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Business Unit 2 > Keywords > Flashcards

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
Q

What is induction training?

A

This is training aimed at introducing new employees to a business and it’s procedures

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25
Q

What is internal recruitment?

A

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

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26
Q

What is an interview?

A

This is a part of recruitment process where a candidate is met face to face

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27
Q

What is a job description?

A

This is a summary of the main duties and responsibilities of a job

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28
Q

What is a job design?

A

This is the way in which tasks are combined to form a job

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29
Q

What is job enlargement?

A

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

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30
Q

What is labour productivity?

A

This is the output produced per employee over a given time period

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31
Q

What is a loss leader?

A

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.

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32
Q

What is market research?

A

This is the process of planning, collecting, and analysing data relevant to help make marketing decisions.

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33
Q

What is a marketing mix?

A

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

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34
Q

What is mass marketing?

A

This is the presentation of a product or service to a large target market

35
Q

What is merchandising?

A

This is a form of promotion where a business attempts to persuade consumers to take action at the ‘point of sale’

36
Q

What is net profit?

A

This is profit that remains after all operation costs are taken away from the sales revenue.

37
Q

What is a net profit margin?

A

This is a measure of profitability. Usually calculated net profit before tax/ sales turnover x100

38
Q

What is a niche market?

A

This is the presentation of a goods or service to a specific market

39
Q

What is meant by off-the-job training?

A

This is training that takes place away from the workplace

40
Q

What is meant by on-the-job?

A

This is training that takes place at the workplace

41
Q

What is an organisational structure?

A

This is the way that the roles and responsibilities within an organisation are structured

42
Q

What is meant by output?

A

These are the finished products that results from the production process.

43
Q

What is meant by overtime?

A

This is when staff work for less than a standard working week or day

44
Q

What is a payment term?

A

This is the period of time that a supplier allows for an invoice to be settled

45
Q

What is penetration pricing?

A

This is the pricing strategy that sets low initial price in order to penetrate into the market and create a foothold within it.

46
Q

What are permanent employees?

A

This is an employee who has a permanent position (i.e. not temporary) in a business

47
Q

What is a person specification?

A

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
Q

What is PED?

A

This is the responsiveness to the change in demand caused by a change in price.

49
Q

What is a price leader?

A

These are usually business with a large market share whose price changes are followed by its rivals

50
Q

What is price skimming?

A

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
Q

What is a price taker?

A

This is a business that has no option but to change its prices in order to match the markets price.

52
Q

What are pricing decisions?

A

These are decisions taken about how to price a product.

53
Q

What are pricing strategies?

A

These are the overall strategic approach to pricing over the medium-to-long term, often based on the market positioning of a product

54
Q

What are pricing tactics?

A

These are the short-term pricing decisions and approaches taken - e.g. the temporary use of sales promotions or a short price war

55
Q

What is a product lied cycle?

A

This is a theory which predicts the stages a product goes through from introduction to withdrawal from a market

56
Q

What is a product portfolio?

A

This is the collection of products and brands owned and operated by a firm

57
Q

What is meant by productivity?

A

This measures the output per worker over a given time period

58
Q

What is profitability?

A

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
Q

What is the promotional mix?

A

The mix of activities and approaches taken to promoting a product, including advertising, direct selling etc.

60
Q

What is psychological pricing?

A

Using price as a way of influencing a consumer’s behaviour or perceptions, for example using high prices to reinforce a quality image

61
Q

What us public relations?

A

The promotion of a business through news stories, sponsorship and similar activities. Usually shortened to PR.

62
Q

What is quality?

A

Where a product meets a customers requirements

63
Q

What is quality assurance?

A

Organising every process to get the product ‘right first time’ and prevent mistakes ever happening

64
Q

What is quality control?

A

The inspection of products as part of a sampling process to ensure that the right production standards have been achieved

65
Q

What is rationalisation?

A

Reorganising production in order to increase productivity and efficiency. Often involves closure or relocation of production capacity.

66
Q

What is return on capital?

A

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
Q

What are robotics?

A

The science and technology of robots, and their design, manufacture, and application

68
Q

What is meant by sales and leaseback?

A

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
Q

What is sales promotion?

A

Tactical, point of sale material or other incentives designed to stimulate purchases

70
Q

What is selection?

A

The process of deciding which applicant for a job a business should accept

71
Q

What is meant by span of control?

A

The number of employees who are directly supervised by a manager

72
Q

What is spare capacity?

A

When a business is able to produce more with existing resources (also known as excess capacity)

73
Q

What is stock control?

A

The processes and controls used by a business to ensure that it has sufficient (but not too much) stock for its purposes

74
Q

What are stocks?

A

Raw materials, work-in-progress and finished goods held for resale. Stocks are sometimes also referred to as “inventories”

75
Q

What is sub-contracting?

A

Delegation by one firm of a portion of its production process, under contract, to another firm, including in another country

76
Q

What is a supplier?

A

An individual, business or other organisation which provides goods or services to a customer or consumer

77
Q

What is Total Quality Management?

A

This is an attitude to quality where the aims are zero defects and total customer satisfaction.

78
Q

What is training?

A

The provision of work-related education or skills development

79
Q

What are unit costs?

A

The cost required to create a singular unit of a goods or service

80
Q

What is USP?

A

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
Q

What is a variance?

A

The difference between the budgeted amount and what actually happens. A variance can be “positive” (favourable) or “negative” (adverse)

82
Q

What is waste?

A

A cost of production. Sub-standard completed output or raw materials which are not retained in the production process

83
Q

Whey is meant by a workforces role?

A

The tasks involved in a particular level or grade of job

84
Q

What is a workload?

A

The amount of work assigned to a particular worker, normally in a specified time period.

Business Unit 2 (6 decks)

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