B&M Case Study Flashcards
(116 cards)
0
Q
Diversify
A
A company produces a new good or service, buys up another company, or produces in a new market in order to spread risk and loosen dependence
1
Q
Upskilling
A
increasing the skills of certain employees or a company’s labour force as a whole
2
Q
market opportunity
A
an opportunity that a company can legally exploit in order to increase sales
3
Q
internal recruitment
A
recruiting personell to posts from within the company
4
Q
Staff retention rate
A
The percentage of staff who remain employed by a business over a given time period, usually one year. It is calculated by deducting the number of leavers from the total number of employees in a year, expressed as a percentage of the workforce that has remained within the business
5
Q
external recruitment
A
filling vacant posts with applicants rom outside company
6
Q
social
A
refers to changing demographics, e.g. population gerowth, lifesytels and cultural values
7
Q
political
A
refers to government behaviour, tax changes, privatization or nationalization
8
Q
economic
A
refers to peoples income, unemployment, inflation and economic growth
9
Q
market trends
A
the direction in which a market goes in
10
Q
strategic alliance
A
a collaborative agreement between two or more firms to pursue a set of agreed goals
11
Q
market trends
A
Changing demands for goods and services within a market
12
Q
workforce planning
A
establishing the number and skills of the workforce required by the business in the future
13
Q
fixed cost
A
the costs a business has to pay for its fixed assets and that do not vary with the level of output in the short run
14
Q
high growth potential
A
a product or market etc. that is very likely to experience an increase in sales in the future
15
Q
Demand
A
The willingness and ability of customers to buy a certain product at a certain price
16
Q
Target market
A
The market segment that a particular product is aimed at
17
Q
Strategic plan
A
Medium to long-term plans on ways of achieving specific objectives (goals, targets and corporate objectives)
19
Q
Workforce
A
The people employed by a business
20
Q
Vision
A
Where the business aspires to be in the future; the long term aims of a business
20
Q
Relaunch
A
Extension strategy when a product has reached the decline phase of its product life cycle
21
Q
Market research
A
The process of collecting, recording and analysing data about customers, competitors and the market
22
Q
Product life cycle
A
Different stages that a product passes through during its lifetime
23
Q
Brand name
A
A brand name is a name given to a firm’s products, which usually represents the image of the business
24
Investment
Shares held in other businesses are called investments on the balance sheets. Investments could also be medium to Long-term financial assets that a business might hold which generate short-term income for the business such as dividend or interest
25
Product life cycle phases
The phases are: R&D, introduction, growth, maturity, saturation, decline
26
Decline phase
The final stage of a product life cycle where sales decline
28
Reposition
The change in perception of a business so it can achieve its objectives (e.g: change in brand image)
28
Strategic decisions
Decisions that set the future direction of a firm
29
Strategic decisions
Decisions in order to achieve the firms objective that set the future direction of a firm and are part of a business' long term plan
30
Responsibility
With authority comes responsibility which means to be accountable for what one does
31
Employee representatives
An organisation of working people with the objective of improving the pay and working conditions and provide the mebers with support and legal services
32
Collective action
The negotiations between employees' representatives and employers and their representatives on issues of common interest (pay, working conditions)
33
Conflict
Any kind of disagreement between two stakeholders
34
Sense of solidarity
If a group of people with common interests come together to support one another
35
Industrial action
Measures taken by the workforce or trade union to put pressure on management to settle an industrial dispute in favour of employees
36
Negotiations
A bargaining process between two or more parties to resolve a conflict
38
Target profits
A target of a profit to be achieved within one year to satisfy the shareholders.
38
Absenteeism
When an employee is off work, e.g. because of illness
39
Strike
An extreme form of industrial action in which employees totally withdraw their labour for a period of time
40
Training
Work-related education to increase workfore skills and efficiency
41
Benchmarking
Comparing the performance -including quality- of a business with performance standards throughout the industry
42
International standards
Certain quality standards to assure customers of the quality
43
High quality
If a product is of superior quality to other goods and therefore usually priced higher
45
Dismissal
When an employee is removed or "sacked" from a job due to incompetence or breach of discipline
45
Informal communication
Unofficial channels of communication that exist between informal groups within an organisation
46
Appraisal
Assessing and judging an employees performance and effectiveness through observation and interview
48
Autocratic
A leadership style that keeps all decision making at the center of the organisation and is very task-oriented. (No delegation or empowerment)
49
Laissez-faire style
A leadership style that leaves much of the decision making to the workforce (hands-off approach) so that the leader only makes the major decisions and set the overall objectives
49
Scientific decision making approach
A decision is made based on research and quantitative data
50
Empowerment
Employees are delegated authority to carry out a task and empowered to do some decision making about it
51
Bureaucracy
An organisation with a rigid organisational strucutre, many levels of authority and standardized procedures and rules
52
Delegation
Passing authority down the organisational structure to (now accountable subordinates). The ultimate responsibility remains with the line manager
53
Chain of command
The formal line of authority through which orders are passed in an organisation as presented in an organisational chart
54
Leadership style
The way a person adopty to motivate a group of people towards achieving a common objective
55
Task-oriented
A leadership style with the focus on completing the task without considering the needs of the team completing the task with strict systems and procedures and no encourage for creativity
57
Competitive position
The position of a company in a market relative to its competitors. ==> Porter's Five Forces Analysis
58
Discrimination
Unfair or unjust treatment of other because of gender, race, age etc. Most countries have law against this
59
Non-profit organisation
Organisation that reinvests all its profits and has other goals than profit (usually to benefit the society)
59
Balance sheet
A financial statement of a business that links all the assets, debts and investments as of a specific date together
60
Motivation
The extrinstic and instrinstic factors that stimulate people to take actions that lead to achieving a goal
61
Human resources
1. The employees of an organisation
