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| The intention to reach a goal. |
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| The presence or introduction of harmful substances into the air causing disease, allergies or damage to humans, animals, plants or the built environment. |
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| The relationship between the business and the customer that puts the customer’s requirements at the centre of the operation to build brand loyalty. |
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| The likelihood that past customers will continue to buy from the business, enhanced by high quality customer service and/or reward programmes. |
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| Whether customers are pleased with the goods/services they receive; whether they would purchase again. |
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| Rulings that relate to the rights and responsibilities of people who work for a business; they affect the recruitment and selection process and how the business deals with its workers. |
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| Good/service sold to a customer in another country. |
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| The ability to identify business ideas and opportunities to bring them to fruition and to take risks where appropriate. |
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The difference between the money received from the sale of a good/service and the amount it cost; the amount that remains after all the costs have been paid.
Profit = total revenue – total cost |
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Term
Qualitative market research |
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Definition
| Collecting information about potential customers’ opinions and preferences about the attributes/characteristics/properties of a product; open questions allow respondents to express their own views by not limiting their responses. |
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Quantitative market research |
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Definition
| Using sampling techniques such as surveys where the findings are expressed numerically; closed questions allow a limited choice of responses and are easy to turn into statistics for analysis. |
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Definition
| Breaking the whole market for a product into different groups or types of consumers with similar needs/wants/characteristics; enables the marketing mix to be designed to meet their needs more precisely. |
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| The value that a shareholder is able to get for the money invested in the business: capital gains, dividend payments, pay-outs to shareholders or proceeds from buyback programmes. |
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Definition
| The methods used by those in leadership roles to achieve the most effective outcomes from the employees for whom they are responsible. |
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