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Keywords Flashcards

0
Q

What is advertising?

A

Communication with customer or potential customers through specific media

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1
Q

What is adverse variance?

A

This is when the actual profit is lower than budgeted/ actual cost is higher than budgeted

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2
Q

What are assessment centres?

A

Where a recruiting firm runs a series of extended selection procedures, each lasting one or two days or sometimes longer

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3
Q

What is automation?

A

The replacement of workers with machines to perform task in production

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4
Q

What is the Boston Matrix?

A

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

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5
Q

What is 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

What is a budget?

A

A budget is a financial plan that a business uses in order to ensure that spending of cash is geared towards achieving the aims of the business.

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7
Q

What is a B2B?

A

This involves the selling of products or service to another firm. Usually having informative advertisement.

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8
Q

What is capacity utilisation?

A

This is the proportion of total capacity that is used, usually expressed as a percentage

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9
Q

What is communication?

A

This is the process of exchanging information or ideas between individuals or groups.

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10
Q

What is competition?

A

These are the businesses that compete against each other for market dominance

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11
Q

What is competitiveness?

A

The ability of a business to offer a better product than competitors(as measured by customers

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12
Q

What is cost reduction?

A

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

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13
Q

What are customer expectations?

A

What customers expect to receive as a result of buying a good or service; influenced by perceptions of factors such as quality and price

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14
Q

What is customer service?

A

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

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15
Q

What is delegation?

A

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

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16
Q

What is direct selling?

A

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

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17
Q

What are distribution channels?

A

This is the path a product takes to get from the producer to the final customer usually passing through at least one intermediary stage.

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18
Q

What is empowerment?

A

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

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19
Q

What is external recruitment?

A

This is where candidates for a job vacancy come from outside the organisation

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20
Q

What is factoring?

A

This is a source of finance where a business receives a proportion of the amount owned by trade debtors from a specialist finance-provider

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21
Q

What is favourable variance?

A

This is when a business has made an improvement in a given period of time usually by generating more actual profit than budgeting or reducing actual cost than budgeted.

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22
Q

What is flexible working?

A

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

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23
Q

What is a hierarchy?

A

This is the structure and number of layers of management and supervision in an organisation

