key terms i dont know

Question 1

perfect competition

Answer 1

a market in which many small firms produce virtually identical products at similar prices, with the ability to enter and leave the market freely

Question 2

sampling

Answer 2

when researchers take a selection of the population who are representative of the whole population

Question 3

quota sampling

Answer 3

involves population being segmented into specific groups with the same characteristics and then a number selected from each group

Question 4

random sampling

Answer 4

a subset of a population where every member of the population has a chance of being interviewed

Question 5

leasing

Answer 5

where a business pays for the use of an asset/equipment but never owns the asset

Question 6

market orientation

Answer 6

when a business bases its marketing mix on the perception of what the customers want

Question 7

product orientation

Answer 7

when a business bases its marketing mix on the businesses product strengths and capabilities

Question 8

asset-led marketing

Answer 8

a marketing strategy based on a firms own strengths , not solely on the customers’ needs

Question 9

product portfolio

Answer 9

the collection/range of all the goods and services offered by a business

Question 10

above the line promotion

Answer 10

advertising that takes place through mass media to allow the business to reach a wide/large audience

Question 11

below the line promotion

Answer 11

promotion strategies used to target customers more directly such as personal selling

Question 12

distribution channel

Answer 12

the route taken by a product as it goes from the manufacturer to the final consumer

Question 13

multi-distribution channel

Answer 13

a combination of distribution channels are used to get the product from manufacturer to the consumer

Question 14

variance analysis

Answer 14

checking actual outcomes against predicted outcomes

Question 15

multi skilling

Answer 15

involves business training their workforce to be able to work effectively across a wide range of tasks

Question 16

hot desking

Answer 16

an employee has no fixed work space, often booking work desks when required

Question 17

appraisal

Answer 17

the process whereby the performance of an employee is evaluated against targets set

Question 18

superiors assessment

Answer 18

when a workers performance is assessed by his/hers line manager

Question 19

peer assesament

Answer 19

when a workers performance is assessed by other colleagues who work in the same level

Question 20

360 degree feedback

Answer 20

when a workers performance is assessed and feedbacked by their line manager, colleagues ,self assessment

Question 21

absenteeism

Answer 21

the number of working days lost due to employees not attending work

Question 22

labour turnover

Answer 22

the measurement of the rate at which employees are leaving an organisation

Question 23

chain of command

Answer 23

describes the lines of authority in the business

Question 24

span of control

Answer 24

the number of workers a manager is responsible for

Question 25

delegation

Answer 25

where a manager passes authority onto employees for particular functions ,tasks and decisions

Question 26

centralisation

Answer 26

where business decisions are made at the top of the hierarchy

Question 27

decentralisation

Answer 27

a decentralised approach is where a business allows decisions to be made by managers and subordinates further down the chain

Question 28

empowerment

Answer 28

where manager passes authority onto employees so that they can make their own decisions

Question 29

delayering

Answer 29

the process of removing one or more layers in a hierarchy

Question 30

matrix structure

Answer 30

often used when cross-functional teams are created to run a project