All Required Flashcards
Absenteeism
The umber of staff who were not at work as a proportion of the total number of staff in a given period.
Adverse Variance
The difference between budgeted and actual of which has a negative impact on profit.
Assessment Centre
A selection method that involves assessing candidates performance throughout a series of activities, exercises and meetings over a period of time.
Budgets
A target amount of money set by a business in a specific time period.
Capacity Utilisation
The actual output as a percentage of potential output.
Communication Flows
How communication occurs within an organisation.
Customer Service
The meeting of customers expectations before, during and after sales.
Delegation
The passing of authority down the hierarchy.
Empowerment
Giving employees greater control over their working lives, by determining how, what, when they complete a task
Expenditure Budget
A target amount of money a business is permitted to spend within a time period.
External Recruitment
Candidates for a position are identified outside the place ofwork
Gross Profit Margin
A measure of profitability which relates revenue minus the cost of goods sold.
Income Budget
A target amount of money to be received from sales.
Induction Training
Training that takes place at the start of the term of employment, with the aim to help staff settle in.
Job Description
A document which sets out title, main duties and responsibilities.
Job Enlargement
The process of increasing the number of tasks and responsibilities an employee has.
Job Enrichment
An increase in the level of responsibility that an employee has in order to increase motivation.
Labour Productivity
Output per worker per period of time.
Labour Turnover
The rate of change in a firms workforce.
Levels of Hierarchy
The numbers of layers of employees in an organisation.
Maslows HON
All humans have the same needs of which need to be met in order to move onto a new important need. Basic, safety, social needs, self esteem (recognition/promotion) , self actualisation (responsibility).
Matrix Structure
A form of organisation in which the staff are organised into teams that include all necessary specialists.
Mayo’s
A theory of which believes that all workers are a member of a group, therefore HUMAN RELATIONS - positive attention, involve in decision making.
Motivation
Forces acting on (extrinsic) or within (intrinsic) an individual to cause them to behave in a particular way.
Net Profit Margin
A measure of profitability of which relates net profit to sales revenue.
Off the job Training
Any form of education to improve productivity which takes place away from work.
Operational Targets
Predetermined targets which relates to a number of efficiency measures e.g unit costs, quality, capacity utilisation.
Operations Management
Tries to ensure that the right goods/services are produced at the right time at the right cost at the right quality.
Person Specification
A document in which the essential and desirable qualities, skills and experience of the candidates are detailed.
Profitability
Measures the efficiency with which a business generates profit from revenue or long term invested funds.
Quality
The ability of a product to meet consumer expectation.
Quality Assurance
The checking of a product or service at each stage of its production as opposed to quality control.
Quality Control
The checking of a good/service at the final stage of its production, as opposed to quality control.
Recruitment
Steps taken by a company to identify a vacany and attract suitable candidates.
ROCE
Profitability ration which measures profit in relation to capital invested in a firm.
Selection
Actions taken by afirm to identify the best candidate from a range of candidates,
Span of Control
The number of subordinates a line manager is directly responsible for.
Taylors Scientific
Theory which states that the workers are motivated by money, therefore piece work and splitting up the production line into smaller individual tasks increases piece work chance.
Total Quality Control
A philosophy which places consideration of quality at the heart of every decision.
Training
The process of equipping employees with the correct skills required to carry out a task.
Unit Cost
The average cost of producing one unit.
Variance Analysis
The process of calculating and analysing any difference between actual and predicted budgets.
Workforce Efficiency Measures
Methods a workforce uses to assess the performance of the workforce.
Marketing
The process of identifying, anticipating and fulfilling customer needs profitably.
Niche Market
A small group of customers with specialised needs
Mass market
Targeting the needs of a very large potential customers essentially aiming at the whole population.
Customer
Organisations or individuals who purchase goods/services.
Business to Business
Creating and delivering products that meet the needs of final individual customers.
Product Orientated
An approach to marketing where businesses focus on the product and then decide how to market them.
Market Orientated
An approach to marketing where businesses focus on the most appropriate marketing opportunities that fit their existing strengths.
Marketing Mix
The combination go product, price, promotion and place, designed to achieve the marketing obectives of a business.
Product
A good/service offered to customers by a business.
Unique Selling Point
A feature or function of a product that makes it different from any other on the market.
Boston Matrix
A model used to analyse a firms product portfolio by considering market share in relation to market growth.
Cash Cow
High market share, low market growth.
Rising Star
High market share, high market growth.
Problem Child
Low market share, high market growth.
Dog
Low market share, low market growth.
Product Life Cycle
Shows the stages that a product will go through and how sales levels might vary in its lifetime.
Research and Development
The initial stage of the product life cycle in creating and innovating new ideas
Product Launch
The stage in the product life cycle when the product is introduced to the customers.
Growth
The stage in the product life cycle when sales are growing.
Maturity
The stage of the product life cycle when the product is established and sales level off.
Decline
The stage of the product life cycle when sales are falling.
Extension Strategy
A plan to modify some or all of the 4 p’s in order to prolong the maturity stage of the product life cycle.
Price
The component of the marketing mix that determines the amount of money that os paidfor a good/service.
Price Leader
A business that has the power to influence market price for a product due to significant market share or inelastic demand.
Price Taker
A business which sets its price at the market price due to low market share or elastic demand.
Pricing Strategies
Long term pricing plans to achieve business objectives.
Price Discrimination
Charging different groups of customers different prices.
Price Skimming
Charging high prices in order to recoup the cost of R&D.
Penetration Pricing
Low prices in order to gain market share.
Destroyer Pricing
Illegal, however this aims to put others out of business, so there is less competition.
Loss Leaders
Selling the product below the price in order to attract customers to the shop.
Psychological Pricing
A tactic designed to entice customers to buy products by making them think they are cheaper than it actually is.
Promotion
Bringing a product to the attention to existing/potential customers.
Advertising
A promotional campaign that involves the use of media to communicate with potential/existing customers.
Branding
The creation of an identity for a business and or individual products in order to differentiate from rivals.
Place
The component of marketing mix which defines both physical and where a product is available.
Monopoly
Where one business dominates the market share in the market.
Oligopoly
Where a few businesses dominate the market, each with a high market share.
Competitive Advantage
A feature of a business that allows it to perform successfully than others in the market.
Competitiveness
The degree of which a business is successful in selling its products compared to a rival.
Market Conditions
The characteristics of a market in which a firm operates, such as competition, needs of customers, market growth.
Market Concentration
The proportion of total market sales accounted by a particular number of firms.
