Definitions Flashcards
What is price skimming?
Set prices high and reduce it overtime
What is price penetration?
Set prices low and can increase overtime
What is competitive pricing?
Match/undercut competitors pricing
What is loss leader?
When you sell a product for lower than cost price to attract customers attention (to buy more)
What is cost plus?
Marking up prices to ensure profit is made on the cost price
What is remuneration?
Payment via wages and salaries
+easy to budget
-high cost
What is commission?
Payment based on the sales an individual
+Motivates workers to sell moe
-Hostile work environment (competing for sales)
What are bonuses?
When all employees are given bonuses based on the business as a wholes preformance
+Encourages teamwork
-Individual preformance not recognised
What is promotion?
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
What are fringe benefits?
Extra percs a business gives you to work there e.g. company car
+Attracts highly skilled staff
-Expensive for the business
What is job enrichment?
Giving employees greater responsibilities by increasing the range and complexity of tasks they are asked to do
What is job rotation?
The movement of employees through a range of jobs in order to increase interest and motivation
What is autonomy?
The degree to which employees are able to make decisions about their day-to-day roles
What is a job description?
A description outling an employees responsibilities
What is a personal specification?
The persons attributes that a business is looking for in potential employees
What is a zero hour contract?
No set hours of work
What is a psychometric test?
Tests used to see an employees abilities and personality traits
What are assessment centres?
Where candidates get tested for how well they will work at a job in a group situation
What is a cv?
A summary of a persons career, qualifications and education
What is an interview?
A meeting when someone asks you questions to see if you are suitable for a job or course
What is quality control?
A quality controller will examine or test once a product has been made or a service has been delivered
What is quality assurance?
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.
