Key Terms I - P

Question 1

Interview

Answer 1

Part of the recruitment process where a candidate is met face to face

Question 2

Job description

Answer 2

A summary of the main duties and responsibilities of a job

Question 3

Job design

Answer 3

The way in which tasks are combined to form a job

Question 4

Job enlargement

Answer 4

Giving employees more tasks of a similar level of complexity. Job enlargement expands the number of tasks completed by an employee

Question 5

Job enrichment

Answer 5

Making a job more interesting or varied so that it is more rewarding

Question 6

Labour productivity

Answer 6

The output produced per employee over a given period of time

Question 7

Loss leader

Answer 7

Where a price is set deliberately below the cost of production in order to attract customers who will buy other more profitable products

Question 8

Market research

Answer 8

The process of planning, collecting and analysing data relevant to help make marketing decisions

Question 9

Marketing mix

Answer 9

The set of marketing tools that a firm uses to pursue its marketing objectives; price, product, place, promotion

Question 10

Mass market

Answer 10

Describes the largest group of customers with specific needs and wants in industry

Question 11

Merchandising

Answer 11

Promotion of a product at the point-of-sale, usually in a retail environment

Question 12

Net profit

Answer 12

Profit that remains after all operating costs are taken away from sales revenue

Question 13

Niche market

Answer 13

A niche market is a segment of a larger market with more specific needs

Question 14

Off-the-job

Answer 14

Training that takes place away from the workplace

Question 15

On-the-job

Answer 15

Training that takes place at the workplace

Question 16

Organisational structure

Answer 16

The way that the roles and responsibilities are structured within an organisation

Question 17

Output

Answer 17

The finished products (goods and services) that result from the production (or transformation) process

Question 18

Overtime

Answer 18

Working time in excess of a standard day or week

Question 19

Payment terms

Answer 19

The period of time that a supplier allows for an invoice to be settled

Question 20

Penetration pricing

Answer 20

A pricing strategy that involves the setting of lower rather than higher prices in order to achieve a large market share

Question 21

Permanent employee

Answer 21

An employee who has a permanent position in a business

Question 22

Person specification

Answer 22

A description which identifies the skills and experience that are likely to be held by a successful applicant for a job vacancy

Question 23

Price elasticity of demand (PED)

Answer 23

The responsiveness of demand to a change in the price of a product

Question 24

Internal recruitment

Answer 24

Where candidates for a a job vacancy come from within an organisation