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BUSINESS EDEXCEL GCSE > THEME 2 KEY TERMS > Flashcards

THEME 2 KEY TERMS Flashcards

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1
Q

Aesthetics

A

The visual attractiveness of something

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2
Q

Application form

A

A document completed by a potential employee when they apply for a job

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3
Q

Autonomy

A

Independence or the freedom to make your own decisions

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4
Q

Average rate of return

A

Average annual profit as a percentage of the cost of the investment. This shows profitability and can be compared with the interest rates available on bank deposit accounts

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5
Q

Bar gate stock graph

A

A diagram which shows changes in the stock level of a business over a period of time

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6
Q

Barrier to communication

A

Anything which prevents the flow of accurate information within a business

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7
Q

Batch production

A

Producing a limited number of identical products

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8
Q

Buffer stock

A

The minimum level of stock help by a business

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9
Q

Centralised organisational structure

A

An organisation in which most decisions are made at head office

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10
Q

Commision

A

Being paid a percentage of the value of a sale

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11
Q

Communication

A

The passing of information from one person or organisation to another

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12
Q

Competing internationally

A

Finding a way to succeed against rival businesses located overseas

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13
Q

Competitive advantage

A

An advantage a business has over its rivals that is unique and sustainable

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14
Q

Customer engagement

A

The attempt to make a customer feel part of something rather than an outsider

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15
Q

Customer feedback

A

Comments, praise, or criticism given to the business by its customers

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16
Q

CV

A

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

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17
Q

Decentralised organisational structure

A

An organisation that allows staff to make decisions at a local or branch level

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18
Q

Demographic

A

Relating to the population, such as age, average income, gender, race/religion and more

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19
Q

Differentiate

A

Show that something (in this case a product) is different from similar things

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20
Q

Distribution

A

The process by which goods and services move from the product to the consumer

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21
Q

E-commerce

A

Using the internet to carry out business transactions

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22
Q

E- newsletter

A

Regular updates on the activities of a business sent electronically to actual or potential customers

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23
Q

Environmental considerations

A

Factors relating to green issues, such as sustainability and pollution

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24
Q

E- tailer

A

An electronic retailer, in other words purchasing electronically, either by e-commerce or, more likely mobile commerce (m-commerce)

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25
Q

Ethics

A

Moral principles or standards that guide the behaviour of a person or business

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26
Q

Excessive communication

A

The passing on of too much irrelevant information within a business

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27
Q

Extension strategy

A

Any strategy used to extend the product life cycle and prevent the product from entering the decline phase

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28
Q

External / Inorganic growth

A

Where a business increases its market share by taking over or merging with another business

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29
Q

External recruitment

A

Appointing new employees from outside the business

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30
Q

Flat organisational structure

A

An organisational structure with very few layers if hierarchy, resulting in managers being responsible for many employees

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31
Q

Flexibility

A

The ability to switch quickly and easily from one task to another

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32
Q

Flexible hours

A

A contract between a company and an employee that doesn’t specify how many hours of work will be provided

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33
Q

Flow production

A

Continuous production of an identical product in a factory

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34
Q

Formal training

A

The official programme of teaching employees new skills in a business

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35
Q

Freelance contract

A

An agreement over one job between a company and self-employed worker

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36
Q

Fringe benefits

A

A non-financial method of motivating employees such as company cars and discounted products

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37
Q

Function

A

How well a good or service fulfils its purpose

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38
Q

Globalisation

A

When businesses operate on an international scale and gain international power

39
Q

Gross profit margin

A

Gross profit as a percentage of sales revenue

40
Q

Hierarchical organisational structure

A

An organisation with many layers of management, therefore creating a tall organisational pyramid

41
Q

Imports

A

A good or service that is made overseas and sold in another country

42
Q

Informal training

A

Unofficial teaching of a new skill to employees by colleagues or through the use of the internet

43
Q

Insufficient communication

A

Too little communication, which might leave some staff under informed and demotivated

44
Q

Integrated marketing mix

A

A marketing mix that has a theme, with the elements all supporting eachother

45
Q

Internal / Organic growth

A

Where a business increases its market share through the use of its resources (such as improvements to the marketing mix)

