Key Terms A - I Flashcards

1
Q

Advertising

A

Paid for communication, aimed at informing or persuading

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2
Q

Assessment centres

A

Where a recruiting firm runs a series of extended selection procedures

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3
Q

Automation

A

The replacement of workers with machines to perform tasks in production

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4
Q

Boston matrix

A

A mod which analyses the product portfolio of a business into four categories (stars, cash cows, problem children, dogs)

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5
Q

Branding

A

The use of a trade name, symbol, logo or other device to differentiate a product or service

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6
Q

Budget

A

A detailed plan of income and expenditure expected over a certain period of time

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7
Q

Business to business (B2B)

A

Involves the selling of products and service by one business directly to another business

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8
Q

Capacity utilisation

A

The proportion of total capacity that is used (%)

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9
Q

Communication

A

The process of exchanging information or ideas or ideas between individuals or groups

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10
Q

Competition

A

The businesses that compete for a share of a market

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11
Q

Competitiveness

A

The ability of a business to offer a better product or service than other competitors

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12
Q

Cost reduction

A

Actions taken by a business, aimed at reducing total cost, or lowering average unit costs

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13
Q

Customer expectations

A

What customers expect to receive as a result of buying a good or a service

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14
Q

Customer service

A

The ways in which a business meets the needs and wants of its customers

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15
Q

Delegation

A

Where responsibility for carrying out a task or role is passed onto someone else in the business

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16
Q

Direct selling

A

A method of distribution which involves a business transacting with a customer without the use of intermediaries

17
Q

Empowerment

A

Delegating power to employees so that they can make their own decisions

18
Q

External recruitment

A

Where candidates for a job vacancy come from outside the organisation

19
Q

(debt-) Factoring

A

A source of finance obtained by selling debt owed to a business to a third party

20
Q

Favourable variance

A

A difference between actual and budgeted which is “good news” (e.g. Actual costs are lower than budgeted costs)

21
Q

Flexible working

A

Where a business uses a number of different working practices in order to suit the job in hand and the needs of employees

22
Q

Hierarchy

A

The structure and number or layers of management and supervision in an organisation

23
Q

Induction training

A

Training aimed at introducing new employees to a business and its procedures

24
Q

Adverse variance

A

A difference between actual and budgeted amounts which is “bad news” - e.g. Higher costs are incurred than what was budgeted