ParagraphParagraph – a group of sentences built around a single key concept or idea. |
ParaphrasingParaphrasing – rewriting or repeating something using your own words but not changing the meaning. |
Perfect CompetitionPerfect competition is a market form where there are a large number of small firms, none of which can influence the market equilibrium price, since each firm’s output is very small compared to the total market supply. |
Perfectly Elastic DemandPerfectly elastic demand exists when the quantity demanded drops to zero with an increase in price. |
Perfectly Inelastic DemandPerfectly inelastic demand exists when the quantity demanded remains unchanged with a change in price. |
Performance ManagementProcess that links what individuals and teams do on a daily basis with the larger goals, value and cultural practices of the organisation and the needs of the customers. |
Personal SellingVan Heerden and Drotsky (2018) define personal selling as the exchange of ideas or information, verbally or non-verbally between the customer and the salesperson. Furthermore, the aim of communication in personal selling is to inform the customer and persuade them to purchase a product or service. Personal selling takes place directly with the customer through face-to-face communication, therefore, it can be seen as a two-way transaction between the salesperson and the customers. |
PersuadeTo convince someone of your argument or reasoning. |
PEST AnalysisPEST Analysis is a measurement tool which is used to assess markets for a particular product or a business at a given time frame. PEST stands for Political, Economic, Social, and Technological factors. Once these factors are analysed organisations can take better business decisions. |
PlagiarismPlagiarism – copying the ideas of others into your submission without giving the source due acknowledgment by referencing it. |
Planning the Sales CallPlanning the sales call is often referred to as the pre-approach and is a set of tasks that the salesperson has to perform before actually meeting the prospect for the first meeting. |
PortfolioPortfolio – a collection of documents depicting a process of learning. |
Portfolio InvestmentPortfolio investment refers to the buying of assets such as shares or bonds where the investor has no say in the running of the business. |
Positive SciencesPositive sciences are sciences based on objective fact, example chemistry. |
PrefixThe first part of a combined word, e.g. un- as in unhappy. |
PrepaidPrepaid – amount paid/received in advance. |
Price ControlPrice control exists where a government or agency intervention in the form of floors or ceilings in the free market. |
Price DiscriminationPrice discrimination exists when firms charge different sectors different prices for the same good or service, not attributable to cost differences. |
Price Elasticity of DemandPrice elasticity of demand refers to the sensitivity of the quantity demanded to a change in the price of a product. |
Price StabilityPrice stability is a macroeconomic objective which aims to keep inflation at a low and stable level. |
Price TakerPrice taker is a company or consumer who has no influence on the market price. |
Prime CostsPrime costs – sum of direct materials and direct labour. |
Private CostsPrivate costs are costs borne by an individual firm. |
PrivatisationPrivatisation refers to transferring ownership of assets and resources from the government to the private sector. |
Processa collective term
referring to the logical sequence of steps to achieve an objective |
Process RefinementRefinements are small changes or additions that you make to something in order to improve it. Refinement is the process of making refinements. |
ProcessesA series of actions or steps taken in order to achieve a particular end. |
ProcurementProcurement is the process of finding and agreeing to terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process. Procurement generally involves making buying decisions under conditions of scarcity. |
Producer Price Index (PPI)Producer price index is an index of the prices of a representative basket of producer goods (inputs) and measures the cost of production. |
Product A product is an object or system made available for consumer use; it is anything that can be offered to a market to satisfy the desire or need of a customer. |
ProductionProduction using inputs to make outputs. The act of making things for resale. |
Production FunctionProduction function is the process by which goods and services are made using the 4 factors of production. |
Production MethodProduction method is a method of calculating GDP using the value added at each stage of the production process. |
Production Possibilities CurveProduction possibilities curve is a graphical representation of the maximum possible production possibilities of a community or country. |
Productive EfficiencyProductive efficiency is a situation where all firms are producing where average costs are at a minimum, and there is no wastage of resources. |
ProductivityProductivity – clearly discernible results of a period of dedication to a specific task or range of tasks. |
ProfitProfit is income minus expenditures. |
Profit Maximising RuleProfit maximising rule |
Progressive TaxProgressive tax is where the % of tax paid increases as earnings increase. |
ProspectingProspecting is the process of searching for new clients/customers. |
PublicGroups of people who have a common interest or common values in a particular situation. |
Public GoodsPublic goods are provided by the government for everyone to use, example parks. |
Public RelationsThe management function that establishes and maintains mutually beneficial relationships between an organisation and its public’s. |
Public SectorPublic sector refers to all levels of government, from local councils to national government as well as all state owned enterprises. |
Public TransportPassenger transportation services, usually local in scope, that are available to any person who pays a prescribed fare. It operates on established schedules along designated routes or lines with specific stops and is designed to move relatively large numbers of people at one time.
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PurchasingThe activity of purchasing is to acquire goods and/or services to meet the objectives of a business. Purchasing is done according to a standard as outlined in the procurement policy of the business. |
Purchasing PowerPurchasing power refers to what one can buy with one’s income. |