Jargon buster

Marketing mix

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The marketing mix of product, price, place and promotion represent the four “P-words” that should be considered when planning your commercial strategy. Smart businesses add a fifth, “people”, since it is important to understand your customers. For example, is price the main issue for customers or is the place where the product is purchased important?

Not-for-profit

A business that reinvests any profit it makes in doing social good rather than distributing it among owners. Some organisations use profit from one trading activity in order to deliver social good while others deliver it by providing employment for the disabled. However, a not-for-profit organisation should aim to be profitable, just like any other business. Accountants often think of not for-profits as falling into one of three categories: charities, independent schools and others such as companies limited by guarantee.

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