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Buisness - Theme 2 > Key Words > Flashcards

Key Words Flashcards

(93 cards)

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1
Q

What is Aesthetics?

A

The visual attractiveness of something.

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2
Q

What is an Application form?

A

A document completed by a potential employee when they apply for a job.

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3
Q

What does Autonomy mean?

A

Independence or the freedom to make your own decisions.

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4
Q

What is the Average rate of return?

A

Average annual profit as a percentage of the cost of the investment. This shows profitability and can be compared with the interest rates available on bank deposit accounts.

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5
Q

What is a Bar gate stock graph?

A

A diagram which shows changes in the stock level of a business over a period of time.

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6
Q

What is a Barrier to communication?

A

Anything which prevents the flow of accurate information within a business.

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7
Q

What is Batch production?

A

Producing a limited number of identical products.

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8
Q

What is Buffer stock?

A

The minimum level of stock held by a business.

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9
Q

What is a Centralised organisational structure?

A

An organisation in which most decisions are made at head office.

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10
Q

What is Commission?

A

Being paid a percentage of the value of a sale.

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11
Q

What is Communication?

A

The passing of information from one person or organisation to another.

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12
Q

What does Competing Internationally involve?

A

Finding a way to succeed against rival businesses located overseas.

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13
Q

What is Competitive advantage?

A

An advantage a business has over its rivals that is unique and sustainable.

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14
Q

What is Customer engagement?

A

The attempt to make a customer feel part of something rather than the outsider.

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15
Q

What is Customer feedback?

A

Comments, praise, or criticism given to the business by its customers.

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16
Q

What is a CV?

A

A document created by an individual which sets out a person’s qualifications, experience, and any other relevant facts that a potential employer may want to know.

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17
Q

What is a Decentralised organisational structure?

A

An organisation that allows staff to make decisions at a local or branch level.

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18
Q

What does Demographic refer to?

A

Relating to the population, such as average age, average income, and so on.

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19
Q

What does Differentiate mean?

A

Show that something (in this case, a product) is different from similar things.

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20
Q

What is Distribution?

A

The process by which goods and services move from the producer to the consumer.

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21
Q

What is e-commerce?

A

Using the internet to carry out business transactions.

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22
Q

What is an e-Newsletter?

A

Regular updates on the activities of a business sent electronically to actual or potential customers.

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23
Q

What are Environmental considerations?

A

Factors relating to green issues, such as sustainability and pollution.

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24
Q

What is an e-tailer?

A

An electronic retailer, in other words purchasing electronically, either by e-commerce or, more likely these days, mobile commerce (m-commerce).

