March 2021 Revision key words Flashcards
1
Q
Enterprise
A
Spotting opportunities
2
Q
Initiative
A
Making decisions using your own judgement
3
Q
Business plan
A
How owners/managers sets out objectives
4
Q
finance
A
money
5
Q
partnership
A
a business owned by 2-20 people
6
Q
soletrader
A
Business owned by 1 person
7
Q
deed of partnership
A
legal document stating owner of partnership, money each invested & their role
8
Q
Public limited liability (Ltd)
A
Only sells shares to family/friends
9
Q
Public limited liability (PLC)
A
Sells shares to anyone on stock exchange market
10
Q
Business objectives
A
aims - survival, profit, growth and providing a service
11
Q
Stakeholders
A
People who show an interest in a business
12
Q
Growth
A
Increasing sales in a business
13
Q
Organic growth
A
Growth inside a business
14
Q
Backward vertical growth
A
A distributor merges with suppler
15
Q
Diversification
A
Entering a new market when merging/acquisition
16
Q
External growth
A
Outside the business - takeover or merger
17
Q
Forward vertical growth
A
A supplier merges with distributor
18
Q
Horizontal growth
A
Same stage of production
19
Q
Merger
A
two or more businesses join to become a new business
20
Q
Takeover / Acquisition
A
Controlling interest in another business, buys 50% or more of shares
21
Q
Marketing
A
Finding and meeting the needs of customers
22
Q
Market research
A
Collecting data on customer’s habits
23
Q
Primary research (field)
A
Data collected for the first time
24
Q
Secondary research (desk)
A
Collecting data that already exists
25
4p's of the marketing mix
profit, product, promotion, place
26
Price skimming
Product with initially high price then starts to decrease
27
Cost-plus pricing
Cost of production of product and a set amount or profit are added
28
Promotional
Lowering price
29
Competitor pricing
Products priced at similar amount to competitors products
30
Penetration
price starts low then increases once sales have grown
31
Point of sale promotion
A benefit to the customer when buying a product
32
Physical distribution
the movement of goods from producer to consumer
33
Physical distribution channel 1
Producer - consumer
34
Physical distribution channel 2
Producer - retailer - consumer
35
Physical distribution channel 3
Producer - wholesaler - retailer - consumer
36
Digital distribution
The distribution of goods and services digitally - downloads
37
Tall organisational structure
Many layers of staff in a business
38
Flat organisation structure
Little layers of staff in a business
39
authority
Power
40
Subordinates
Workers that a line manager is responsible for
41
Delegation
A manager gives their subordinate responsibility to make certain decisions
42
Chain of command
Link in authority from top to bottom of the business
43
Span of control
The number of subordinates that a manager has authority over
44
Full time working
Person works 35+ hours a week
45
Flexible working
Working at a time when it suits the employee
46
Part-time working
Person works less than 35 hours a week
47
Self-employment
When people work on their own
48
Temporary working
A person works for a short period of time for an employer
49
Working from home
When a person completes work for a business or themselves from home
50
Working while mobile
Working while on the move
51
Communication
transmission of a message from a sender to a receiver through a means of communication
52
Verbal communication
communicating by speaking (face to face )
53
Written communication
communication by written words
54
Digital communication
The electronic exchange of information using ICT
55
Recruitment
The process of finding people to work in a new or established business
56
Bonus
An additional payment to workers for achieving a target
57
Fringe benefits
Additional benefits that works may receive in addition to their pay
58
Motivation
Encouragement given to workers to work well
59
Pay
The money earned by a worker as a reward for the work they do
60
Profit sharing
When workers receive some of the profits made by a business
61
Award scheme
A presentation to recognise an individual worker or team's effort and achievement
62
Praise
Complimenting an employee's work to make them feel recognised and valued
63
Working environment
The quality of physical workplace and its atmosphere
64
Labour turnover
A measure of the number of proportion of staff who leave an organisation each year and who therefore need replacing
65
Motivation
About commitment to do something, in other words, 'the will to want to work'
66
Retention
When workers choose to stay employed in a business rather than leaving to work elsewhere
67
Induction training
Introducing a new worker to an organisation when they first join
68
Off-the-job training
Training off site of usual place of work
69
On-the-job
Training on site of usual place of work whilst carrying out the job
70
Training
short term instruction that focuses on helping a worker to do their job correctly / gain more knowledge
71
Productivity
Output per worker measuring their performance
72
Apprenticeship
A long-term development programme for workers ro learn job skills while they work
73
Professional development
Involves developing the long-term potential of workers
74
Staff development
Includes apprenticeships and professional development programmes
75
Contract of employment
a legal agreement between an employer and an employee
76
Discrimination
Treating one worker differently to another for no acceptable reason
77
Employment law
Regulations and rules put in place to protect workers from employers who may treat them unfairly
78
Statement of employment particulars
Part of a contract of employment, it gives details of the terms of employment
79
Formula to work out holiday entitlement
days worked per week x 5.6
80
Spotting an opportunity
- ‘gap in the market’
- improves product/service already provided
- producing a product or service more cheaply
81
Developing an idea
- designing the product/service
| - planning production
82
Satisfying customer needs
- producing the product or producing the service
| - marketing the product or service
83
Limited liability
Owners are only responsible for the amount of money they invested if a business fails
84
Unlimited liability
Owner is responsible for repaying ALL debts of a business
85
Questionnaire
A set of questions sent out to selected people in the post or asked online
86
Interview
A person asks individual or a group of people questions (in person or on phone) and records their answers
87
Trialling
a product is sold for a short period, usually in one region of a country. If it sells well the business will go into full production
88
Focus groups
A small group of people are asked to use a product or think about an advertisement and to give their opinion. The feedback helps the business to re-design the product or advert.
89
UK census data
info about all UK households every 10 years.
| info about income, where they live, people in household
90
Data from newspapers and magazines
articles in publications often describe people's interests and current fashions
91
Data from websites
info about other companies, product range and prices
92
Internal data
collected by business - past sales, profits and customer feedback
