Aqa Business: Summary Of Key Terms Exam Questions (223 Terms) With Verified Definitions Updated 2024

Core competencies {Ans: the combination of pooled knowledge and technical capacities that allow a business to be competitive in the market place.}Market positioning {Ans: where a particular brand stands in relation to other brands in the market.}Marketing mix {Ans: the main variables comprising a firm's marketing strategy.}Multinational company {Ans: a business that has facilities and other assets in more than one country.}Mechanistic structure {Ans: one that is hierarchical and bureaucratic with centralised authority and formal procedures and practices.}Urbanisation {Ans: the movement of people from the countryside to towns and cities.}Monetary policy Committee (MPC) {Ans: a committee of the Bank of England that regulates interest rates in an attempt to maintain economic stability.}Authority {Ans: the power or right to give orders or make decisions.}Promotion {Ans: bringing consumers’ attention to a product or business.}Income budget {Ans: the forecasted earnings from sales, sometimes called a ‘sales budget’.}Disruptive change {Ans: involves radical change, often rethinking or redesigning a business or project.}Organisational culture {Ans: a system of shared assumptions, values and beliefs that govern how a business operates.}Pricing strategies {Ans: the medium- to long-term pricing plans that a business adopts.}Cash flow