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Paper 2 Key Words Flashcards

1
Q

Business growth

A

Factors allowing a business through higher sales and (usually) higher staff levels

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2
Q

Competing internationally

A

Finding a way to succeed against rival business overseas

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3
Q

Entering markets

A

When a company decides to open up in a new market it hasn’t been in before. (Diversification)

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4
Q

Environmental considerations

A

Factors relating to green issues, such as sustainability and pollution

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5
Q

Ethics

A

Moral principles or standards that guide the behaviour of a person or business

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6
Q

Exports

A

Goods produced in one country but sold to buyers overseas

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7
Q

External growth (inorganic growth)

A

Where a business increases its market share be taking over or merging with another business

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8
Q

Fair trade

A

A social movement whose goal is to help producers in developing countries achieve better trading conditions and to promote sustainability. It ensures that the price paid is high enough to allow fair wages to be paid to the workers who produced the goods

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9
Q

Free trade

A

Trade between countries with no barriers (e.g. no tariffs)

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10
Q

Globalisation

A

When businesses operate on an international scale and gain international influence or power

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11
Q

Imports

A

A good or services that is made overseas and sold in another country

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12
Q

Internal growth (organic growth)

A

Where a business increases its market share through the use of its resources (such as improvements to the marketing mix)
- New products
- New markets

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13
Q

Merger

A

When two or more businesses join together to operate as one business

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14
Q

Multinational

A

There are businesses that produce goods and services in more than one country

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15
Q

Pressure group

A

An organisation that aims to make a government or business change its decision making

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16
Q

Research and development

A

The investigation of new products and processes and turning this into saleable products

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17
Q

Stock market flotation

A

Listing company shares on the stock market, allowing anyone to buy the share. This means the price can float freely (up and down)

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18
Q

Sustainability

A

Acting to ensure that natural resources are used responsibly, to protect the environment for future generations

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19
Q

Takeover

A

Where one business acquires more than 50% of the shares in another business, allowing it to gain overall control

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20
Q

Tariffs

A

Taxes charged on imported goods and services

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21
Q

Trade blocs

A

A group of countries that have agreed to have free trade within external tariffs walls

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22
Q

Trade-offs

A

How having more of one thing may force you to have less of another, for example higher ethical standards may mean less profit

