Key Terms Flashcards
What is cash?
Cash is the money that the business has in cash or at the bank
What are financial incentives?
Creating motivation in a worker by offering money for work done
What are fringe benefits?
Non-financial rewards or benefits
What are Non-financial incentives?
Incentives that have no monetary gain involved.
What is piecework?
Pay for what you produce, e.g. per unit or per batch
What is performance related pay?
If you do your job well your pay will reflect this
What is job enrichment?
Increasing the degree of challenge in your job - produces the most efficent form of work for employee’s according to Haslow
What are job rotations?
Doing multiple jobs at one company, e.g. at a supermarket switching between shelf stacking to checkouts
What is job enlargement?
Giving you more work for little or no extra pay
What are appraisals?
A review of someones performance given by their peers
What is autocratic management?
One person leads and makes all of the decisions, e.g. manager makes all decisions no questions asked.
What is democratic management?
Everyone has a say in decisions made. Majority rule wins.
What is laissez-faire?
Delegative leadership, e.g. dividing workload between all of the workers. Employees are left to their tasks.
What are inter-personal roles?
Someone who incorporates informational and decision making roles
What are decisional roles?
Making decisions after looking at the benefits and potential failures.
What is morale?
The overall mood of the workers in the company
What is a dismissal?
Being sent home but your contract hasnt been terminated
What is a job description?
What your job entails and other important details
Whata re job/person specifications
What your job specifically entails
What is redundancy?
You are no longer needed by your employer and therefore your contract is terminated (not being fired)
What does it mean by resignation?
You are leaving your job
What is Herzberg’s Two-Factor theory?
Proposed work satisfaction and dissatisfaction arise from two different factors - work satisfaction from so-called motivating factors and work dissatisfaction from so-called hygiene factors
What is retail sector
Businesses that sell consumers a wide variety of goods.
What is labour turnover?
The number of people that leave a business as a percentage of the average number of workers in the business.
What is labour productivity?
The output produced per worker
What is absenteeism?
The number of workers that take days off
What is job rotation?
Workers move around jobs in order to reduce boredom
What is team working?
Workers are grouped together to carry out a task
What are quality circles?
Workers meet to discuss quality issues and are encouraged to come up with better ways of doing things
What are market forces?
Factors created by the economy for the demand and availability of products and services which influence costs.
What is stakeholder feedback?
Surverying stakeholders for ideas, compliments, suggestions and complaints
What is a regulator?
An external body acting as a supervisor to ensure businesses comply with relevent legislation
What customer retention?
Custoemrs who remain loyal to specific brands and businesses
What is bureaucracy?
Detailed procedures which have to be followed (sometimes known as: ‘red tape’)
What does retail mean?
The sale of goods usually on a small scale, directly to the public for consumption rather than resale.
What does PESTLE?
- Political
- Economic
- Social
- Technological
- Legal
- Environmental
What are demographic trends?
The characteristics of a country’s population
What is whistle-blowing?
Informing on someone who is doing something wrong or illegal
What are Porter’s five forces?
- supplie power
- threat of new entrants
- threat of substitutes
- buyer power
- rivalry
What does SWOT stand for?
- Strengths
- Weaknesses
- Opportunities
- Threats
What are the 5C’s?
- company
- collaborators
- customers
- competitors
- climate
What is a price taker?
This is when a company has to accept the prevailing price of a product is the wider market
What is a freedom of entry?
A business has freedom of choice to enter or leave the market due to an unlimited number of buyers and sellers
What is elasticity?
Reponsive to price changes
What is ‘lateral’ thinking?
Approaching subjects from alternative perspectives
What is ‘Blue Sky’ thinking?
Approaching subjects with no restrictions on perspectives
What is serendipity?
A pleasant discovery that occurs unexpectedly or by accident
What is brand personality?
Human characteristics to which a customer can relate, especially if similar to their own
What is a strapline?
A caption or heading often providing a brief and snappy overview of a product, service or news story.
What is viral (advertising/marketing)?
Unsolicited and infectious marketing tactics using social media to attract interest
What is a disposable income?
The amount of residual money available for non-essentials after buying hills and creditors, such as credit cards and store cards.
What does AIDA stand for?
- Attention of the customer
- Interest to learn more about the product
- Desire for the product
- Action to purchase when the oppurtunity arises
What does altruistic mean?
Selfless, concern for others
What is attrition?
The rate at which employees leave a business
What does austerity mean?
The difficult economic conditions resulting from the government putting measures in place to reduce public spending
What does BOGOF mean?
Buy One, Get One Free
What does business-to-business mean?
B2B refers to when one business sells to another business - for example, a stationary business selling to a firm of accountants
What does Business-To-Consumer mean?
B2C refers to when one business sells to an individual - for example, a stationary business selling wedding stationary to a bride and groom
What is capital employed?
The total amount of capital tied up in a business at a point in time
What are capital items?
Assets bought from capital expenditure such as: machinery and vehicles that will stay in the business for more than a year
What is a caveat?
Conditions or limitations
What is a claimant?
The person or organisation complaining that they have suffered loss or damage
What is a contengency plan?
A back-up plan in case something goes wrong
What is credibility?
When something or someone can be believed in and trusted
What is a credit period?
The length of time given to customers to pay for goods or services recieved
What is a credit rating?
A score given to individuals on how likely they are to repay debts based upon their previous actions
What does customer-centric mean?
Putting the customer at the centre of operations
What is delegation?
To give a task to someone else, usually a member of a team, and trust them to do it on your behalf
What is Depreciation?
an accounting technique used to spread the cost of an asset over its useful life.
What is disposable income?
the amount of residual money available for non-essentials after paying bills and creditors such as credit cards and store cards.
What is a dividend?
a sum of money paid regularly (usually once a year) by a company to its shareholders. The money usually comes out of profits.
What does being Egotistic mean?
self-important, striving for favourable impressions, conceited.
What does elasticity?
Responsive to price changes
What is an expected life?
How long an asset is expected to be used within a business
What is Expenditure?
the amount of money you need to cover all your expenses/outgoings, eg your mortgage and bills.
What does feasible mean?
likely or probable that something will succeed.
What are financial transactions?
actions by a business that involve money either going into or out of a business - for example, making a sale or paying a bill.
What are fixed assets?
items of value owned by a business that are likely to stay in the business for more than one year - for example, machinery. Also known as non-current assets.
What is a Fixed-term contract?
an employment contract between employee and employer with a defined end date.
What does formal mean?
business-like, factual, technical and professional, providing a record. It can refer to writing, such as formal written feedback.
What is fraud?
when an individual acquires company money for personal gain, through illegal actions.
