Unit 7 Chapter 3 Flashcards Preview

Business Year 2 - Keywords > Unit 7 Chapter 3 > Flashcards

Flashcards in Unit 7 Chapter 3 Deck (19):
1

Productivity

Measures the quantity of inputs required to produce a unit of output

2

Unit cost

Measure the cost per unit of output produced

3

Quality

Measures the extent to which a product meets customers' requirements

4

Absenteeism

Occurs when an employee is not present at his or her place of work

5

Unit labour costs

labour cost per unit of output produced

6

Labour turnover

The % of a business's employees who leave the business over some period of time

7

Employee retention

The extent to which a business holds onto its employees

8

Core competencies

The unique abilities a business possesses that provide it with competitive advantage

9

Competitive advantage

A superiority that a business posses over its rivals that may allow it to achieve objectives, such as increased market share or profitability

10

Outsourcing

Occurs when an organisation uses a separate business or businesses to complete part of its work

11

Research and Development

The creation and application of scientific knowledge to create a new product or develop a new production process which can increase the business's productive efficiency

12

Profit quality

Measures the extent to which a particular type of profit is suitable

13

Employee engagement

Describes the connection between a business's employees and its mission, goals and objectives

14

Brand

A name used to differentiate a good or service from those supplied by competitors

15

Kaplan and Norton's Balanced scorecard

A planning and management strategy designed to match business activities to the aspirations set out in the organisation's vision statement

16

Suitable production

Occurs when the supply of a product does not impose costs on future generations

17

Social responsibility

Managing a business so as to take into account the interest of society in general and especially those groups and individuals with a direct interest in the business

18

Fair trade

A social movement that exists to promote improved trading terms and living conditions for producers of products in less-developed countries

19

The triple bottom line

Describes a means of assessing business performance that considers three different factors: Profit, People, Planet