2. A department that looks after all the internal requirements of company's labour force (recruitment, training, promotion and dismissal)
62
Final accounts
Made up of PLA, balance sheet and cash flow statement and used by mangement and other stakeholders
63
Accountability
The obligation of an individual or organisation to account for its activities and to disclose results in a transparent way
64
Profit and loss accounts
(income statement:) records the revenue, cost and profit (or loss) of a business over a given time period that is found in a business final account
66
Profit centers
A department or a unit of a business that incurs both costs and revenues and hence maintains its own profit and loss account. It allows a business to identify the areas that generate the most and those that generate the least revenue
67
Working capital
The capital needed for raw materials, day-to-day running cost and credit offered to customers; working capital = current assets - current liabilities
67
Secondary market data
Existing published information about a market that a company can use for its own market researchr
68
Position map
A visual aid used to show customers perceptions about the product or brand in relation to others in the market, against variables such a price and quality
69
Market share
The percentage of all sales in an industry that a company holds
70
Marketing audit
A systematic examination and review of the current position of a firm's marketing in terms of its strengths and weknesses as well as where a firm stands in its relationship with customers and competitors
71
Performance related pay
The payment of employees is adjusted to their performance and how they met set targets
72
Budget
A detailed financial plan for the future including a cash flow forecast
73
Salary
Fixed regular payments by an organisation to an employee in exchange for his work
74
Employees
A worker that works for a company and gets a salary in return
75
Liquidity problems
If a company is unable to pay its short term debts e.g. due to overtrading, external changes or overborrowing
76
Recruiting
The process of investigating the need for a new employee, defining the job that needs to be filled and the person needed to fill it, attracting suitable candidates and selecting the best one
77
Promotion
The advancement of an employee in the company hierarchy leading to improved status, more responsibility and possibly increased salary
78
Retired
When a person has passed a poinbt at which he stops employment completely, e.g. when out of working age
79
Multicultural society
A society with different ethnic or cultural groups
81
Margin of safety
The difference between a firms actual level of output and the break-even level of output
81
Profits
The positive difference between a firms total sales revenue and total cost of production
82
Dividends
The share of the net profits that a company distributes to shareholders
83
Operations
Concerned with the design of products and the management of processes and supply chains
==> The acquisition, development and utilisation of the required resources
84
Manager
A person that is responsible for running a business or part of it
85
Hands off
No day-to-day involvement by shareholders in the running of a company
86
Shareholder
People or organisations that own a share of a private or public limited company and get dividens as a return for their investment
87
Subsidiary
A company that is owned by more than 50% by another business
88
Globalisation
The trend towards free international trade and free movement of capital between countries resulting in the closer integration of the goods, services, capital and knowledge of the world's economies
89
Private limited company
A company that can hold and sell shares to a certain group of people, has limited liability for its owners and a separate legal identity
90
Investor
People or organisations that contribute funds to an organisation in return for shares of the company
91
Corporate image
The way in which a firm is viewed by its customers and other stakeholders
92
Sole trader
A private profit-making organisation with unlimited liability that is owned by one person but may employ others
93
Liquidity management
The effective management of a firms cash flow in order for the firm to pay its short debts
94
Cash flow management
The effective management of a company's cash in- and outflows / of the firms working capital
95
Primary sector
First stage of production concerned with agriculture or extraction of raw materials
96
Break even quantity
The level of output where the total revenue is equal to the total cost
97
Renovations
Large scale changes or redecorations to enhance a buildings or structures overall image
98
Needs
Refers to Maslow's hierachy of needs: physical needs, safety needs, social needs, esteem needs, self-actualisation
99
Marketing challenge
Challenges arising from changes in the tarket market or from the emergence of new competitors leading to issues of market share or product perceptions
100
Short-term
The period of time were all factors of production except land are variable and were all production takes place
101
Long-term
The period of time were all factors of production are variable and were all the planning takes place
102
Stock
(Inventories:) Physical materials and goods that a business holds for further production or sale. They appear as current assets on the balance sheet.
103
Closing stock values
Refers to methods used by a business to place a value on stocks. (LIFO or FIFO) Stock valuation is influenced by date and cost of purchase
104
Selection
When an employee is chosen from a pool of candidates, during the recruitment process, for a position within an organisation
105
Change management
Planning, implementing, controlling and reviewing the movement of an organisation from its current state to a new one
106
Marketing
The management that links the business to its customers by identifying and meeting the needs of customers profitably - it includes product, price, promotion, place, packaging, physical environment, process and people
107
Customer
An individual or organisation which purchases a good or service from a business
108
Product
The output of a production process: a good or service. In the case of The Imperial it is the hotel itself and the offered services
109
Seasonal fluctuations
Seasonal fluctuations in sales revenue occur when the income derived from sales varies throughout the year
110
Fixed cost of The Imperial
e.g.: Advertising, insurance, management and loan repayments
111
Variable cost of The Imperial
e.g: Electricity, cleaning materials, food and gas
112
Networks
An interconnected system of individuals and businesses through which communication occurs and ideas are exchanged
113
Cost center
A department or unit of a business which doest not generate any revenue yet to which specific cost can be clearly attributed and allocated. It is used as a control tool to make different departments conscious of their costs and to encourage them to operate within their budgets
114
Financial performance
Refers to how well a business is performing financially as reflected in its Balance Sheet, PLA and ration analysis
115
Strategy
The direction and scope of an organization over the long term: which achieves advantage for the organisation through its configuration of resources within a challening environment, to meet the needs of the market and to fulfil stakeholder expectations
