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AS Business U2 > All Required > Flashcards

All Required Flashcards

1
Q

Absenteeism

A

The umber of staff who were not at work as a proportion of the total number of staff in a given period.

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2
Q

Adverse Variance

A

The difference between budgeted and actual of which has a negative impact on profit.

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3
Q

Assessment Centre

A

A selection method that involves assessing candidates performance throughout a series of activities, exercises and meetings over a period of time.

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4
Q

Budgets

A

A target amount of money set by a business in a specific time period.

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5
Q

Capacity Utilisation

A

The actual output as a percentage of potential output.

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6
Q

Communication Flows

A

How communication occurs within an organisation.

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7
Q

Customer Service

A

The meeting of customers expectations before, during and after sales.

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8
Q

Delegation

A

The passing of authority down the hierarchy.

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9
Q

Empowerment

A

Giving employees greater control over their working lives, by determining how, what, when they complete a task

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10
Q

Expenditure Budget

A

A target amount of money a business is permitted to spend within a time period.

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11
Q

External Recruitment

A

Candidates for a position are identified outside the place ofwork

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12
Q

Gross Profit Margin

A

A measure of profitability which relates revenue minus the cost of goods sold.

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13
Q

Income Budget

A

A target amount of money to be received from sales.

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14
Q

Induction Training

A

Training that takes place at the start of the term of employment, with the aim to help staff settle in.

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15
Q

Job Description

A

A document which sets out title, main duties and responsibilities.

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16
Q

Job Enlargement

A

The process of increasing the number of tasks and responsibilities an employee has.

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17
Q

Job Enrichment

A

An increase in the level of responsibility that an employee has in order to increase motivation.

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18
Q

Labour Productivity

A

Output per worker per period of time.

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19
Q

Labour Turnover

A

The rate of change in a firms workforce.

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20
Q

Levels of Hierarchy

A

The numbers of layers of employees in an organisation.

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21
Q

Maslows HON

A

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).

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22
Q

Matrix Structure

A

A form of organisation in which the staff are organised into teams that include all necessary specialists.

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23
Q

Mayo’s

A

A theory of which believes that all workers are a member of a group, therefore HUMAN RELATIONS - positive attention, involve in decision making.

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24
Q

Motivation

A

Forces acting on (extrinsic) or within (intrinsic) an individual to cause them to behave in a particular way.

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25
Q

Net Profit Margin

A

A measure of profitability of which relates net profit to sales revenue.

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26
Q

Off the job Training

A

Any form of education to improve productivity which takes place away from work.

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27
Q

Operational Targets

A

Predetermined targets which relates to a number of efficiency measures e.g unit costs, quality, capacity utilisation.

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28
Q

Operations Management

A

Tries to ensure that the right goods/services are produced at the right time at the right cost at the right quality.

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29
Q

Person Specification

A

A document in which the essential and desirable qualities, skills and experience of the candidates are detailed.

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30
Q

Profitability

A

Measures the efficiency with which a business generates profit from revenue or long term invested funds.

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31
Q

Quality

A

The ability of a product to meet consumer expectation.

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32
Q

Quality Assurance

A

The checking of a product or service at each stage of its production as opposed to quality control.

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33
Q

Quality Control

A

The checking of a good/service at the final stage of its production, as opposed to quality control.

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34
Q

Recruitment

A

Steps taken by a company to identify a vacany and attract suitable candidates.

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35
Q

ROCE

A

Profitability ration which measures profit in relation to capital invested in a firm.

36
Q

Selection

A

Actions taken by afirm to identify the best candidate from a range of candidates,

37
Q

Span of Control

A

The number of subordinates a line manager is directly responsible for.

38
Q

Taylors Scientific

A

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.

39
Q

Total Quality Control

A

A philosophy which places consideration of quality at the heart of every decision.

40
Q

Training

A

The process of equipping employees with the correct skills required to carry out a task.

41
Q

Unit Cost

A

The average cost of producing one unit.

