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bus AS Flashcards

vocal

1
Q

added value

A

the difference between cost of purchasing bought-in materials and the price the finished goods are sold for

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2
Q

opportunity cost

A

the benefit of the next most desired option which is given up

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3
Q

entrepreneur

A

someone who takes the financial risk of starting and managing a new venture

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4
Q

capital goods

A

the physical goods used by industry to aid in the production of other goods and services, such as machines and commercial vehicles

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5
Q

social enterprise

A

a business with mainly social objectives that reinvests most of its profits into benefiting society rather than maximising return to owners

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6
Q

public sector

A

comprises organisations accountable to and controlled by central or local government (the state)

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7
Q

private sector

A

comprises businesses owned and controlled by individuals or groups of individuals

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8
Q

mixed economy

A

economic resources are owned and controlled by both private and public sectors

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9
Q

free-market economy

A

economic resources are owned and controlled largely by private sector with very little state intervention

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10
Q

command economy

A

economic resources are owned, planned and controlled my the state

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11
Q

sole trader

A

a business in which one person provides permanent finance and, in return, has full control of the business and is able to keep all of the profit

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12
Q

partnership

A

a business formed by two or more people to carry on the business together, with shared capital investment and, usually shared responsibilities

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13
Q

limited liability

A

the only liability- or potential loss-a shareholder has if the company fails is the amount invested in the company, not the total wealth of the shareholder

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14
Q

private limited company

A

a small to medium -sized business that is owned by shareholders who are often members of the same family ; this company cannot sell shares to the general public

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15
Q

share

A

a certificate conforming part ownership of a company and entitling that shareholder owner dividends and certain shareholder rights

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16
Q

shareholder

A

a person or institution owning shares in a limited company

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17
Q

public limited company

A

a limited company often a large business, with the legal right to sell shares to the general public- share prices are quoted on the national stock exchange

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18
Q

memorandum

A

this states the name of the company, the address o the head office through which it can be contracted, the maximum share capital for which the company seeks authorisation and the declared aims of the business

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19
Q

articles of association

A

this document covers the internal working and control of the business- for example, the names of the directors and the procedures to be followed at meeting will be detailed

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20
Q

franchise

A

a business that used the name, logo and the trading system of an existing successful business

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21
Q

joint venture

A

two or more businesses agree to work closely together on a particular project and create a separate business division to do so

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22
Q

public cooperation

A

a business enterprise owned and controlled by the state- also known as nationalised industry

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23
Q

holding company

A

a business organisation that owns and controls a number of separate businesses, but dose not unite them into unified company

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24
Q

consumer goods

A

the physical and tangible goods sold to the general public- they include durable consumer goods, such as cars and washing machines, and non-durable consumer goods, such as food drinks and sweets that can be used only once

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25
Q

consumer services

A

the non-tangible products sold to the general public- they include hotel accommodation, insurance services and train journeys

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26
Q

creating value

A

increasing the difference between the cost of purchasing brought- I materials and the price the finished goods are sold for

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27
Q

triple bottom line

A

the three objectives of social enterprises; economic, social and environmental

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28
Q

revenue

A

total value of sales made by a business in a given time period

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29
Q

capital employed

A

total value of all long-term finance invested in the business

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30
Q

market capitalisation

A

the total value of a company’s issued shares

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31
Q

market. share

A

sales of the business as a portion of total market share
formular;
(total sales of the business/total sales of market)*100

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32
Q

internal growth

A

expansion of a business by means of opening a new branch or factory, well known as an organic growth

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33
Q

mission statement

A

a statement of the. business’s core aim, phrased in a way to motivate employees and stimulate interest by external groups

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34
Q

corporate social responsibility

A

this concept applies to those businesses that consider the interests of society by taking responsibility for the impact of their decisions and activities on customers, employees, communities and the environment

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35
Q

management by objectives

A

a method of coordinating and motivating all staff in an organisation by dividing its overall aim into specific targets for each department, manager and employee

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36
Q

ethical code( code of conduct )

A

a document detailing a company’s rules and guidelines on staff behaviour that must be followed by all employees

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37
Q

stakeholders

A

people or groups of people who can be affected by- and therefore have an interest in- any action by an organisation

