life balance | A drawback from risk-taking; Equilibrium between professional and personal life. |
| Personal relationships affected | A drawback from risk-taking; Impact on connections with family, friends, or loved ones. |
| Market Research | Research into the market, what are customers wants and needs |
| Understanding the market | Knowing who your customers are, their wants and needs, and who are your rivals? |
| Reducing Risk | A main purpose of market research to reduce the risk of making mistakes |
| Aiding decision making | A main purpose of market research to help you make decisions |
| Primary research | Gathering information yourself that has not been collected before. |
| Field Research | Alternative term for primary research |
| Focus Group | A group of people assembled to participate in a discussion about a product |
| Observations | Customers are watched to see how they behave in certain situations |
| Consumer Trials | When a product/service is made available for people to trial to gain feedback |
| Survey | Series of questions to gather feedback either on paper or through digital/online means |
| Test Marketing | Where a product or service is released on a small scale to test its popularity/success |
| Secondary research | Using research that others have already completed such as statistics |
| Desk Research | An alternative term for Secondary research |
| Competitors Data | Data about your rival businesses |
| Government publications | Documents such as the census and other statistics about the population |
| Purchased Research Material | Data purchased from specialist research companies |
| MINTEL | Award–winning provider of purchased Market Research |
| Internal data | Data already held by the company such as sales or customer information |
| Books and newspapers | Professionally written and reliable secondary source |
| Qualitative Data | Descriptive data useful for more insight and explanation e.g. opinions |
| Quantitative Data | Factual information usually in number form or percentages |
| Market Segmentation | The breaking up of a market into groups such as gender and age |
| Gender | Market segmentation based on someone's sex |
| Age | Market segmentation based on how old someone is |
| Income | Market segmentation based on how much money the customer earns |
| Lifestyle | Market segmentation based on the hobbies and interests of the customer |
| Geographic Location | Market segmentation based on where the customer lives |
| Occupation | Market segmentation based on the job that the customer has |
| Demographic | A particular sector of a population for example a certain gender, age or social grade |
| Profitability | How much profit a product or service is likely to make |
| Retention | The ability to keep customers and ensure they carry on buying |
| Market Share | the section of a market controlled by a particular business |
| Increased Market Share | A benefit of market segmentation where you will become a more popular brand |
| Retention of customers | A benefit of market segmentation where you will be more likely to retain customers |
| Targeted Marketing | A benefit of market segmentation where you can advertise more easily to customers |
| Needs of the customer | What each specific customer needs from a product or service |
| Costs | Expenses that business incur when producing and selling their products |
| Fixed costs | Costs that stay the same regardless of any change in output |
| Advertising costs | Fixed cost to pay for advertising materials e.g. posters and flyers |
| Insurance | Fixed cost to protect the business and employees |
| Loan interest | Fixed cost for the interest added to money borrowed from lenders |
| Rent | Fixed cost to pay for the rental of an office, shop or factory |
| Salaries | Fixed cost for employees yearly wage |
| Utilities | Fixed cost to pay for water, gas and electric |
| Variable cost | Costs that varies with a change in output |
| Raw materials | Variable cost for the actual materials required to make a product e.g. leather, plastic |
| Components | Variable cost for the actual components in a product e.g. screws and nails |
| Packaging costs | Variable cost for the packagine for each product e.g. box, wrapping |
| Wages | Variable cost for the actual hourly rate paid to employees |
| Semi–variable costs | A combination of a fixed cost with variable costs e.g. phone bills |
| Total costs | Total fixed costs + Total Variable costs |
| Revenue | Amount of money coming in from selling products or services |
| Formula to calculate Revenue | Quantity * Selling price |
| Total Revenue | the amount of money made in total |
| Total revenue formula | selling price per unit * output level |
| Formula to calculate profit/loss | REVENUE –TOTAL COSTS |
| Profit | when revenue is BIGGER than total costs |
| Loss | when revenue is smaller than total costs |
| Break–even | occurs when total costs equal total revenue |
| Cash flow | the money paid into and spent by a business |
| Lack of cash | Lack of cash can have consequences like not being able to buy new materials or spend on advertising |
| Marketing Mix | a set of tools used for achieving marketing goals e.g. Product, Price, Place, Promotion |
| Non-digital | traditional or offline methods, such as print media, TV, radio |
| Leaflet | printed materials used to provide information or promote something. |
| Newpaper advert | an advert in a printed publication that provides news and information |
| Magazine advert | promotional content placed in a magazine. |
| Radio advert | promotional message aired on radio stations. |
| Poster/Billboard | large printed advertisement displayed in public spaces for promotion. |
| Cinema advert | promotional video shown before or during a movie in a theater |
