Turing House
Key Words and Meanings - Year 11 Business Studies
  • Topic 2.2 Making marketing decisions
    AestheticsHow things appeal to the senses; do they look great, smell good, feel nice, sound solid (the 'ker-lunk' of a BMW door shutting) and taste great?  
    Economic ManufactureMaking the product cheaply enough to make it profitable. 
    Extension StrategyAn attempt to prolong sales of a product for the medium to long term, to prevent it from entering its decline stage.  
    FunctionHow well the product or service works for the customer; for example, are the beds comfortable at a hotel; does the smartphone take sharp photos?  
    Product DifferentiationThe theory that every product goes through the same four stages of introductions, growth, maturity and decline. 
    Profit MarginsProfit as a percentage of the selling price (one unit) or as a percentage of total sales revenue (for the business as a whole).  
    BrandingGiving your product or service a name that helps recall and recognition, and gives a sense of personality.  
    E-newslettersRegular updates on the activities of a business sent electronically to actual or potential customers.  
    Promotional StrategyA medium to long term plan for communicating with your target customers. 
    SponsorshipWhen companies pay to have a brand associated with an iconic individual or event (usually connected with sports or the arts).  
    Viral advertisingWhen young people start to spread your message for you through social means, be it word of mouth or via social media.  
    DistributionHow ownership changes as a product goes from producer to consumer.  
    E-tailerAn electronic retailer; in other words purchasing electronically, either by e-commerce or, more likely these days, mobile commerce (M-commerce).  
    RetailerA shop or chain of shops, usually selling from a building in a high street or shopping centre.  
    BudgetA ceiling on the amount of money that can be spent; a marketing budget of 1 million means the marketing manager can spend up to that figure, but no more.  
    'Inform' decisionsEvidence that can be used to make a better decision; a company can gain a better understanding of its customers through the 4P's which helps in decision making.  
  • Topic 2.3 Making operational decisions
  • Topic 2.4 Making financial decisions
  • Topic 2.5 Making human resource decisions
  • GCSE Revision and Examinations