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business/ geo <3 > business keywords paper 1 > Flashcards

business keywords paper 1 Flashcards

1
Q

business

A

an organisation that produces a good or supplies a service and sells it for a profits e.g. tesco

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2
Q

entrepreneur

A

someone who takes a risk with their money and time to start a business e.g. steve jobs

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3
Q

business plan

A

documents that outlines what a business is all about. it will include sections about finance or marketing

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4
Q

sole trader

A

business owned by on person who keeps all the profit e.g. hairdresser

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5
Q

unlimited liability

A

if the business becomes bankrupt the owner’s personal possessions are used to pay off outstanding debts e.g. house

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6
Q

limited liability

A

if the company becomes bankrupt the shareholders personal possessions are not at risk to pay off outstanding debts

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7
Q

partnership

A

businesses owned by 2-20 people and all the profits and debts are shared between the partners e.g. solicitors

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8
Q

silent partners

A

people that have bought a share in the partnership but aren’t involved in the day to day running of it

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9
Q

private limited companies (LTDs)

A

a company owned by shareholders. it has shares sold to friends and family and not open for sale to the public. e.g. Nike

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10
Q

dividends

A

all limited companies may share their profits with their shareholders. % of a profit the company makes

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11
Q

public limited companies (PLCs)

A

a company owned by shareholders, shares in the company are openly traded on stock exchange and can be bought by the public e.g. Barclays plc

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12
Q

aims

A

states the overall purpose for the business,
long term goals e.g. sell more iphones (apple)

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13
Q

objectives

A

specific measurable targets to help meet the aims of the business

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14
Q

shareholders

A

the ownership of a limited company is divided up into equal shares so whoever has a share owns a part of the company.

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15
Q

profit

A

revenue - cost

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16
Q

revenue

A

price x quantity

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17
Q

raw materials

A

inputs that a business uses to make a product they sell e.g coco beans and sugar to make dairy milk chocolate

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18
Q

company

A

a firm/ organisation which is owned by shareholders that is registered at the companies house e.g. Dyson

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19
Q

costs

A

expenses a business has to pay e.g. rent

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20
Q

market share

A

portion of the market controlled by a particular company e.g. tesco has the largest in the uk

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21
Q

stakeholder

A

a person that is affected by what the business does e.g. employees

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22
Q

market share formula

A

business A sales/ total market sales x 100

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23
Q

EOS (economies of scales)

A

when the average costs of producing each item falls as output increases

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24
Q

diseconomies of scales

A

when the average costs increases as output decreases

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25
Q

purchasing EOS

A

large firms buy materials in larger amounts in order to gain discounts

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26
Q

risk-bearing EOS

A

large businesses are more likely to have a large product portfolio which reduces the risk if one of the product’s market goes down.

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27
Q

technical EOS

A

large businesses are more likely to afford equipment and also use it effectively to make more products safely

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28
Q

expenditure

A

costs of things that businesses have to pay .e.g. rent

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29
Q

redundancies

A

when employees are laid off

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30
Q

organic growth

A

achieved by the business selling more products and not taking over another business e.g. post office

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31
Q

external growth

A

when a business buys other companies to increase sales and profit e.g.Amazon bought whole foods

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32
Q

takeover

A

when a business buys more than 51% of the shares of another company

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33
Q

merger

A

2 businesses join together to form another business

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34
Q

horizontal intergration

A

one firm takes over another firm in the same industry

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35
Q

vertical intergration

A

one firm takes over another firm in the same industry but at different stages of production

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36
Q

organisational structure

A

diagram that shows the employees organised and who each worker reports too and who each manager is responsible for

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37
Q

span of control

A

number of subordinates a manager is directly responsible for

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38
Q

chain of command

A

route communication take as it flows through a business, from top to bottom

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39
Q

tall structure

A

organisational structure which has many layers, long chain of command and a narrow span of control

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40
Q

flat structure

A

organisational structure which has few layers, show chain of command and a wide span of control

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41
Q

workforce planning

A

when the HR manager organises what all employees will be doing over the next few years e.g.how many staff are required

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42
Q

delegation

A

when the line manager gives their subordinate a task

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43
Q

flexible working

A

either the employee or employer have some choices about actual hours worked but core hours must be worked

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44
Q

zero hour contract

A

employees are not guaranteed set number of hours to work each week e.g. call centres

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45
Q

human resources (HR)

A

department within a business responsible for the recruitment, selection, training and administration

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46
Q

full-time worker

A

works full number of hours in a werk (35hours)

47
Q

part-time

A

employee who works any number of hours less than 35

48
Q

permanent contract

A

employed by an organisation indefinitely until they leave, retire or are made redundant

49
Q

internal communication

A

how messages are sent and received by employees e.g. face to face

50
Q

recruitment

A

process of identifying the need for a job, defining requirements of the position and the job holder

51
Q

selection

A

advertising the position and choosing the most appropriate person to fill the vacancy

52
Q

job analysis

A

when a vacancy arises in an organisation it will decide whether the job is still required

53
Q

job description

A

document that details the roles and responsibilities of the vacant position e.g. duties, work hours etc

