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Business > definitions > Flashcards

definitions Flashcards

1
Q

added value

A

The extra worth created when a product or service is enhanced, making it more valuable than it’s original cost

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2
Q

Design mix

A

The combination of the three factors needed to create an effective product: function, aesthetics and the costs of making it

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3
Q

Boston matrix

A

Analyses a company’s product portfolio in relation to the rate of market growth and the level of market share.

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4
Q

Price skimming

A

Setting a high price before other competitors come into the market (attracts early adopters who are willing to pay more for a novelty product)

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5
Q

Penetration pricing

A

Setting a relatively low initial price - usually lower than intended - to attract new customers

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6
Q

Competitive pricing

A

a business has to set the price of it’s products or services based on competitors pricing

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7
Q

Psychological pricing

A

The price is set to make the customer believe the product is cheaper than it really is

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8
Q

Contribution pricing

A

Pricing based on the variable costs of making or purchasing the product, intended to make sure the selling price covers the fixed costs of the business.

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9
Q

Above the line promotion

A

advertising activites that use mass media e.g. advertising on television, in newspapers or on the internet .

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10
Q

Below the line promotion

A

Where the business has direct control over the target or intended customers

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11
Q

Viral marketing

A

Creating memorable and attention-grabbing advertising for use in social media campaigns, it’s the hope that customers will share the adverts.

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12
Q

Emotional marketing

A

Advertising that aims to appeal to customers needs and aspirations through their emotions.

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13
Q

Global marketing

A

A strategy that aims to increase sales by marketing products or services internationally

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14
Q

Expenditure

A

The spending on the day-to-day operations of the business

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15
Q

Budget

A

A financial plan for the future detailing the revenues and costs of a business

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16
Q

Share capital

A

Funds raised by issuing shares in return for cash

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17
Q

Venture capital

A

Money invested in a business in which there is a substantial element of risk but have high growth potential

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18
Q

Cash flow

A

The movement of cash into and out of a business

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19
Q

Cash flow forecast

A

A prediction of the amount of cash flowing into and out of the business over a given period of time

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20
Q

Financial objective

A

A goal set by a business which is measured in monetary terms, such as a certain amount of profit to be achieved by a specific date

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21
Q

Income statement

A

A record of a business’s revenues and costs over a specific period, usually 1 year.

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22
Q

Cost of sales

A

Those costs that directly generate sales, including the cost of raw materials and labour costs.

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23
Q

Gross profit

A

Revenue minus the cost of selling the products or services

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24
Q

Net profit

A

What is left after all the costs of a business have been taken from it’s revenues

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25
Q

Gross profit margin

A

The calculation used to assess a business’s proportion of money left over from revenue after taking into account the cost of goods sold

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26
Q

Multi-skilling

A

Training employees to do different jobs within the business, or have a varied set of skills

27
Q

Internal recruitment

A

A job vacancy is filled from within a business’s existing workforce

28
Q

External recruitment

A

The business recruits an applicant from outside its existing workforce

29
Q

On-the-job training

A

Employees are trained through carrying out real tasks, usually in the workplace

30
Q

Off-the-job training

A

Training that happens outside the workplace

31
Q

Labour productivity

A

A measure of the efficiency of a person or machine in converting inputs into useful outputs

32
Q

Hierarchy of a business

A

The levels of management from the highest to lowest rank

33
Q

Wide span of control

A

Employees have greater decision making powers in the business

34
Q

Narrow span of control

A

Employees have less authority to make decisions, as there are more managers supervising them.

35
Q

Tall organisational structure

A

An organisational structure that has many levels of hierarchy and a narrow span of control.

36
Q

Flat organisational structure

A

An organisational structure with few levels of hierarchy and a wide span on control

37
Q

matrix organisational structure

A

An organisational structure in which people can work across teams and projects as well as within their own department

38
Q

Delayering

A

When a business removes one or more levels from its hierarchy.

39
Q

Piece rate

A

An amount paid for each completed task.

40
Q

Autocratic leadership

A

The leader makes all of the decisions with no consultation with employees.

41
Q

Paternalistic leadership

A

More attention is given to the needs and views of workers. Employees are consulted for their ideas, although the leader ultimately makes the decisions

42
Q

Democratic leadership

A

The leader encourages others to participate in decision-making through the consultation and delegation.

43
Q

Laissez-faire

A

Leaders provide minimal guidance and allow team members to make decisions and manage their work independently

44
Q

Bureaucratic leadership

A

A leadership style that makes use of a hierarchy of authority in which decisions are based on the application of rules.

45
Q

Trade union

A

An association of workers in a trade or a profession, formed to defend and advance their rights and interests.

46
Q

Collective bargaining

A

Representatives of employees, such as trade unions, negotiate with employers regarding the terms and conditions of employment.

47
Q

Job production

A

A method of production in which a business concentrates on producing a single unit at a time.

48
Q

Batch production

A

Manufacturing a number of goods at the same time.

49
Q

Flow production

A

A method of production in which units move directly from one operation to the next in a continuous sequence.

50
Q

Lean production

A

An approach which aims to minimise costs by cutting out wasteful practices while maintaining high quality.

51
Q

Kaizen

A

Practices to promote continuous improvement, such as asking groups of workers to share ideas about working more efficiently.

52
Q

Just-in-time

A

A stock management strategy which aims to increase efficiency by receiving raw materials only when they are needed in the production process.

53
Q

Cell production

A

A system in which the production line consists of small teams (cells), with each cell being responsible for a significant part of the end product.

54
Q

Quality control

A

The process of inspecting products to ensure that they meet the required quality standards.

55
Q

Quality assurance

A

A process which aims to reduce the risk of mistakes by ensuring that workers adhere to a set of procedures and standards.

56
Q

Total quality management (TQM)

A

An approach in which all workers are meant to take responsibility for improving the quality of their work

57
Q

Quality circles

A

Groups of employees who meet up regularly to identify potential improvements in quality.

58
Q

Lead time

A

The total time it takes to manufacture and / or deliver a product.

59
Q

Internal economies of scale

A

Relate to the growth of an individual business

60
Q

External economies of scale

A

A result of a whole industry growing in size and thus being able to reduce unit costs

61
Q

Bench marking

A

a process which the business looks at other comparable organisations, normally with better performance in a particular area to see what lessons can be learned to improve their own performance

62
Q

Market orientation

A

Where a business aims to provide a product or service to meet customers wants or needs

63
Q

Asset lead marketing

A

An approach where by a business’s assets are used to meet customer needs

Business (34 decks)

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