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Business > Bus 2 > Flashcards

Bus 2 Flashcards

0
Q

Advertising

A

Paid-for communication, aimed at informing or persuading

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1
Q

Adverse variance

A

A difference between actual and budgeted amounts which is bad news – e.g. higher than budgeted costs

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2
Q

Assessment centres

A

Where a recruiting firm runs a series of extended selection procedures, each lasting one or two days or sometimes longer

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3
Q

Automation

A

The replacement of workers with machines to perform task in production

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4
Q

Boston matrix

A

A model which analyses the product portfolio of a business into four categories (stars, cash cows, problem children and dogs)

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5
Q

Branding

A

The use of a trade name, symbol, logo or other device to differentiate a product or service

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6
Q

Budget

A

A detailed plan of income and expenses expected over a certain period of time

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7
Q

Business to business

A

Abbreviated to B2B, business-to-business involves the selling or products and services by one business directly to another

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8
Q

Capacity utilisation

A

The proportion of total capacity that is used (expressed as a percentage)

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9
Q

Communication

A

The process of exchanging information or ideas between individuals or groups

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10
Q

Competition

A

The businesses that compete for a share of a market

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11
Q

Competitiveness

A

The ability of a business to offer a better product than competitors (as measured by customers)

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12
Q

Cost reduction

A

Actions taken by a business aimed at reducing total costs, or lowering average unit costs

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13
Q

Customer expectations

A

What customers expect to receive as a result of buying a good or service; influenced by perceptions of factors such as quality and price

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14
Q

Customer service

A

The ways in which a business meets the needs and wants of its customers

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15
Q

Delegation

A

Where responsibility for carrying out a task or role is passed onto someone else in the business.

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16
Q

Direct selling

A

A method of distribution which involves a business transacting with a customer without the use of intermediaries

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17
Q

Distribution channels

A

How a business gets its products to the end consumer (with or without the use of intermediaries)

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18
Q

Empowerment

A

Delegating power to employees so that they can make their own decisions

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19
Q

External recruitment

A

Where candidates for a job vacancy come from outside the organisation

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20
Q

Factoring

A

A source of finance where a business receives a proportion of the amount owned by trade debtors from a specialist finance-provider

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21
Q

Favourable variance

A

A difference between actual and budgeted results which is good news. E.g. higher than budgeted revenue

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22
Q

Flexible working

A

Where a business uses a number of different working practices in order to suit the job in hand and the needs of employees

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23
Q

Hierarchy

A

The structure and number of layers of management and supervision in an organisation

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24
Q

Induction training

A

Training aimed at introducing new employees to a business and its procedures

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25
Q

Internal recruitment

A

Where candidates for a job vacancy come from within the organisation

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26
Q

Interview

A

Part of the recruitment process where a candidate is met face-to-face

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27
Q

Job description

A

A summary of the main duties and responsibilities of a job

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28
Q

Job design

A

The way in which tasks are combined to form a job

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29
Q

Job enlargement

A

Giving employees more tasks of a similar level of complexity. Job enlargement expands the number of tasks completed by an employee

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30
Q

Job enrichment

A

Making a job more interesting or varied so that is more rewarding

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31
Q

Labour productivity

A

The output produced per employee over a given time period

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32
Q

Loss leader

A

Where a price is set deliberately below the cost of production in order to attract customers who will buy other, more profitable products

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33
Q

Market research

A

The process of planning, collecting, and analysing data relevant to help make marketing decisions.

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34
Q

Marketing mix

A

The set of marketing tools that the firm uses to pursue its marketing objectives. Commonly taken to comprise product, price, promotion and place

35
Q

Mass market

A

Describes the largest group of customers with specific needs and wants in an industry

36
Q

Merchandising

A

Promotion of a product at the point-of-sale, usually in a retail environment

37
Q

Net profit

A

Profit that remains after all operating costs are taken away from sales revenue. Net profit is usually stated before any deductions for tax.

38
Q

Net profit margin

A

A measure of profitability. Net profit margin is calculated as net profit divided by sales revenue. The resulting figure is shown as a percentage

39
Q

Niche market

A

A niche market is a focused segment of a larger market sector which is it possible to target

40
Q

Off the Job

A

Training that takes place away from the workplace (e.g. on a course)

41
Q

On the job

A

Training that takes place at the workplace (e.g. being supervised and coached whilst working)

42
Q

Organisational structure

A

The way that the roles and responsibilities within an organisation are structured

43
Q

Output

A

The finished products (goods and services) that result from the production (or “transformation”) process.

