key words Flashcards
(40 cards)
what are the 4 Ps
product
place
price
promotion
what are the 7 Ps
product
place
price
promotion
people
process
physical evidence
what is accountability
when individuals take responsibility for the activities that they carry out; in terms of maintaining and improving quality in their area of work
what is an aim
a large goal that a business intends to achieve
what is an audit
an examination of a business’s financial records and confirmation of their accuracy, which can be completed both internally and externally
what is the Belbin model
a team-building theory that identifies the different elements of an effective team in a workplace situation
what is a business
an organisation or enterprising operation engaged in commercial, industry or professional activities
what is business culture
the beliefs, values, practices and behaviours that employees and employers adhere to, both inside and outside the business, in terms of values and decisions that are made when completing their work
what are business policies
a set of guidance that a business expects workers to adhere to when working for the organisation
what is a business procedure
documents that detail the different steps individuals take to complete work-related activities. they also detail who should complete the procedures and if any issues occur, who should be notified
what is cascading
when information is passed from one group to another until everyone who needs the information has received it
what is cause and effect analysis
six sigma is a common business methodology that aims to improve the different processes a business uses, reduce waste and errors and increase customer satisfaction
what is centralisation
where a relatively large number of decisions are taken by managers at the top levels of the organisation
what is chain of command
the different lines of authority inside a business organisation. this is usually from the top of the organisation to the bottom
what is change management
the way that a business is able to introduce change, with management co-ordinating the changes to improve the business
what is continuing professional development (CPD)
the learning activities that professionals complete to develop and enhance their abilities and skills
what is contract of employment
a formal document where both the employee and employer agree to the terms and conditions
what is corporate governance
set out a framework to distribute the rewards from the growth of the organisation, mostly in the form of profits, across the spectrum of stakeholders and not just shareholders
what is cost-effect analysis
how a business compares the cost of an activity with its effectiveness to meet the required outcome
what is customer satisfaction
a measure of how much an organisation’s products or services meet expectations of its customers
what is a cyber attack
when an individual or organisation tries to gain access to, damage or interfere with the running of a computer system
what is decentralisation
where a relatively large number of decisions are taken lower down the organisation at the level of units of operation
what is direct discrimination
when a person is treated less favourable than someone else because of a protected characteristic
what is disciplinary action
a process where employers are able to tell employees that the job performance or behaviour within the workplace is not up to the standard expected for the organisation
