this exam Flashcards
Management by objectives
establishing a management information system to compare actual performance and achievements against pre-set objectives for each department or employee
Total Quality Management
an approach to quality that aims to involve all employees in quality improvement
Internal Customers
people within the organisation that depend on the quality of work being done by others
Zero defects
a way of thinking to ensure that product meets customer expectation every time
Mass marketing
selling standardised products or ranges of products in the same way to the whole market
Niche marketing
identifying and exploiting a small segment of a larger market by developing differentiated products to suit that segment
Net present value
today’s value of the estimated cash flows resulting from an investment
Investment appraisal
evaluating the profitability or feasibility of an investment project
Accounting rate of return
measures the annual profitability of an investment as a percentage of the average investment
Marketing strategy
a plan of action giving details of how a business tends to achieve it’s marketing objectives by creating competitive advantage
Strategic Implementation
the process of planning, allocating and controlling resources to support the chosen strategy
Strategic management
analysis of the current business situation, setting long-term objectives, deciding on business strategies to achieve them and then implementing these strategies
Forecasted net cash flow
forecast cash inflows minus forecast cash outflows
Payback Period
length of time it takes for the net cash inflows to pay back the original capital cost of the investment
Criterion rate
the minimum accounting rate of return that a business would accept before approving an inestment