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24
What is induction training?
This is training aimed at introducing new employees to a business and it's procedures
25
What is internal recruitment?
This is where candidates for a job vacancy come from within the organisation
26
What is an interview?
This is a part of recruitment process where a candidate is met face to face
27
What is a job description?
This is a summary of the main duties and responsibilities of a job
28
What is a job design?
This is the way in which tasks are combined to form a job
29
What is job enlargement?
This giving employees more tasks of a similar level of complexity. Job enlargement expands the number of tasks completed by an employee
30
What is labour productivity?
This is the output produced per employee over a given time period
31
What is a loss leader?
This is when an organisation deliberately lower their price below the cost of production in order to entice customers into entering the shop. These types of organisations tend to use massive promotion to increase customer awareness of their really low price.
32
What is market research?
This is the process of planning, collecting, and analysing data relevant to help make marketing decisions.
33
What is a marketing mix?
This is the set of marketing tools that the firm uses to pursue its marketing objectives. Commonly taken to comprise product, price, promotion and place
34
What is mass marketing?
This is the presentation of a product or service to a large target market
35
What is merchandising?
This is a form of promotion where a business attempts to persuade consumers to take action at the 'point of sale'
36
What is net profit?
This is profit that remains after all operation costs are taken away from the sales revenue.
37
What is a net profit margin?
This is a measure of profitability. Usually calculated net profit before tax/ sales turnover x100
38
What is a niche market?
This is the presentation of a goods or service to a specific market
39
What is meant by off-the-job training?
This is training that takes place away from the workplace
40
What is meant by on-the-job?
This is training that takes place at the workplace
41
What is an organisational structure?
This is the way that the roles and responsibilities within an organisation are structured
42
What is meant by output?
These are the finished products that results from the production process.
43
What is meant by overtime?
This is when staff work for less than a standard working week or day
44
What is a payment term?
This is the period of time that a supplier allows for an invoice to be settled
45
What is penetration pricing?
This is the pricing strategy that sets low initial price in order to penetrate into the market and create a foothold within it.
46
What are permanent employees?
This is an employee who has a permanent position (i.e. not temporary) in a business
47
What is a person specification?
This is a description which identifies the skills and experience that are likely to be held by a successful applicant for a job vacancy.
48
What is PED?
This is the responsiveness to the change in demand caused by a change in price.
49
What is a price leader?
These are usually business with a large market share whose price changes are followed by its rivals
50
What is price skimming?
This is when an organisation sets a high initial cost off a new product to make up for costs. This usually done by businesses with large market shares.
51
What is a price taker?
This is a business that has no option but to change its prices in order to match the markets price.
52
What are pricing decisions?
These are decisions taken about how to price a product.
53
What are pricing strategies?
These are the overall strategic approach to pricing over the medium-to-long term, often based on the market positioning of a product
54
What are pricing tactics?
These are the short-term pricing decisions and approaches taken - e.g. the temporary use of sales promotions or a short price war
55
What is a product lied cycle?
This is a theory which predicts the stages a product goes through from introduction to withdrawal from a market
56
What is a product portfolio?
This is the collection of products and brands owned and operated by a firm
57
What is meant by productivity?
This measures the output per worker over a given time period
58
What is profitability?
This is the ability of a business to generate profits from its activities. Profitability is often measured in terms of the return on sales (net profit margin) or return on investment (return on capital)
59
What is the promotional mix?
The mix of activities and approaches taken to promoting a product, including advertising, direct selling etc.
60
What is psychological pricing?
Using price as a way of influencing a consumer's behaviour or perceptions, for example using high prices to reinforce a quality image
61
What us public relations?
The promotion of a business through news stories, sponsorship and similar activities. Usually shortened to PR.
62
What is quality?
Where a product meets a customers requirements
63
What is quality assurance?
Organising every process to get the product 'right first time' and prevent mistakes ever happening
64
What is quality control?
The inspection of products as part of a sampling process to ensure that the right production standards have been achieved
65
What is rationalisation?
Reorganising production in order to increase productivity and efficiency. Often involves closure or relocation of production capacity.
66
What is return on capital?
A measure of the return made by investing in a business or business project. Return on capital is calculated as: (Net profit / Capital Invested) x 100
67
What are robotics?
The science and technology of robots, and their design, manufacture, and application
68
What is meant by sales and leaseback?
A method of raising finance. Sale and leaseback involves a business selling a major asset (e.g. land & buildings) and then leasing the same asset back from the new owner.
69
What is sales promotion?
Tactical, point of sale material or other incentives designed to stimulate purchases
70
What is selection?
The process of deciding which applicant for a job a business should accept
71
What is meant by span of control?
The number of employees who are directly supervised by a manager
72
What is spare capacity?
When a business is able to produce more with existing resources (also known as excess capacity)
73
What is stock control?
The processes and controls used by a business to ensure that it has sufficient (but not too much) stock for its purposes
74
What are stocks?
Raw materials, work-in-progress and finished goods held for resale. Stocks are sometimes also referred to as "inventories"
75
What is sub-contracting?
Delegation by one firm of a portion of its production process, under contract, to another firm, including in another country
76
What is a supplier?
An individual, business or other organisation which provides goods or services to a customer or consumer
77
What is Total Quality Management?
This is an attitude to quality where the aims are zero defects and total customer satisfaction.
78
What is training?
The provision of work-related education or skills development
79
What are unit costs?
The cost required to create a singular unit of a goods or service
80
What is USP?
USP is an acronym for "Unique Selling Point". A USP is a feature of a product or service that makes it stand out compared with the competition. If a USP is sustainable, then it can be a source of significant competitive advantage for a business.
81
What is a variance?
The difference between the budgeted amount and what actually happens. A variance can be "positive" (favourable) or "negative" (adverse)
82
What is waste?
A cost of production. Sub-standard completed output or raw materials which are not retained in the production process
83
Whey is meant by a workforces role?
The tasks involved in a particular level or grade of job
84
What is a workload?
The amount of work assigned to a particular worker, normally in a specified time period.

Business Unit 2 (6 decks)

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