People Flashcards
What is consumer loyalty?
Consumers that are willingly engaging with and repeatedly purchasing from you instead of your competitors.
Extension strategy
A strategy used to extend a products life when it is in the decline stage e.g re-packaging,
What is a marketing objective?
outline the goals a business wants to achieve through its marketing practices
What is a marketing strategy?
a long-term plan for achieving a company’s goals by understanding the needs of customers, whilst creating a distinct and sustainable competitive advantage.
Product portfolio
A collection of all products and services a company offers to its customers.
What is collective bargaining?
Where workers negotiate employment terms as a group rather than individually to increase their power.
What is meant by a dismissal?
a form of employment termination that occurs when an employee is terminated from their job due to misconduct or unsatisfactory performance
What is multi - skilling?
a process where employees learn new skills in a job in addition to those for which they were originally hired.
What is redundancy?
when an employee’s job is no longer needed or the employer needs to reduce their workforce
Staff as a cost
For many businesses, employees are the biggest cost of the business. Managers must consider the level of pay for employees compared to the size of the business.
Staff as an asset
a valuable resource that can generate revenue, provide utility, or contribute to the wealth of its owner
Trade unions
an organisation that represents the interests of its workers in negotiations with a firm’s management or owners.
External recruitment
opening up a vacancy to a wider pool of candidates rather than selecting someone from the existing staff to fill the role.
Internal recruitment
the process of hiring employees from within the organization. It can involve the promotion or redeployment of staff to fill a vacant post
Induction training
offered to new employees when they join an organisation and usually includes: a tour of the premises. health and safety information. specific training on any duties/skills required to do the job.
Off the job training
training that is undertaken outside the place of work. This training can take place at many locations such as colleges or training centres.
On the job training
Training that happens in the workplace. Employees learn from more experienced colleagues. There are a number of different methods
Recruitment
the process of attracting and identifying potential job candidates who are suitable for a particular role.
Chain of command
a hierarchical system that helps establish clear communication channels, maintain accountability, and ensure that everyone understands their roles and responsibilities.
Centralised structure
The organisational structure where the authority and decision-making power are concentrated at a single point, typically with top management or at the head office. This system allows managers to have better control, ensuring consistency within the company.
Decentralised structure
Decision-making is spread out to include more junior managers in the hierarchy, as well as individual business units or trading locations.
what is meant by flat (motivation in theory)?
an organisational structure with only a few layers of management. In a flat structure, managers have a wide span of control with more subordinates, and there is usually a short chain of command.
What is meant by tall?
(Hierarchical) - A hierarchical or ‘tall’ structure has many leaders and layers of management, and businesses with this structure often use a ‘top-down’ approach with a long chain of command. It explains who is answerable to whom.. In a hierarchical structure, managers will have a narrow span of control.
what is meant by matrix?
A matrix type of organisational structure combines the traditional departments seen in functional structures with project teams. In a matrix structure, individuals work across teams and projects as well as within their own department or function
What is a Span of control?
the number of staff members that report to a particular manager.
What is a bonus?
A sum of money added to wages/salary as a reward to employees.
What is commission?
the compensation paid to an employee after completing a task, which is, often, selling a certain number of products or services. (Performance-based pay)
what is delegation?
a manager passing responsibility or authority to an employee below them in the hierarchy.
What is empowerment?
giving people greater control over their working lives