54
Q

on the job training

A

employees receive training whilst remaining in the workplace e.g. learning to use teams

55
Q

off the job training

A

employees are taken away from their usual place of work to be trained e.g. colleges

56
Q

training

A

process of increasing the knowledge and skills of the workforce to enable them to perform their jobs effectively

57
Q

induction training

A

training that an employee receives when they first join a business

58
Q

person specification

A

document that helps the business to decide which applicant is the most suitable to fill the vacancy e.g. qualifications

59
Q

interviews

A

face to face meeting between the HR manager and candidate where questions are asked

60
Q

motivation

A

how willingly and happy and employee is to work e.g. Google offers company cars

61
Q

retention

A

when employees stay with a firm for a long period of time

62
Q

salary

A

fixed amount is paid by the employer to the employee on a regular basis (monthly)

63
Q

wage

A

workers are paid weekly or monthly by the hours of time worked

64
Q

promotion

A

when an employee advances in an organisation to a higher job in the hierarchy and salaries and responsibilities increase

65
Q

job enlargement

A

gives staff a greater variety of tasks to perform

66
Q

job enrichment

A

gives staff more responsibilities to to do and wider range of tasks

67
Q

employment law

A

law’s to do with employees businesses have to follow

68
Q

legislation

A

the government makes laws in order to control the businesses actions to protect needs of stakeholders

69
Q

national minimum wage act 1998

A

business must pay at least a minimum wage per hour for a job (16-24)

70
Q

national living wage

A

25 or over mist be paid at least the national living wage

71
Q

equal pay act 1970

A

unlawful to discriminate between men and women in terms of pay and working conditions

72
Q

sex discriminate act 1975

A

unlawful to discriminate because if gender/marital status

73
Q

race relations act 1976

A

unlawful to discriminate because of race, colour, nationality, ethnicity or beliefs

74
Q

disability discrimination act 1995

A

unlawful to discriminate because of a person’s disability- reasonable adjustments should be made .e.g. wheelchair ramp

75
Q

employment rights act 1996

A

terms and conditions of employment should be laid out in a single document

76
Q

health & safety work act 1974

A

businesses must provide for the health and safety of employees in the workplace

77
Q

marketing

A

process of identifying, predicting and satisfying customer needs profitably

78
Q

identifying

A

finding out by using market research about current products and markets

79
Q

anticipating (predicting)

A

analysing the data collected and using the managers skills to judge what might happen in these markets

80
Q

satisfying

A

making sure customers are happy with what they are buying

81
Q

market research

A

when the entrepreneur gathers information about the market to make decisions

82
Q

primary research (field)

A

data collected first-hand by the entrepreneur for a specific research purpose

83
Q

secondary research (desk)

A

data that already exists that has been collected for a different purpose

84
Q

questionnaires

A

PR-document given to customers to find out their opinions and things about them

85
Q

focus groups

A

PR-small groups of people who represent the target market for a good/service

86
Q

trialing

A

PR-when customers are allowed to use a good/service

87
Q

census

A

SR-government questionnaire done every 10 years which all households must do. Gives demographic info about people

88
Q

trade magazines

A

SR-specially designed magazines for an industry

89
Q

mass market

A

products that are targeted at everyone e.g. electricity

90
Q

niche market

A

aiming products at a specific market segment e.g. dentures

91
Q

market share formula

A

business A sales/total market sales x 100

92
Q

quantitative data

A

numerical data normally done online or face-to-face

93
Q

qualitative data

A

data based on opinions, attitudes and beliefs

94
Q

product life cycle

A

model which describes the stages a product goes through over its life

95
Q

extension stratergies

A

to keep the product on the market for longer extension strategies are adopted at point of maturity

96
Q

invention

A

creation of an entirely new product or process

97
Q

innovation

A

when an existing product or service is improved

98
Q

marketing

A

selling the right product in the right place at the right price and promotion

99
Q

market segments

A

groups of customers within a market who have similar interests

100
Q

market share formula

A

business A sales/ total market sales X 100

101
Q

market growth formula

A

change/original X 100

102
Q

price skimming

A

setting a high price before other competitors come into the market

103
Q

price penetration

A

pricing strategy where the price of a product is initially set low and then rises

104
Q

cost plus

A

setting a price based on cost but adding a fixed amount of profit or % to the cost of making/buying the product

105
Q

competitor pricing

A

pricing products based on what competitors price them slightly cheaper

106
Q

promotional pricing

A

when a full priced item goes on sale

107
Q

channel of distribution

A

path a product takes from producer to consumer

108
Q

intermediaries

A

businesses between producer and consumer

109
Q

promotion

A

using techniques to make customers aware of products

110
Q

sales promotion

A

methods used by the marketing manager to sell products in a direct way which is easy to arrange

111
Q

point of sale

A

place where a retail transaction takes places

112
Q

goods

A

physical product that have a value and can be bought and sold

113
Q

services

A

non-physical products which help to improve our lifestyles and can also be bought and sold

114
Q

conglomerate integration

A

firms buying another firm in a different industry

business/ geo <3 (10 decks)

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