Business 2.3 Flashcards
Batch production
producing a limited number
of identical products.
Flow production
continuous production of
identical products, which gives scope for high
levels of automation.
Job production
one-off production of a one-off
item for a single customer.
Productivity
a measure of efficiency, usually
output per person per time period (for example,
Nissan UK’s 98 cars per worker per year).
Automation
using machines that can operate
without people.
Flexibility
the ability to switch quickly and
easily from one task to another.
Robots
machines that can be programmed to
do tasks that can be done by humans, such as
welding, spray painting and packing.
Bar gate stock graph
a diagram to show
changes in the level of stock over time.
Buffer (stock)
the minimum stock level held at
all times to avoid running out.
Just in time (JIT)
running the business with so
little stock that new supplies have to arrive ‘just
in time’ before they run out.
Stock(s)
items held by a firm for use or sale,
for example components for manufacturing or
sellable products for a retailer.
Availability
knowing how to get the right
supplies quickly – just when you need them.
Logistics
ensuring that the right supplies will
be ordered and delivered on time.
Procurement
obtaining the right supplies from
the right supplier.
Trust
building a business relationship in which both sides know that the other won’t let
them down.
Culture
‘the way we do things round here’; in
other words, the accepted attitudes and practices
of staff at a workplace.
Quality control
putting measures in place to
check that the customer receives an acceptable
level of quality.
Warranty
the guarantee by the producer that it will repair any faults in a product for a specific period of time – often one year.
Customer engagement
the attempt to make a
customer feel part of something rather than an
outsider.
Customer feedback
comments, praise
or criticisms given to the company by its
customers.
Post-sales service
service received after
the purchase is completed, perhaps because
something has gone wrong or as a way of
promoting customer engagement.
Product knowledge
how well staff know all
the features of the products and the service
issues surrounding the products, such as the
precise terms of Kia’s seven-year warranty on
its new cars.
