Packaging |
All the design and cost elements involved in the physical protection and presentation of a product. |
Partnership |
A type of business organisation that has between 2 and 20 owners. They share all the profits and losses. |
Patent |
The right to be the sole user or producer if the invention of a new process or product. |
Peer Group |
The circle of friends and workmates whose views on workplace behaviour and attitudes may be highly influential. |
Penetration Pricing |
The setting of a price low enough to gain sufficient market share to achieve customer brand recognition within that market. |
Performance Appraisal |
This is the process of judging the effectiveness of an employees contribution over a period of time (usually a year). |
Personal Specification |
A statement listing the characteristics required to do a job successfully. |
PEST Analysis |
A mean of analysing the external factors that affect a business. PEST is an acronym for Political, Economic, Social and Technological. |
Piece Rate |
The payment of wages solely on the basis of the number of items each worker produces. |
Pre-Tax profit |
Profit made before Corporation Tax is taken out. |
Pressure groups |
A group of people who join together to try and change a policy of a business or Government e.g. Greenpeace, Friends of the Earth. |
Primary Industry |
Businesses that obtain raw materials using natural resources such as oil, coal, and using the earth (land, sea) to grow things such as fish, crops |
Primary Research |
Is the gathering of first hand data that is tailor made to a firms own products, customers or markets. |
Private Benefits |
The money a business gets from carrying out its activity. This will also include the profits. |
Private Costs |
The money a business has to pay out to make a product. This will include fixed and variable costs. |
Private Limited Companies (Ltd) |
A business with 2 or more owners. The shares of the firm cannot be sold on the Stock Exchange |
Privatisation |
Where the government sells off a business that it owns to private shareholders. As such the business moves from the public sector to the private sector. |
Product Life Cycle |
A term used to describe the stages a product goes through, from its introduction to its final decline. It also shows the expected sales during the product's life. |
Product Orientated |
Where the product is designed and produced because a firm knows how to rather than because consumers wants it. |
Production |
The actual manufacturing of a good. |
Profit |
What is left from revenue after costs have been deducted. |
Profit and Loss Account |
A financial statement that summarises the expenses, losses and overheads of a firm. It is used to calculate the net profit. |
Promotion |
This term has two very different meanings
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Psychological Pricing |
This means setting a price based on the expectations of the consumers within the chosen target market. |
Psychometric Test |
By candidates undertaking this task some organisations believe that they can find out a person personality and whether they will fit in with the people that structures that already operate within that organisation. |
Public Limited Companies (Plc) |
A business with 2 or more owners (usually 1000s) whose shares are bought and sold on the Stock Exchange. |
Public Relations (P.R.) |
Giving out information to the media about the business with the aim of improving it's image. |
Public Sector |
The part of the economy controlled by the Government. |