Theme 2 (3) Flashcards
Organisational structure
The way in which the workforce is organised, usually a hierarchy with people reporting to managers all the way up to the chief executive officer (CEO).
Permanent contract
An agreement between an employer and an employee that work and income will be provided constantly into the long term future.
Person specification
A description of the type of person who would best fit the job, their character, their experience, and skills.
Post-sales service
Service received after the purchase is completed, perhaps because something has gone wrong or as a way of promoting customer engagement.
Pressure group
An organisation that aims to make a government or business change its decision making.
Procurement
The process of ordering the right supplies from the right supplier.
Product differentiation
The extent to which consumers see your product as being distinct from its rivals.
Product knowledge
How well staff know all the features of the products and the service issues surrounding the products, such as the precise terms of Kia’s seven-year warranty on its new cars.
Product life cycle
How the sales of a product vary over time.
Productivity
Output per person per period of time.
Promotional strategy
A medium to long term plan for communicating with our target customers.
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.
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.
Remote working
Working away from a business office, usually using the internet.
Remuneration
The financial rewards from work in the form of a wage or salary.
Research and development
The investigation of new products and processes and turning this into saleable products.
Retailer
A shop or chain of shops, usually selling from a building in a high street or shopping centre.
Retention
The ability of a business to keep its existing employees, rather than leave to take a position with another employer.
Self-learning
Teaching yourself, perhaps by thinking why a problem occurred and making sure you learn from your mistakes.
Sponsorship
When companies pay to have a brand associated with an iconic individual or event (usually connected with sports or the arts).
Stock
The amount of raw materials, work in progress and finished goods held by a business.
Stock market flotation
Listing company shares on the stock market, allowing anyone to buy the shares. This means the price can float freely (up and down).
Sustainability
Acting to ensure that natural resources are used responsibly, to protect the environment for future generations.
Takeover
Where one business acquires more than 50% of the shares in another business, allowing it to gain overall control.
Target setting
When you are set goals by a manager and your job is to achieve them.
Tariffs
Taxes charged on imported goods and services.
Temporary contract
An agreement between a company and an employee that work and income will be provided for a short period of time.
Trade blocs
A group of countries that have agreed to have free trade within external tariff walls.
Trade-offs
How having more of one thing may force you to have less of another, for example higher ethical standards may mean less profit.
Trust
Building a business relationship in which both sides know that the other won’t let them down.
Unique Selling Point (USP)
Something that makes a product stand out from its competitors.
Viral advertising
Advertising using social networking to increase sales or boost brand awareness.
