2852025
Description
Flashcards by Ikta Bhatia, updated more than 1 year ago
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Created by Ikta Bhatia
over 9 years ago
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| Question | Answer |
| Adverse variance | A difference between actual and budgeted amounts which is bad news – e.g. higher than budgeted costs |
| Advertising | Paid-for communication, aimed at informing or persuading |
| Assessment centres | Where a recruiting firm runs a series of extended selection procedures, each lasting one or two days or sometimes longer |
| Automation | The replacement of workers with machines to perform task in production |
| Boston Matrix | A model which analyses the product portfolio of a business into four categories (stars, cash cows, problem children and dogs) |
| Branding | The use of a trade name, symbol, logo or other device to differentiate a product or service |
| Budget | A detailed plan of income and expenses expected over a certain period of time |
| Business to business | Abbreviated to B2B, business-to-business involves the selling or products and services by one business directly to another |
| Capacity utilisation | The proportion of total capacity that is used (expressed as a percentage) |
| Communication | The process of exchanging information or ideas between individuals or groups |
| Competition | The businesses that compete for a share of a market |
| Competitiveness | The ability of a business to offer a better product than competitors (as measured by customers) |
| Cost reduction | Actions taken by a business aimed at reducing total costs, or lowering average unit costs |
| Customer expectations | What customers expect to receive as a result of buying a good or service; influenced by perceptions of factors such as quality and price |
| Customer service | The ways in which a business meets the needs and wants of its customers |
| Delegation | Where responsibility for carrying out a task or role is passed onto someone else in the business. |
| Direct selling | A method of distribution which involves a business transacting with a customer without the use of intermediaries |
| Distribution channel | How a business gets its products to the end consumer (with or without the use of intermediaries) |
| Empowerment | Delegating power to employees so that they can make their own decisions |
| External recruitment | Where candidates for a job vacancy come from outside the organisation |
| Factoring | A source of finance where a business receives a proportion of the amount owned by trade debtors from a specialist finance-provider |
| Favourable variance | A difference between actual and budgeted results which is good news. E.g. higher than budgeted revenue |
| Flexible working | Where a business uses a number of different working practices in order to suit the job in hand and the needs of employees |
| Hierarchy | The structure and number of layers of management and supervision in an organisation |
| Induction training | Training aimed at introducing new employees to a business and its procedures |
| Internal recruitment | Where candidates for a job vacancy come from within the organisation |
| Interview | Part of the recruitment process where a candidate is met face-to-face |
| Job description | A summary of the main duties and responsibilities of a job |
| Job design | The way in which tasks are combined to form a job |
| Job enlargement | Giving employees more tasks of a similar level of complexity. Job enlargement expands the number of tasks completed by an employee |
| Job enrichment | Making a job more interesting or varied so that is more rewarding |
| Labour productivity | The output produced per employee over a given time period |
| Loss leader | Where a price is set deliberately below the cost of production in order to attract customers who will buy other, more profitable products |
| Market research | The process of planning, collecting, and analysing data relevant to help make marketing decisions. |
| Marketing mix | The set of marketing tools that the firm uses to pursue its marketing objectives. Commonly taken to comprise product, price, promotion and place |
| Mass market | Describes the largest group of customers with specific needs and wants in an industry |
| Merchandising | Promotion of a product at the point-of-sale, usually in a retail environment |
| Net profit | Profit that remains after all operating costs are taken away from sales revenue. Net profit is usually stated before any deductions for tax. |
| Net profit margin | A measure of profitability. Net profit margin is calculated as net profit divided by sales revenue. The resulting figure is shown as a percentage |
| Niche market | A niche market is a focused segment of a larger market sector which is it possible to target |
| Off-the-job | Training that takes place away from the workplace (e.g. on a course) |
| On-the-job | Training that takes place at the workplace (e.g. being supervised and coached whilst working) |
| Organisational structure | The way that the roles and responsibilities within an organisation are structured |
| Output | The finished products (goods and services) that result from the production (or "transformation") process. |
