Key Terms A - I Flashcards Preview

AQA Business Studies Unit 2 > Key Terms A - I > Flashcards

Flashcards in Key Terms A - I Deck (24)
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1

Advertising

Paid for communication, aimed at informing or persuading

2

Assessment centres

Where a recruiting firm runs a series of extended selection procedures

3

Automation

The replacement of workers with machines to perform tasks in production

4

Boston matrix

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

5

Branding

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

6

Budget

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

7

Business to business (B2B)

Involves the selling of products and service by one business directly to another business

8

Capacity utilisation

The proportion of total capacity that is used (%)

9

Communication

The process of exchanging information or ideas or ideas between individuals or groups

10

Competition

The businesses that compete for a share of a market

11

Competitiveness

The ability of a business to offer a better product or service than other competitors

12

Cost reduction

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

13

Customer expectations

What customers expect to receive as a result of buying a good or a service

14

Customer service

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

15

Delegation

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

16

Direct selling

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

17

Empowerment

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

18

External recruitment

Where candidates for a job vacancy come from outside the organisation

19

(debt-) Factoring

A source of finance obtained by selling debt owed to a business to a third party

20

Favourable variance

A difference between actual and budgeted which is "good news" (e.g. Actual costs are lower than budgeted costs)

21

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

22

Hierarchy

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

23

Induction training

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

24

Adverse variance

A difference between actual and budgeted amounts which is "bad news" - e.g. Higher costs are incurred than what was budgeted