kolokwium

Multinational Company

is a corporate organization that owns or controls production of goods or services in one or more countries other than their home country.

Primary Sector

is the sector of an economy making direct use of natural resources.

Secondary Sector

the secondary sector includes industries that produce a finished, usable product or are involved in construction.

Product range

a set of variations of the same product platform that appeal to different market segments. A complete portfolio of products that a company manufactures and/or markets.

Diversification

diversification is a risk management technique that mixes a wide variety of investments within a portfolio.

Product development

the creation of products with new or different characteristics that offer new or additional benefits to the customer

Franchisor

the company that allows an individual (known as the franchisee) to run a location of their business.

Franchisee

known name in a particular area in return for a free or share of revenues made.

Market share

is the percentage of the total market that is being services by a company, measures either in revenue terms or unit volume terms.

Channel of distribution

a distribution channel is a chain of businesses or intermediaries through which a good or service passes until it reaches the end consumer. It can include wholesalers, retailers, distributors and even the internet itself.

Sourcing

the process of finding suppliers of goods or services.

Pricing strategy

activities aimed at finding a product's optimum price, typically including overall marketing objectives, consumer demand, product attributes, competitors' pricing, and market and economic trends.

Market segment

an identifiable group of individuals, families, businesses, or organizations, sharing one or more characteristics or needs in an otherwise homogeneous market. Market segments generally respond in a predictable manner to a marketing or promotion offer.

Target market

is a group of customers a business has decided to aim its marketing efforts and ultimately its merchandise towards.

Product orientated

a business approach or philosophy in which whatever a company makes or supplies is the focus of the management's attention.

Market orientated

a business approach or philosophy that focuses on identifying and meeting the stated or hidden needs or wants of customers.

Service sector

provides a service, not an actual product that could be held in your hand.

Retail sector

organizations selling in relatively small units to the final consumer.

Sustainability

practices which do not adversely affect the future use or resources.

Mission statement

is a short statement of an organization's purpose, identifying the scope of its operations: what kind of product or service it provides, its primary customers or market, and its geographical region of operation.

Location

named geographical place (such as an airport, seaport, container freight station or terminal) that provides permanent facilities for movement of goods (such as customs, storage, and other support services) or is designated for a stated purpose.

Key Performance Indicators (KPI)

financial measures to monitor performance across a range of activities within a function, department or role.

Benchmarking

a measurement of the quality of an organization's policies, products, programs, strategies, etc., and their comparison with standard measurements, or similar measurements of its peers.

Economies of scale

reductions in average costs that stern from operating on a large scale.

Price elasticity

how consumers react to prices for goods and services.

Profitability

the state or condition of yielding a financial profit or gain. It is often measured by price to earnings ratio.

Net profit

the amount by which income from sales is larger than all expenditure. Also called profit after tax.

Gross profit

the difference between revenue and the cost of producing goods or services sold.

Disposable income

income left to spend after essentials have been paid for.

Barriers to entry

features that prevent businesses entering a particular market.

Brand –

a name, symbol or design used to identify a specific product and to differentiate it from its competitors.

Market forces

Generally referring to the interplay between supply and demand that determines both the price of a product and the volume sold.

Strategy

long-term business plan of an organization.

SWOT analysis

identification and evaluation of strengths and weaknesses within a company and opportunities and threats in its external environment.

Carbon footprint

a measure of the amount of CO2 produced by individuals, businesses or countries as a result of their activities.

Price sensitive

describe a product whose sales are influenced by price rather than quality.

Stakeholders

individuals and groups with an interest in an organization and decisions it makes.

Objectives

the end purposes that an organization sets out to achieve.

Business environment

all of those factors that influences a business that are outside the control of business.

Market focus

concentrating on the wants and requirements of customers.

SLEPT

a study of social, legal, economic, political and technological factors that affect a business.

Social trends

patterns of change in social behavior, for example in fashion and tastes.

Demand

a desire to buy a product backed by the money to purchase that product.

Legal factors

changes in the law, for example tougher food safety laws.

Economic factors

changes in the wider economy eg changes in spending patterns and incomes.

Technological factors

changes in the way in which products are made and processes are carried out.