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23
Q

Unethical

A

An action or decision that is wrong forma moral standpoint

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24
Q

Aesthetics

A

The visual attractiveness of something

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25
Design
Deciding how something will look, both internally and externally
26
Design mix
Finding the right design balance between function, aesthetics and cost
27
Demographic
Relating to the population, such as average age, income and so on
28
Distribution
How ownership changes as a producer does from producer to consumer (distribution channel)
29
Differentiate
Show that something (in this case, a product) is different from similar things
30
E-commerce
Using the internet to carry out business transactions
31
E-newsletter
Regular updates on the activities of a business sent electronically to actual or potential customers
32
E-trailers
An electronic retailer (purchasing electronically) either by e-commerce or m-commerce
33
Extension strategy
Any strategy used to extend the product life cycle and prevent the product from entering the decline stage
34
Function
How well a good or service fulfils its purpose
35
Integrated marketing mix
A marketing mix that has a theme, with the elements all supporting each other
36
Marketing mix
Marketing mix (4 Ps) which are product, price, promotion and place
37
Product differentiation
The extent to which consumers see you product as being distinct from its rivals
38
Product life cycle
How the sales of a product vary over time
39
Product range
The number of different product types, sizes, colours and brands offered by a company
40
Promotional strategy
A medium to long term plan for communicating with our target customer
41
Retailer
A shop or chain of shops, usually selling from a building in a high street or shopping centre
42
Sponsorship
When companies pay to have a brand associated with an iconic individual or event (usually connected with sports or arts)
43
Unique Selling Point (USP)
Something that makes a product stand out from its competitors
44
Viral advertising
Advertising using social networking to increase sales or boost brand awareness
45
Automation
Using machine that can operate without people
46
Availability
Knowing how to get the right supplies quickly, when they are needed
47
Bar Gate Stock Graph
A diagram which shows changes in the stock level of a business over a period of time
48
Batch production
Producing a limited number of identical products
49
Buffer stock
The minimum level of stock help by a business
50
Business operations
The section of an organisation concerned with making and delivering what the customer wants
51
Competitive advantage
An advantage a business has over its rivals that is unique and sustainable
52
Culture
The accepted attitudes and practices of staff at the workplace
53
Customer engagement
The attempt to make a customer feel part of something rather than the outsider
54
Customer feedback
Comments, praise, or criticism given to the business by its customers
55
Distribution
The process by which goods and services move from the producer to the consumer
56
Flow production
Continuous production of an identical product in a factory
57
Job production
Production of a single product which is customised to the consumer’s exact requirements
58
Just In Time (JIT)
Running the business with so little stock that new supplies have to arrive just in time before they run out
59
Logistics
The process of ensuring the right supplies will be ordered and delivered on time
60
Managing quality
Choosing the right method for achieving high-quality results, then supervising what workers actually do, day-to-day
61
Manufacturing
Turning raw materials into finished products ready for sale
62
Operational decisions
Deciding on key production factors, such as how to manage quality or how much stock to order
63
Post-sales service
Service received after the purchase is completed, perhaps because something has gone wrong or as a way of promoting customer engagement
64
Procurement
The process of ordering the right supplies from the right supplier
65
Product knowledge
How well staff know all the features of the products and the services issues surrounding the products, such as the precise terms of Kia’s seven-year warranty on its new cars
66
Productivity
Output per person per period of time
67
Quality assurance
The checking of a product to make sure that it is fault free and of an acceptable standard throughout each stage of the production process
68
Quality control
The checking of a product to make sure that it is fault free and of an acceptable standard at the end of the production process
69
Robots
Machines that can be programmed to do tasks that can be done by humans, such as welding, spray painting and packing
70
Sales process
All the factors required to ensure that an interested customer becomes a buyer
71
Stock
The amount of raw materials, work in progress and finished goods held by a buyer
72
Trust
Building a business relationship in which both sides know that the other won’t let them down
73
Working with suppliers
Building a business relationship so that your suppliers can be trusted to deliver high quality materials on time
74
Average rate of return
Average annual profit as a percentage of the cost of the investment. This shows profitability and can be compared with the interest rates available on bank deposit accounts
75
Bar chart
Data presented so that the height of the bar represents the quality involved; good for making comparisons
76
Business performance
Ways of measuring how well a business has done in the recent past (often the basis for setting targets in the future)
77
Gross profit margins
Gross profit as a percentage of sales revenue
78
Interest rate
The annual cost of a loan to the borrower (also reward for saving)
79
Line graph
Data presented as lines, making it easy to identify trends, especially over time
80
Net profit margin
Net profit as a percentage of sales revenue
81
Pie chart
Data presented in a circle, with each slice representing a proportion of the whole
82
Profit margins
Profit as a percentage of the selling price (one unit) or as a percentage of total sales revenue (for the business as a whole)
83
Application form
A document completed by a potential employee when they apply for a job
84
Autonomy
Independence or the freedom to make your own decisions
85
Barriers to communication
Anything which prevents the flow of accurate information within a business
86
Centralised organisational structure
An organisation in which most decisions are made at head office
87
Commission
Being paid a percentage of the value of a sale
88
Communication
The passing of the information form one person or organisation to another
89
CV
A document created by an individual which sets out a person’s qualifications, experience, and any other relevant facts that a potential employer may want to know
90
Decentralised organisational structure
An organisation that allows staff to make decisions at a local or branch level
91
Excessive communication
The passing on of too much irrelevant information within a business
92
External recruitment
Appointing new employees from outside the business
93
Flat organisational structure
An organisational structure with very few layers of hierarchy, resulting in managers being responsible for many employees
94
Flexibility
The ability to switch quickly and easily from one task to another

Business (12 decks)

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