Economics
A place or system where buyers and sellers exchange goods and services.
market
specific group of customers that a company wants to sell its products or services to.
target market
A business owned and managed by one person who is responsible for all profits and debts.
Sole Trader
The process of giving tasks and responsibilities to another person, usually from a manager to an employee, while the manager still remains responsible for the final result.
Delegation
A unique symbol or design that represents a company and makes it easily recognizable.
logo
The amount of a product or service that consumers are willing and able to buy at a certain price.
Demand
The four main elements of marketing: Product, Price, Place, and Promotion.
Marketing Mix (4Ps)
A company where the owners are not personally responsible for the company's debts beyond their investment.
Limited Liability Company (LLC)
The ability to motivate and guide people to achieve objectives
Leadership
The shared values, beliefs, and behaviours of employees within a company that shape how it operates.
corporate culture
The value of the next best alternative that is given up when making a choice.
Opportunity Costs
A name, symbol, or design that identifies a company's products and distinguishes them from competitors.
brand
A situation where the owner is personally responsible for all business debts and obligations.
Unlimited Liability
What are main activities of management?
The process of creating a unique identity for a company, product, or service through elements like name, logo, design, and reputation, so that customers can easily recognize and remember it.
branding
A market structure in which a small number of large companies control most of the market and competition is limited.
Oligopoly
A tool used to analyze a company's products based on market growth and market share. Products are divided into Stars, Cash Cows, Question Marks, and Dogs.
Boston Matrix (BCG Matrix)
A group of people elected to oversee and make important decisions for a company.
Board of Directors
What managerial style is the situation that the manager gives employees a high level of freedom and only limited supervision.
Laissez-faire Style (delegative style)
A set of rules and guidelines that explains how employees should behave in a company. It defines acceptable and unacceptable behaviour and helps ensure professionalism, ethics, and respect in the workplace.
code of conduct/ethics
An economic system in which the government makes all decisions about production, prices, and distribution of goods and services, with little or no role for private ownership or market forces.
Command economy
A marketing model that describes the stages a product goes through from introduction to growth, maturity, and decline in the market.
Product Life Cycle (PLC)