(part 5 ) terms list [alphabetical] Flashcards
product life cycle
stages in the sales history of a product , it comprises introduction, groth, maturity , saturation , decline
product organisational structure
an organisation structure that splits a business up into departments , each of which is responsible for a product the business makes
product screening
assessing the ideas for new products and deciding which ones to pursue and which ones to reject
productivity claim
a claim for a pay rise based on increased workload or changes to work
profit and loss account
a financial statement showing how much profit or loss a business has made in a given year
profitability ratios
calc. s that evaluate the profit made by the business
protectionism
a means of preventing or limiting foreign imports coming into a country , it can be achieved by an embargo , a quota or a tariff
prototype
the first working model of a new product
PRSI
pay related social insurance , a tax that employees pay on their wages , paying this tax entitles them to social welfare benefits
Psychological pricing
a pricing strategy , a business uses its price to appeal to customers emotions , a business might charge a high price because its customers associate high prices with quality
public service
those employed by the gov. to provide a service to the public, the public service includes doctors, nurses and teachers
quality circle
a group of employees who work together to solve quality issues in a business
quality control
the management activity of ensuring that the business’s products meet consumers’ expectations
quota
a limit , on number of imports allowed into a country, limit on the amount of food that can be produced , limit on the number of fish that can be caught
reality perception
ability to see things as they really are , and not just as you would prefer them to be
Registrar of friendly societies
the org. that is responsible for the registration of among others , a co-op
relativity claim
a claim for a pay rise , based on a pay rise achieved by a linked group . Eg; TD’s salary is linked to civil service salaries
reminder advertising
a type of advertising , a business uses advertising to remind customers that its brand is still available
reserves
retained earnings *
retained earnings
profits that the owners have reinvested in the business
revenue
a gov. body that ensures that all citizens pay the correct tax
risk management
taking steps to reduce the risks a business is exposed to , businesses hire security guards to minimise the risk of theft
ROI
return on investment , the percentage profit made on the money invested Formula = (net profit % capital employed) * 100
sales promotions
incentives a business offers consumers to encourages them to buy more of its products
sampling
a quality control strategy where inspectors examine samples in different batches of products , if the sample fails to meet quality standards , the entire batch is rejected
secondary picketing
industrial action , where employees picket outside another employer’s business
secondary sector
the section of the economy involved in converting raw materials into products . It includes manufacturing and construction
selection
choosing the best candidate for a job vacancy from all those who applied
self-assessment income tax
an income tax paid by a sole trader or a partnership
semi-state body
state owned enterprise*
service screening
assessing the ideas for new services and deciding which ones to pursue and which ones to reject
share options
shares that can be bought by employees at a reduced price
shop steward
a trade union representative who acts as a liason bet. a trade union and employees
SIPTU
services , industrial. professional and technical union (an interest group)
small claims court
a court dedicated to judging consumer claims quickly and cheaply without involving solicitors
social responsibility
a business’s duty to treat people and the environment well
specific performance
a remedy for a breach of contract whereby the person who breaks the contract is forced to carry it out exactly as originally agreed
span of control
the no. of employees that directly report to a manger
spreadsheet
a computer programme used for basic accounting calculations
stakeholders
people who are affected by how a business is run
standardised marketing mix
a marketing mix that is not changed when marketing in different cultures
standing order
a system where an account holder instructs her bank to regularly pay money from her account to another account , the amount is always the same
state owned enterprise
a business owned by the Irish gov. on behalf of the irish people AKA = semi-state body, state sponsored body
statutory meeting
the initial meeting of a private limited company