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38
Q

stakeholder concept

A

the views that businesses and their managers have responsibilities to a wide range of groups, not just shareholders

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39
Q

manager

A

responsibility for setting objectives, organising resources and motivating staff so that the organisation’ s amis are met

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40
Q

leadership

A

the art of motivating a group of people towards achieving a common objective

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41
Q

autocratic leadership

A

a style of leadership that keeps all decision-making at the centre of organisation

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42
Q

democratic leadership

A

the leadership style that promotes the active participation of workers in taking decisions

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43
Q

laissez- faire leadership

A

a leadership style that leaves much of the business decision-making to the workforce- a hand off approach and the reverse of autocratic leaderhip

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44
Q

informal leader

A

a person who has no formal authority but has the respect of colleagues and some power over them

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45
Q

emotional intelligence (EI)

A

the ability of managers to understand their own emotions, and those people they work with, to achieve better business performance

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46
Q

motivation

A

the internal and external factors that stimulates people to take actions that lead to achieving a goal

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47
Q

self-actualisation

A

a sense of self-fulfilment reaches by feeling enriched and developed by what one has learned and achieved

48
Q

motivating factors ( motivators )

A

aspect of workers’ job that can lead to positive job satisfaction, such as achievement, recognition, meaningful and interesting work and advancement at work

49
Q

hygiene factors

A

aspects of a worker’s job that have the potential to cause dissatisfaction, such as pay, working conditions, status and over- supervision by managers

50
Q

job enrichment

A

aims to use the full capabilities of workers by giving them opportunity to do more challenging and fulfilling work

51
Q

time based wage rate

A

payment to a worker made for each period of time worked

52
Q

piece rate

A

a payment to a worker for each unit produced

53
Q

salary

A

the annual income that usually paid on a monthly basis

54
Q

commission

A

a payment to a sales person for each sale made

55
Q

bonus

A

a payment made in addition to the contracted wage or salary

56
Q

performance-related pay

A

a bonus scheme to reward staff for above-average work performance

57
Q

profit sharing

A

a bonus for staff based on the profit of the company-usually paid as a proportion of basic salary

58
Q

Fringe benefits

A

benefits given, separate from pay, by an employer to some or all employees

59
Q

job rotation

A

increasing the flexibility of employees and the variety of work they do by switching from one job to another

60
Q

job enlargement

A

attempting to increase the scope of a job by brooding or deepening the tasks undertaken

61
Q

job redesign

A

involves the restructuring of a job- usually with employees’s involvement and agreement- to make work more interesting, satisfying and challenging.

62
Q

quality circles

A

voluntary groups of workers who meet regularly to discuss work-related issues and problems

63
Q

worker participation

A

workers are actively encouraged to become involving in decision-making within the organisation.

64
Q

team working

A

production is organised so that the groups of workers undertaken compete units of work

65
Q

human resources management ( HRM )

A

the strategic approach to the effective management of an organisation’s workers so that they help the business gain a competitive advantage

66
Q

recruitment

A

the process of identifying the need for a new employee, define the jot to be filled and the type of person needed to fill it and attracting suitable candidates for the job

67
Q

selection

A

involves the series of steps by which the candidates are interviewed, tested and screened for choosing the most suitable person for vacant post

68
Q

job description

A

a detailed list of the key point about the job to be filled- stating the tasks and responsibilities

69
Q

person specification

A

a detailed list of the qualities, skills and qualifications that a successful applicant will need to have

70
Q

employment contract

A

a legal document that sats out the terms and conditions governing a worker’s job

71
Q

labour turnover

A

measures the rate at which employees are leaving an organisation. it is measured by;
( number of employees leaving in 1 year/aveage number of people employed )*100

72
Q

training

A

work-related education to increase workforce skills and efficiency

73
Q

induction training

A

introductory training programme to familiarise new recruits with the systems used in the business and the layout of the business site

74
Q

on-the-job training

A

instruction at the place of work on how a job should be carried on

75
Q

off-the-job training

A

all training undertaken away from the business, e.g. work-related college courses

76
Q

employee appraisal

A

the process of the assessing the effectiveness of an employee judged against pre-set objectives