| Digital | promotional activities conducted online |
| Social Media | online platforms where users engage and share content with others. |
| Websites | online platforms that provide information, services, or products to users |
| online banners/pop-ups | graphical advertisements displayed on websites |
| SMS text adverts | promotional messages sent to mobile phones via text messaging. |
| podcast | audio or video episodes that can be streamed or downloaded |
| vlogs/blogs | video blogs or written articles that individuals create and share online |
| Sales Promotions | Offers that a business promotes to encourage more sales for their business |
| Discounts | Reducing the price of a product for example by 10% |
| Competitions | Seeking new customers by holding competitions with prizes |
| Buy one get one free (BOGOF) | A method of selling large amounts of stock quickly usually to get rid of old stock |
| Point of Sale Advertising | Advertising that is displayed at the checkout |
| Free gifts | Using a free prize to provide an incentive for customers to sign up or purchase products |
| Product Trials | Giving free or reduced price trials to try and get new customers |
| Loyalty Schemes | A scheme to try and retain existing customers e.g. Tesco clubcard |
| Sponsorship | marketing efforts that involve sponsoring events, organizations, or individuals to gain visibility |
| Product Placement | Where products or brands are integrated into movies, TV shows etc to increase brand awareness |
| Celebrity endorsement | Where a famous person promotes a product or service to leverage their influence and credibility |
| Press/media releases | official statements provided to the media to announce news, products etc |
| Physical sales | process of selling products or services through traditional stores or in-person interactions |
| Digital sales | process of selling products or services online through e-commerce platforms, websites |
| The product life cycle | shows how a products goes from development and launch until it is removed from sale |
| Development | Creating and testing the product before sale |
| Introduction | Launching the product into the market |
| Growth | when sales are increasing at their fastest rate |
| Maturity | sales are near their highest, but the rate of growth is slowing down |
| Decline | final stage of the cycle, when sales begin to fall |
| Extension Strategies | A way to extend the lifecycle of a product by making small changes |
| Advertising | Making people aware of a product |
| Change of price | Changing a product's price to extend its life |
| Adding value | A strategy to add new features to a product to extend its life |
| Exploration of new markets | A strategy where you try to enter a new market with the same or similar products |
| New packaging | A cheap strategy to try and extend the lifecycle by changing the packaging of the product |
| Production Costs | Costs for making a product |
| Target market | Who you are aiming your products/services at |
| Pricing Strategies | Methods that a business uses to attract customers to buy a product |
| Competitive pricing | Setting a price that is similar to that of a competitor |
| Price skimming | Introduce the product at a high price when there is little/no competition |
| Psychological pricing | Setting a price that appears to be attractive to customers e.g. £999 instead of £1000 |
| Price penetration | Introducing the product at a lower price to attract customers than increasing it gradually over time |
| Sole Trader | One person who owns and controls their own business but they can employ other people. |
| Partnership | Owned by two or more people who are jointly responsible for the business |
| Franchise | A business where the owner grants a licence to another business to operate its brand |
| Limited liability | A partnership in which the partners are not personally liable for the debt |
| Unlimited liability | Where the business owners are liable for all of the debts |
| Limited Company | A business owned by shareholders and run by directors |
| Private limited company | Only sell shares to family and friends |
| Public limited companies | Sell shares publicly on the open market |
| Source of capital | Sources of income for a business |
| Revenue stream | Sources of finance; Where the money is coming from |
| Owners Savings | Money put into the business by the owner |
| Business Angel | A wealthy entrepreneur priovdes the money with a % share of profits |
| Grants | Start up grants available from banks, charities or the government |
| Crowdfunding | When groups of investors join together to fund a project |
| Friends and Family | Common source of finance but offers risks to personal relationships |
| Loan | Long term source of finance offered by banks |
| Capital | The money needed to start or expand a business |
| Deed | A legal document that is signed, especially one regarding the ownership of of the business |
| Support for Enterprise | Places to find help with your business |
| Local council enterprise department | Help from the local council to give you advice and support |
| Accountants | Experts in finance that can support with taxes and money advice |
| Solicitors | Experts in legal issues that offer advice with things like copyright and data protection |
| Chamber of Commerce | A group that helps local businesses with with resources and community engagement. |
| Government support | Help for businesses from the government with grants, tax incentives, training programs, and advice |
| Charities | Free help with advice on various aspects such as fundraising, marketing and community engagement |
Created by:
weirdog
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