Theme 2 (2) Flashcards
Flexibility
The ability to switch quickly and easily from one task to another.
Flexible hours
A contract between a company and an employee that doesn’t specify how many hours of work will be provided.
Flow production
Continuous production of an identical product in a factory.
Formal training
The official programme of teaching employees new skills in a business.
Freelance contract
An agreement over one job between a company and self-employed worker.
Fringe benefits
A non-financial method of motivating employees such as company cars and discounted products.
Function
How well a good or service fulfils its purpose.
Globalisation
When businesses operate on an international scale and gain international influence or power.
Gross profit margin
Gross profit as a percentage of sales revenue.
Hierarchical organisational structure
An organisation with many layers of management, therefore creating a tall organisational pyramid.
Imports
A good or service that is made overseas and sold in another country.
Informal training
Unofficial teaching of new skills to employees by colleagues or through use of the internet.
Insufficient communication
Too little communication, which might leave some staff under informed and demotivated.
Integrated marketing mix
A marketing mix that has a theme, with the elements all supporting each other.
Internal Growth (Organic growth)
Where a business increases its market share through the use of its resources (such as improvements to the marketing mix).
Internal recruitment
Appointing staff from within the business to a new role.
Job description
A short account of the main features of the job.
Job enrichment
Being given a range of activities and responsibilities that enable the worker to learn and to grow.
Job Production
Production of a single product which is customised to the consumer’s exact requirements.
Job responsibilities
These are the things that someone is required to do in order to fulfil their role in a business.
Job roles
These are different positions within a business, where each position requires different levels of skills and training.
Job rotation
Having several tasks to do at work to relieve the boredom of doing the same thing all the time.
Just in Time (JIT)
Running the business with so little stock that new supplies have to arrive just in time before they run out.
Logistics
The process of ensuring the right supplies will be ordered and delivered on time.
Making human resource decisions
A department within a business that is focussed on managing employees.
Marketing mix
The four P’s of marketing, which are product, price, promotion and place.
Merger
When two or more businesses join together to operate as one business.
Motivation
The desire to want to complete a task.
Multinational
These are businesses that produce goods and services in more than one country.
Net profit margin
Net profit as a percentage of sales revenue.
Ongoing training
Regular, scheduled teaching of new skills to employees within a business.
