Flashcards in Definitions Deck (32)
Can be described as rivalry amongst sellers
Is any situation where buyers and sellers are in contact in order to establish price
Is the price range in a market of which consumers are prepared to pay
Is the difference between the cost of producing an item and the price at which it is sold
A market dominated by one seller (CMA say more than 25%)
A market in which there are a large number of sellers. Competition is mainly based on price.
A distinctive product created by the use of a logo, symbol, name, design, packaging or combination there of
Brands that are recognised all over the world
A plan of action
Companies that are keen to operate on a global scale must consider how to build a competitive global advantage. I.e. choose the best locations to produce products in
Is the increased integration and interdependence of national economies or the world coming together to trade in each other’s market
A business that has activities and operations in more than one country for example McDonalds, Microsoft and Shell
The amount of a good/service that customers are willing and able to buy at any given price
The amount of a good/service that sellers are willing and able to sell at any given price
The situation in a market where demand is equal to supply I.e. both parties are happy. Customers an but what they want and shops have no unsold stock
Balance of payments/trade
Difference between value of exports and imports
Subsidies and grants
Payments by the government to suppliers that reduce their costs.
This is a diagram that shows the hierarchy in a business, usually from top to bottom in terms of seniority.
Span of control
The NUMBER of employees from whom a manager is responsible.
Chain of command
The chain of command is concerned with the way in which responsibility for employees is organised within a business.
Delayering is the process of reducing the number of levels or layers in an organisation.
Where responsibility for carrying out a task or role is passed onto someone else in the business.
Is giving employees the power to do their job, for example the authority to make decisions, plan their own work and solve their own problems.
Is the number of individuals in a market who are potential buyers of a good/service. Expressed as the collective value of the goods/services that they purchase.
Is the percentage growth in the size of the market, measured over a specific period.
The share of the total market that is owned by a particular business, product or brand.
A measure of market share compared to competitors
The ability of a firm to influence or control the terms and conditions on which goods are brought and sold.
Barriers to entry
The factors that could prevent a firm from entering and competing in a market