Marketing
What are the three main functions of "packaging"
Protect the product, attract attention and add value
One fanancial motivator
Bonuses, raises, profit shares, more money
What is the primary function of management?
To coordinate and oversee the activities of an organization to achieve its goals.
What is meant by GDP?
Gross domestic product
What are the four factors of production?
Land, labour, capital and enterprise
Why do we carry out market researching?
To gather information about consumers' preferences and market trends to inform business decisions.
Key term for "motivation"
The factors inside a business that gives an employee the willingness to work hard
What is a leadership style?
A leadership style is the manner and approach of providing direction, implementing plans, and motivating people.
How does a bsuiness improves the economy of its surroundings?
By lowering unemployment rates, creating new jobs, rising GDP, or attracting custumer high traffic
What are the primary sectors of the economy?
Primary, secondary and tertiary sectors
What is the marketing mix?
The marketing mix consists of the 4 P's: Product, Price, Place, and Promotion.
What is Herztberg's definition of "hygiene factors"?
Give an example
Things that the employee takes for granted when they are hired by a business.
Examples: Salary, worthy workspace
What is the difference between autocratic and democratic leadership style?
An autocratic leader makes decisions unilaterally and the leader has all power over the subordinates, while a democratic leader involves team members in the decision-making process.
What are external factors of a business?
Factors that are outside of the business's workspace or legislation that affect its operations
What does the secondary sector of economy does?
Manufacturing
What is meant by "marketing segmentation?
Market segmentation is the process of dividing a target market into smaller, more defined categories.
What is on Maslaw's fifth and final section of the motivational pyramid?
Self actualization
What are Fayol's five roles of management?
Supervise, measure performance, planning, controlling and monitoring
What is a recession?
A period of decline in economic activity, marked by a fall in real GDP for at least two consecutive quarters.
What is production capacity?
Production capacity is the maximum output that an organization can produce in a given period under normal conditions.
What is the definition of brand equity?
Brand equity refers to the value added to a product by having a well-known brand name, which can lead to increased sales and customer loyalty.
What are McLelland's three main needs for motivation?
Afiliation, achievement, and power (authority)
What is meant by KPI measures?
Key performance indicador measure
What is meant by "vertical integration"?
When a business takes over or merges with another one form a different stage of the supply chain, either forward (distributor) or backward (supplier).
Define "just-in-time" (JIT) production.
JIT production is a strategy that strives to improve a business’s return on investment by reducing in-process inventory and associated carrying costs.