Definitions Flashcards

1
Q

What is price skimming?

A

Set prices high and reduce it overtime

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2
Q

What is price penetration?

A

Set prices low and can increase overtime

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3
Q

What is competitive pricing?

A

Match/undercut competitors pricing

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4
Q

What is loss leader?

A

When you sell a product for lower than cost price to attract customers attention (to buy more)

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5
Q

What is cost plus?

A

Marking up prices to ensure profit is made on the cost price

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6
Q

What is remuneration?

A

Payment via wages and salaries
+easy to budget
-high cost

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7
Q

What is commission?

A

Payment based on the sales an individual
+Motivates workers to sell moe
-Hostile work environment (competing for sales)

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8
Q

What are bonuses?

A

When all employees are given bonuses based on the business as a wholes preformance
+Encourages teamwork
-Individual preformance not recognised

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9
Q

What is promotion?

A

Making your way up the roles of a business (through the organisational hierarchy)
+Motivates workers and encourages productivity with the incentive of more money in the future
-No new ideas due to no new employees

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10
Q

What are fringe benefits?

A

Extra percs a business gives you to work there e.g. company car
+Attracts highly skilled staff
-Expensive for the business

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11
Q

What is job enrichment?

A

Giving employees greater responsibilities by increasing the range and complexity of tasks they are asked to do

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12
Q

What is job rotation?

A

The movement of employees through a range of jobs in order to increase interest and motivation

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13
Q

What is autonomy?

A

The degree to which employees are able to make decisions about their day-to-day roles

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14
Q

What is a job description?

A

A description outling an employees responsibilities

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15
Q

What is a personal specification?

A

The persons attributes that a business is looking for in potential employees

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16
Q

What is a zero hour contract?

A

No set hours of work

17
Q

What is a psychometric test?

A

Tests used to see an employees abilities and personality traits

18
Q

What are assessment centres?

A

Where candidates get tested for how well they will work at a job in a group situation

19
Q

What is a cv?

A

A summary of a persons career, qualifications and education

20
Q

What is an interview?

A

A meeting when someone asks you questions to see if you are suitable for a job or course

21
Q

What is quality control?

A

A quality controller will examine or test once a product has been made or a service has been delivered

22
Q

What is quality assurance?

A

Focusing on quality at every stage of the production process. Everyone is involved and is responsible for contributing to the achievment of a quality standard.