44
Q

Overtime

A

Staff who work for less than a standard working week or day

45
Q

Payment terms

A

The period of time that a supplier allows for an invoice to be settled

46
Q

Penetration pricing

A

Pricing strategy that involves the setting of lower, rather than higher prices in order to achieve a large market share

47
Q

Permanent employee

A

An employee who has a permanent position (i.e. not temporary) in a business

48
Q

Person specification

A

A description which identifies the skills and experience that are likely to be held by a successful applicant for a job vacancy

49
Q

Price elasticity of demand

A

The responsiveness of demand to a change in the price of a product

50
Q

Price leader

A

A market leader business whose price changes are followed by rivals

51
Q

Price skimming

A

Pricing strategy where a higher price is charged for new product to take advantage of customers prepared to pay for innovation

52
Q

Price taker

A

A business that has no option but to charge the ruling market price

53
Q

Pricing decisions

A

The decisions taken about how to price a product

54
Q

Pricing strategies

A

The overall strategic approach to pricing over the medium-to-long term, often based on the market positioning of a product

55
Q

Pricing tactics

A

The short-term pricing decisions and approaches taken - e.g. the temporary use of sales promotions or a short price war

56
Q

Product life cycle

A

A theory which predicts the stages a product goes through from introduction to withdrawal from a market

57
Q

Product portfolio

A

The collection of products and brands owned and operated by a firm

58
Q

Productivity

A

Measures of output per worker over a given time period

59
Q

Profitability

A

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)

60
Q

Promotional mix

A

The mix of activities and approaches taken to promoting a product, including advertising, direct selling etc.

61
Q

Psychological pricing

A

Using price as a way of influencing a consumer’s behaviour or perceptions, for example using high prices to reinforce a quality image

62
Q

Public relations

A

The promotion of a business through news stories, sponsorship and similar activities. Usually shortened to PR.

63
Q

Quality

A

Where a product meets a customer’s requirements

64
Q

Quality assurance

A

Organising every process to get the product ‘right first time’ and prevent mistakes ever happening

65
Q

Quality control

A

The inspection of products as part of a sampling process to ensure that the right production standards have been achieved

66
Q

Rationalisation

A

Reorganising production in order to increase productivity and efficiency. Often involves closure or relocation of production capacity.

67
Q

Return on capital

A

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)

68
Q

Robotic

A

The science and technology of robots, and their design, manufacture, and application

69
Q

Sale and leaseback

A

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.

70
Q

Sales promotion

A

Tactical, point of sale material or other incentives designed to stimulate purchases

71
Q

Selection

A

The process of deciding which applicant for a job a business should accept

72
Q

Span of control

A

The number of employees who are directly supervised by a manager

73
Q

Spare capacity

A

When a business is able to produce more with existing resources (also known as excess capacity)

74
Q

Stock control

A

The processes and controls used by a business to ensure that it has sufficient (but not too much) stock for its purposes

75
Q

Stocks

A

Raw materials, work-in-progress and finished goods held for resale. Stocks are sometimes also referred to as “inventories”

76
Q

Sub contracting

A

Delegation by one firm of a portion of its production process, under contract, to another firm, including in another country

77
Q

Supplier

A

An individual, business or other organisation which provides goods or services to a customer or consumer

78
Q

TQM

A

Total Quality Management. An attitude to quality where the aims are zero defects and total customer satisfaction

79
Q

Training

A

The provision of work-related education or skills development

80
Q

Unit cost

A

The average production cost per unit

81
Q

USP

A

A USP is a feature of a product or service that makes it stand out compared with the competition. It can be a source of significant competitive advantage for a business.

82
Q

Variance

A

The difference between the budgeted amount and what actually happens. A variance can be “positive” (favourable) or “negative” (adverse)

83
Q

Waste

A

A cost of production. Sub-standard completed output or raw materials which are not retained in the production process

84
Q

Work force role

A

The tasks involved in a particular level or grade of job

85
Q

Workload

A

The amount of work assigned to a particular worker, normally in a specified time period

Business (4 decks)

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