42
Q

Variance Analysis

A

The process of calculating and analysing any difference between actual and predicted budgets.

43
Q

Workforce Efficiency Measures

A

Methods a workforce uses to assess the performance of the workforce.

44
Q

Marketing

A

The process of identifying, anticipating and fulfilling customer needs profitably.

45
Q

Niche Market

A

A small group of customers with specialised needs

46
Q

Mass market

A

Targeting the needs of a very large potential customers essentially aiming at the whole population.

47
Q

Customer

A

Organisations or individuals who purchase goods/services.

48
Q

Business to Business

A

Creating and delivering products that meet the needs of final individual customers.

49
Q

Product Orientated

A

An approach to marketing where businesses focus on the product and then decide how to market them.

50
Q

Market Orientated

A

An approach to marketing where businesses focus on the most appropriate marketing opportunities that fit their existing strengths.

51
Q

Marketing Mix

A

The combination go product, price, promotion and place, designed to achieve the marketing obectives of a business.

52
Q

Product

A

A good/service offered to customers by a business.

53
Q

Unique Selling Point

A

A feature or function of a product that makes it different from any other on the market.

54
Q

Boston Matrix

A

A model used to analyse a firms product portfolio by considering market share in relation to market growth.

55
Q

Cash Cow

A

High market share, low market growth.

56
Q

Rising Star

A

High market share, high market growth.

57
Q

Problem Child

A

Low market share, high market growth.

58
Q

Dog

A

Low market share, low market growth.

59
Q

Product Life Cycle

A

Shows the stages that a product will go through and how sales levels might vary in its lifetime.

60
Q

Research and Development

A

The initial stage of the product life cycle in creating and innovating new ideas

61
Q

Product Launch

A

The stage in the product life cycle when the product is introduced to the customers.

62
Q

Growth

A

The stage in the product life cycle when sales are growing.

63
Q

Maturity

A

The stage of the product life cycle when the product is established and sales level off.

64
Q

Decline

A

The stage of the product life cycle when sales are falling.

65
Q

Extension Strategy

A

A plan to modify some or all of the 4 p’s in order to prolong the maturity stage of the product life cycle.

66
Q

Price

A

The component of the marketing mix that determines the amount of money that os paidfor a good/service.

67
Q

Price Leader

A

A business that has the power to influence market price for a product due to significant market share or inelastic demand.

68
Q

Price Taker

A

A business which sets its price at the market price due to low market share or elastic demand.

69
Q

Pricing Strategies

A

Long term pricing plans to achieve business objectives.

70
Q

Price Discrimination

A

Charging different groups of customers different prices.

71
Q

Price Skimming

A

Charging high prices in order to recoup the cost of R&D.

72
Q

Penetration Pricing

A

Low prices in order to gain market share.

73
Q

Destroyer Pricing

A

Illegal, however this aims to put others out of business, so there is less competition.

74
Q

Loss Leaders

A

Selling the product below the price in order to attract customers to the shop.

75
Q

Psychological Pricing

A

A tactic designed to entice customers to buy products by making them think they are cheaper than it actually is.

76
Q

Promotion

A

Bringing a product to the attention to existing/potential customers.

77
Q

Advertising

A

A promotional campaign that involves the use of media to communicate with potential/existing customers.

78
Q

Branding

A

The creation of an identity for a business and or individual products in order to differentiate from rivals.

79
Q

Place

A

The component of marketing mix which defines both physical and where a product is available.

80
Q

Monopoly

A

Where one business dominates the market share in the market.

81
Q

Oligopoly

A

Where a few businesses dominate the market, each with a high market share.

82
Q

Competitive Advantage

A

A feature of a business that allows it to perform successfully than others in the market.

83
Q

Competitiveness

A

The degree of which a business is successful in selling its products compared to a rival.

84
Q

Market Conditions

A

The characteristics of a market in which a firm operates, such as competition, needs of customers, market growth.

85
Q

Market Concentration

A

The proportion of total market sales accounted by a particular number of firms.

AS Business U2 (12 decks)

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