77
Q

dismissal

A

being dismissed or sacked from a job due to incompetence or breach of discipline

78
Q

unfair dismissal

A

ending a worker’s employment contract for a reason that the law regards as being unfair

79
Q

redundancy

A

when a Job is no longer required, the employee doing this job becomes unnecessary through no fault of their own

80
Q

work-life balance

A

a situation in which employees are able to give the right amount of time and effort to work and to their personal life outside work, for example to family or other interests

81
Q

equality policy

A

practices and processes aimed at achieving a faire organisation where everyone is treated in same way and has the opportunity to fulfil their potential

82
Q

diversity policy

A

practices and processes aimed at creating a mixed workforce and placing positive value on diversity in the workplace

83
Q

marketing

A

the management task that links the business to the customer by identifying and meeting the needs of customers profitably- it does this by getting the right product at the right price to the right place at the right time

84
Q

marketing objetives

A

the goals set for the marketing department to help the business achieve its overall objective

85
Q

marketing strategy

A

long-term plan established for achieving marketing objectives

86
Q

market orientation

A

an outward-looking approach basing product decisions on consumer demand, as established my market research
( happens after product orientation )

87
Q

product orientation

A

an inward-looking approach that focuses on making products that can be made or have been made for a Lon time - and then trying to sell them
(produce large number and get the cheaper price
= good quality+cheap
problem: over production)

88
Q

asset-led marketing

A

an approach to marketing that bases strategy on the firm’s existing strengths and assets instead of purely on what the customers wants

89
Q

societal marketing

A

this approach considers not only the demands of consumers but also the effects on all members of the public (society) involved in some way when firms meet these demands

90
Q

demand

A

the quantity of a product that consumers are willing and able to buy at a given price in a time period

91
Q

supply

A

the quantity of a product that firms are prepared to apply at a given price in a time period

92
Q

equilibrium price

A

the market price that equates supply and demand for a product

93
Q

market size

A

the total level of sales of all producers with a market

94
Q

market growth

A

the percentage change in the total size of a market (volume or value) over a period of time

95
Q

market share

A

the percentage of sales in the total market sold by one business. this is calculated by
(firm’s sales in time period/ total market sales in time period)*100

96
Q

direct competitor

A

businesses that provide the dame or very similar goods or services

97
Q

USP-unique selling point

A

the special feature of a product that differentiates it from competitors’ products

98
Q

product differentiation

A

making a product distinctive so that is stands out from competitors’ perception

99
Q

nich marketing

A

identifying and exploiting a small segment of a large market by developing products to suit it

100
Q

mass marketing

A

selling the same products to the whole market with no attempt to target groups within it

101
Q

market segment

A

a sub-group of a whole market in which consumers have similar characteristics

102
Q

consumer profile

A

a quantified picture of consumers of a firms’s products, showing proportions of age groups, income levels, location, gender and social class

103
Q

market research

A

this is the process of collecting, recording and analysing data about customers, competitors and the market

104
Q

primary research

A

the collection of first-hand data that is directly related to a firm’s needs

105
Q

secondary research

A

collection of data from second-hand sources

106
Q

qualitative research

A

researching the in-depth motivations behind consumers buying behaviour or opinions

107
Q

quantitative research

A

research that leads to numerical results that can be statistically analysed

108
Q

focus group

A

a group pf people who are asked about their attitude

towards a product, service, advertisement or new style of packaging

109
Q

sample

A

the group of people taking part in a market research survey selected to be representative of the overall target market

110
Q

random sampling

A

every member of the target population has an equal chance of being selected

111
Q

systematic sampling

A

every nth item in the target population is selected

112
Q

stratified sampling

A

this draws a sample from a specified sub-group or segment of the population and uses random sampling to select an appropriate number from each stratum

113
Q

quota sampling

A

when the population has been stratified and the interviewer selects an appropriate number of respondents from each stratum

114
Q

cluster sampling

A

using one or a number of specific groups to draw samples from and not selecting from the whole population, e.g. using one town or region

115
Q

open questions

A

those that invite a wide- ranging or imaginative response - the result will be difficult to collate and present numerically

116
Q

closed questions

A

questions to which a limited number of per-set answers is offered

business as (1 decks)

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