Theme 2 (1) Flashcards
Aesthetics
The visual attractiveness of something.
Application form
A document completed by a potential employee when they apply for a job.
Autonomy
Independence or the freedom to make your own decisions.
Average rate of return
Average annual profit as a percentage of the cost of the investment.
Bar gate stock graph
A diagram which shows changes in the stock level of a business over a period of time.
Barrier to communication
Anything which prevents the flow of accurate information within a business.
Batch production
Producing a limited number of identical products.
Buffer stock
The minimum level of stock held by a business.
Centralised organisational structure
An organisation in which most decisions are made at head office.
Commission
Being paid a percentage of the value of a sale.
Communication
The passing of information from one person or organisation to another.
Competing Internationally
Finding a way to succeed against rival businesses located overseas.
Competitive advantage
An advantage a business has over its rivals that is unique and sustainable.
Customer engagement
The attempt to make a customer feel part of something rather than the outsider.
Customer feedback
Comments, praise, or criticism given to the business by its customers.
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.
Decentralised organisational structure
An organisation that allows staff to make decisions at a local or branch level.
Demographic
Relating to the population, such as average age, average income, and so on.
Differentiate
Show that something (in this case, a product) is different from similar things.
Distribution
The process by which goods and services move from the producer to the consumer.
e-commerce
Using the internet to carry out business transactions.
e-Newsletter
Regular updates on the activities of a business sent electronically to actual or potential customers.
Environmental considerations
Factors relating to green issues, such as sustainability and pollution.
e-tailer
An electronic retailer, in other words purchasing electronically, either by e-commerce or, more likely these days, mobile commerce (m-commerce).
Ethics
Moral principles or standards that guide the behaviour of a person or business.
Excessive communication
The passing on of too much irrelevant information within a business.
Extension strategy
Any strategy used to extend the product life cycle and prevent the product from entering the decline stage.
External growth (Inorganic growth)
Where a business increases its market share by taking over or merging with another business.
External recruitment
Appointing new employees from outside the business.
Flat organisational structure
An organisational structure with very few layers of hierarchy, resulting in managers being responsible for many employees.
