Paper 2222 Flashcards
(40 cards)
What is procurement?
The process of sourcing and buying goods and services a business needs.
Define logistics.
The movement, storage, and flow of goods, services, and information within the supply chain.
What is Just in Time (JIT)?
A stock control method where materials are ordered only when needed.
What is quality assurance?
A process that ensures quality is maintained throughout production.
What is the benefit of using robotics in production?
Increased efficiency and consistent quality.
What is market segmentation?
Dividing a market into groups of similar consumers.
Define product life cycle.
The stages a product goes through: introduction, growth, maturity, and decline.
What is the purpose of market research?
To gather data about consumers and market trends.
What is penetration pricing?
Setting a low price to enter a competitive market.
What is a marketing mix?
The 4Ps: product, price, place, and promotion.
Define revenue.
Income from sales (Price x Quantity Sold).
What is profit?
Revenue minus total costs.
Define break-even point.
Where total revenue equals total costs.
What is a cash flow forecast?
A prediction of a business’s cash inflows and outflows.
Give one benefit of budgeting.
Helps control finances and manage spending.
What is recruitment?
The process of hiring new employees.
What is training?
Providing employees with skills and knowledge for their job.
Define motivation.
Factors that drive employees to work effectively.
What is job enrichment?
Designing jobs with greater responsibility and variety.
What is a flat organisational structure?
Few levels of hierarchy, wide span of control.
What is consumer law?
Legislation protecting customer rights.
Define employment law.
Laws relating to worker rights and employer responsibilities.
What is ethical behaviour in business?
Doing what is morally right, even if not legally required.
Give an example of ethical practice.
Paying workers fair wages.