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25
What are ethics?
Moral principles or standards that guide the behaviour of a person or business.
26
What is excessive communication?
The passing on of too much irrelevant information within a business.
27
What is an extension strategy?
Any strategy used to extend the product life cycle and prevent the product from entering the decline stage.
28
What is external growth?
Where a business increases its market share by taking over or merging with another business.
29
What is external recruitment?
Appointing new employees from outside the business.
30
What is a flat organisational structure?
An organisational structure with very few layers of hierarchy, resulting in managers being responsible for many employees.
31
What is flexibility?
The ability to switch quickly and easily from one task to another.
32
What are flexible hours?
A contract between a company and an employee that doesn't specify how many hours of work will be provided.
33
What is flow production?
Continuous production of an identical product in a factory.
34
What is formal training?
The official programme of teaching employees new skills in a business.
35
What is a freelance contract?
An agreement over one job between a company and self-employed worker.
36
What are fringe benefits?
A non-financial method of motivating employees such as company cars and discounted products.
37
What is function?
How well a good or service fulfils its purpose.
38
What is globalisation?
When businesses operate on an international scale and gain international influence or power.
39
What is gross profit margin?
Gross profit as a percentage of sales revenue.
40
What is a hierarchical organisational structure?
An organisation with many layers of management, therefore creating a tall organisational pyramid.
41
What are imports?
A good or service that is made overseas and sold in another country.
42
What is informal training?
Unofficial teaching of new skills to employees by colleagues or through use of the internet.
43
What is insufficient communication?
Too little communication, which might leave some staff under informed and demotivated.
44
What is an integrated marketing mix?
A marketing mix that has a theme, with the elements all supporting each other.
45
What is internal growth?
Where a business increases its market share through the use of its resources (such as improvements to the marketing mix).
46
What is internal recruitment?
Appointing staff from within the business to a new role.
47
What is a job description?
A short account of the main features of the job.
48
What is job enrichment?
Being given a range of activities and responsibilities that enable the worker to learn and to grow.
49
What is job production?
Production of a single product which is customised to the consumer's exact requirements.
50
What are job responsibilities?
These are the things that someone is required to do in order to fulfil their role in a business.
51
What are job roles?
These are different positions within a business, where each position requires different levels of skills and training.
52
Job rotation
Having several tasks to do at work to relieve the boredom of doing the same thing all the time.
53
Just in Time (JIT)
Running the business with so little stock that new supplies have to arrive just in time before they run out.
54
Logistics
The process of ensuring the right supplies will be ordered and delivered on time.
55
Making human resource decisions
A department within a business that is focussed on managing employees.
56
Marketing mix
The four P's of marketing, which are product, price, promotion and place.
57
Merger
When two or more businesses join together to operate as one business.
58
Motivation
The desire to want to complete a task.
59
Multinational
These are businesses that produce goods and services in more than one country.
60
Net profit margin
Net profit as a percentage of sales revenue.
61
Ongoing training
Regular, scheduled teaching of new skills to employees within a business.
62
Organisational structure
The way in which the workforce is organised, usually a hierarchy with people reporting to managers all the way up to the chief executive officer (CEO).
63
Permanent contract
An agreement between an employer and an employee that work and income will be provided constantly into the long term future.
64
Person specification
A description of the type of person who would best fit the job, their character, their experience, and skills.
65
Post-sales service
Service received after the purchase is completed, perhaps because something has gone wrong or as a way of promoting customer engagement.
66
Pressure group
An organisation that aims to make a government or business change its decision making.
67
Procurement
The process of ordering the right supplies from the right supplier.
68
Product differentiation
The extent to which consumers see your product as being distinct from its rivals.
69
Product knowledge
How well staff know all the features of the products and the service issues surrounding the products, such as the precise terms of Kia's seven-year warranty on its new cars.
70
Product life cycle
How the sales of a product vary over time.
71
Productivity
Output per person per period of time.
72
Promotional strategy
A medium to long term plan for communicating with our target customers.
73
Quality Assurance
The checking of a product to make sure that it is fault free and of an acceptable standard throughout each stage of the production process.
74
Quality control
The checking of a product to make sure that it is fault free and of an acceptable standard at the end of the production process.
75
Remote working
Working away from a business office, usually using the internet.
76
Renumeration
The financial rewards from work in the form of a wage or salary.
77
Research and development
The investigation of new products and processes and turning this into saleable products.
78
Retailer
A shop or chain of shops, usually selling from a building in a high street or shopping centre.
79
Retention
The ability of a business to keep its existing employees, rather than leave to take a position with another employer.
80
Self-learning
Teaching yourself, perhaps by thinking why a problem occurred and making sure you learn from your mistakes.
81
Sponsorship
When companies pay to have a brand associated with an iconic individual or event (usually connected with sports or the arts).
82
Stock
The amount of raw materials, work in progress and finished goods held by a business.
83
Stock market flotation
Listing company shares on the stock market, allowing anyone to buy the shares. This means the price can float freely (up and down).
84
Sustainability
Acting to ensure that natural resources are used responsibly, to protect the environment for future generations.
85
Takeover
Where one business acquires more than 50% of the shares in another business, allowing it to gain overall control.
86
Target setting
When you are set goals by a manager and your job is to achieve them.
87
Tariffs
Taxes charged on imported goods and services.
88
Temporary contract
An agreement between a company and an employee that work and income will be provided for a short period of time.
89
Trade blocs
A group of countries that have agreed to have free trade within external tariff walls.
90
Trade-offs
How having more of one thing may force you to have less of another, for example higher ethical standards may mean less.
91
Trust
Bunding a business relationship in which both sides know that the other won't let them down.
92
Unique Selling Point (USP)
Something that makes a product stand out from its competitors.
93
Viral advertising
Advertising using social networking to increase sales or boost brand awareness.

Buisness - Theme 2 (2 decks)

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