46
Q

Internal recruitment

A

Appointing staff from within the business to a new role

47
Q

Job description

A

A short account of the main features of the job

48
Q

Job enrichment

A

Being given a range of activities and responsibilities that enable the worker to learn and to grow

49
Q

Job production

A

Production of a single product which is customised to the consumers exact requirements

50
Q

Job responsiblities

A

These are the things that someone is required to do in order to fulfil their role in a business

51
Q

Job roles

A

These are different positions within a business, where each position requires different levels of skill and training

52
Q

Job rotation

A

Having several tasks to do at work to relieve the boredom of doing the same thing all the time

53
Q

Just in Time (JIT)

A

Running the business with so little stock that new supplies arrive just in time before they run out

54
Q

Logistics

A

The process of ensuring the right supplies will be ordered and delivered on time

55
Q

Making human resource decisions

A

A department within a business that is focussed on managing employees

56
Q

Marketing mix

A

The four P’s of marketing, which are product, price, promotion and place

57
Q

Merger

A

When two or more businesses join together to operate as one business

58
Q

Motivation

A

The desire to want to complete a task

59
Q

Multinational

A

These are businesses that produce goods and services in more than one country

60
Q

Net profit margin

A

Net profit as a percentage of sales revenue

61
Q

Ongoing training

A

Regular, scheduled teaching of new skills to employees within a business

62
Q

Organisational structure

A

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)

63
Q

Permanent contract

A

An agreement between an employer and an employee that work and income will be provided consistently into the long term future

64
Q

Person specification

A

A description of the type of person who would best fit the job, their character, their experience and skills

65
Q

Post- sales service

A

Service received after the purchase is completed, perhaps because something has gone wrong or as a way of promoting customer engagement

66
Q

Procurement

A

The process of ordering the right supplies from the right supplier

67
Q

Pressure group

A

An organisation that aims to make a government or business change its decision making

68
Q

Product differentiation

A

The extent to which customers see your product as being distinct from its rivals

69
Q

Product knowledge

A

How well staff know all the features of the product and the service issues surrounding the product, such as the precise terms of Kia’s seven-year warranty on its new cars

70
Q

Product life cycle (PLC)

A

How the sales of a product vary over time

71
Q

Productivity

A

Output per person per period of time

72
Q

Promotional strategy

A

A medium to long term plan for communicating with our target customers

73
Q

Quality assurance

A

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

74
Q

Quality control

A

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

75
Q

Remote working

A

Working away from a business office, usually using the internet

76
Q

Renumeration

A

The financial rewards from work in the form of wage or salary

77
Q

Research and development

A

The investigation of new products and processes and turning this into saleable products

78
Q

Retailer

A

A shop or chain of shops, usually selling from a building in a high street or shopping centre

79
Q

Retention

A

The ability of a business to keep its existing employees, rather than leave to take a position with another employer

80
Q

Self- learning

A

Teaching yourself, perhaps by thinking why a problem occurred and making sure you learn from your mistakes

81
Q

Sponsorship

A

When companies pay to have a brand associated with an iconic individual or event (usually connected with sports or the arts)

82
Q

Stock

A

The amount of raw materials, work in progress and finished goods held by a business

83
Q

Stock market flotation

A

Listing company shares on the stock market, allowing anyone to buy shares. This means the price can float freely (up and down).

84
Q

Sustainability

A

Acting to ensure that natural resources are used responsibly, to protect the environment for future generations

85
Q

Takeover

A

Where one business acquires more than 50% of the shares in another business, allowing it to gain overall control

86
Q

Target setting

A

When you are set goals by a manager and your job is to achieve them

87
Q

Tariffs

A

Taxes charged on imported goods and services

88
Q

Temporary contract

A

An agreement between a company and an employee that work and income will be provided for a short period of time

89
Q

Trade blocs

A

A group of countries that have agreed to have free trade within external tariff walls

90
Q

Trade-offs

A

How having more of one thing may force you to have less of another, for example higher ethical standards may mean less profit

91
Q

Trust

A

Building a business relationship in which both sides know that the other side wont let then down

92
Q

Unique selling point (USP)

A

Something that makes a product stand out from its competitors

93
Q

Viral advertising

A

Advertising using social networking to increase sales or boost brand awareness

BUSINESS EDEXCEL GCSE (2 decks)

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