DEFENITIONS Flashcards
Absenteeism
Time taken off work due to illness / childcare / transportation etc
Accomodating leadership
Leadership style where employees needs are put first
Accountability
In a workplace means all employees are accountable for own action, behaviours, performance and decisions
Adaptive customization
Customers get a standard product or service with the option to personalize or modify it to their preference
Added value
Difference between cost price of good / service and selling price that customers and prepared to pay
Administration
Work of managing an organization’s resources, time and people
Adverse variance
When actual income is less than the budget, or actual expenditure is more than the budget
Advertising
Marketing tactic involving paying for space to promote a product, service or cause
ACAS
Advisory, Conciliation and Arbitration Service
Work with employees and employers to improve workplace relationships, funded by the government
After-sales service
Follow up support and resources provided for customers after they’ve purchased your product or service
AIDA model
Attention , Interest , Desire , Action
describes process a customer goes through in process of purchasing a product
Annual General Meetings
Annual meeting where members of organisation gather and discuss and vote on key issues
Authoritarian leadership
management style where manager has full control over decisions and over employees, rarely accept advice
Automation
Use of tech where human input is minimised - e.g automated customer queries > placing orders
- Higher productivity, availability, increased performance and reduced operating costs
Average labour turnover
n• of employees that have left / n• of employees there are altogether
x 100