| Overtime | Staff who work for less than a standard working week or day |
| Payment terms | The period of time that a supplier allows for an invoice to be settled |
| Penetration pricing | Pricing strategy that involves the setting of lower, rather than higher prices in order to achieve a large market share |
| Permanent employee | An employee who has a permanent position (i.e. not temporary) in a business |
| Person specification | A description which identifies the skills and experience that are likely to be held by a successful applicant for a job vacancy |
| Price elasticity of demand | The responsiveness of demand to a change in the price of a product |
| Price leader | A market leader business whose price changes are followed by rivals |
| Price skimming | Pricing strategy where a higher price is charged for new product to take advantage of customers prepared to pay for innovation |
| Price taker | A business that has no option but to charge the ruling market price |
| Pricing decisions | The decisions taken about how to price a product |
| Pricing strategies | The overall strategic approach to pricing over the medium-to-long term, often based on the market positioning of a product |
| Pricing tactics | The short-term pricing decisions and approaches taken - e.g. the temporary use of sales promotions or a short price war |
| Product life cycle | A theory which predicts the stages a product goes through from introduction to withdrawal from a market |
| Product portfolio | The collection of products and brands owned and operated by a firm |
| Productivity | Measures of output per worker over a given time period |
| Profitability | The ability of a business to generate profits from its activities. Profitability is often measured in terms of the return on sales (net profit margin) or return on investment (return on capital) |
| Promotional mix | The mix of activities and approaches taken to promoting a product, including advertising, direct selling etc. |
| Psychological pricing | Using price as a way of influencing a consumer's behaviour or perceptions, for example using high prices to reinforce a quality image |
| Public relations | The promotion of a business through news stories, sponsorship and similar activities. Usually shortened to PR. |
| Quality | Where a product meets a customer's requirements |
| Quality assurance | Organising every process to get the product 'right first time' and prevent mistakes ever happening |
| Quality control | The inspection of products as part of a sampling process to ensure that the right production standards have been achieved |
| Rationalisation | Reorganising production in order to increase productivity and efficiency. Often involves closure or relocation of production capacity. |
| Return on capital | A measure of the return made by investing in a business or business project. Return on capital is calculated as: (Net profit / Capital Invested) x 100 [shown as a percentage) |
| Robotics | The science and technology of robots, and their design, manufacture, and application |
| Sale & leaseback | A method of raising finance. Sale and leaseback involves a business selling a major asset (e.g. land & buildings) and then leasing the same asset back from the new owner. |
| Sales promotion | Tactical, point of sale material or other incentives designed to stimulate purchases |
| Selection | The process of deciding which applicant for a job a business should accept |
| Span of control | The number of employees who are directly supervised by a manager |
| Spare capacity | When a business is able to produce more with existing resources (also known as excess capacity) |
| Stock control | The processes and controls used by a business to ensure that it has sufficient (but not too much) stock for its purposes |
| Stocks | Raw materials, work-in-progress and finished goods held for resale. Stocks are sometimes also referred to as "inventories" |
| Sub-contracting | Delegation by one firm of a portion of its production process, under contract, to another firm, including in another country |
| Supplier | An individual, business or other organisation which provides goods or services to a customer or consumer |
| TQM (Total Quality Management) | An attitude to quality where the aims are zero defects and total customer satisfaction |
| Training | The provision of work-related education or skills development |
| Unit cost | The average production cost per unit |
| USP | USP is an acronym for "Unique Selling Point". A USP is a feature of a product or service that makes it stand out compared with the competition. If a USP is sustainable, then it can be a source of significant competitive advantage for a business. |
| Variance | The difference between the budgeted amount and what actually happens. A variance can be "positive" (favourable) or "negative" (adverse) |
| Waste | A cost of production. Sub-standard completed output or raw materials which are not retained in the production process |
| Workforce role | The tasks involved in a particular level or grade of job |
| Workload | The amount of work assigned to a particular worker, normally in a specified time period |
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