Unit 2.txt

  1. Overtrading

    Expanding a business rapidly without obtaining all of the necessary finance so that a cash flow shortage develops
  2. Capital
    Money invested in a business or business project
  3. Bad debt
    Unpaid customer bills that are unlikely to ever be paid
  4. Agent
    Someone that arranges transaction between a supplier and customer usually over seas
  5. Credit control
    The monitoring of debts to ensure that credit periods are not exceeded
  6. Creditors
    People owed money by the business eg suppliers
  7. Boston matrix
    A method of analysing the products in a firms portfolio based on relative market share and market growth
  8. Break even
    The point at which the number of total sales equals total costs. No profit or loss is made at the break even point
  9. Brand loyalty
    A long-term decision to purchase a particular product or service
  10. Budgets
    Financial targets for the future covering revenue (income) and expenditure over a certain time period
  11. Delayering
    The removal of layers of the hierarchy from an organisational structure
  12. Competitive advantage
    One or more features about a business product/service that gives it an advantage over it competitors (eg quality)
  13. Business objectives
    Specific targets set that a business aims to achieve
  14. Calculated risk
    A decision made after careful consideration of the risks involved and the potential rewards
  15. Capacity
    The maximum output that a firm can produce with existing resources
  16. Brand extension
    The use of a successful brand name to.launch a new or modified product in the market
  17. Automation
    The replacement of workers with machines to perform tasks in production
  18. External recruitment
    Recruiting people from outside your company
  19. Internal recruitment
    Recruiting people who are work in the business
  20. Operational Targets
    there are specific and usually measurable objectives set for each operations activity of a business
  21. Job Enrichment
    Increases the level of responsibility within a job to make more challenging and rewarding.
  22. Job design
    Changing the nature of the role in order to increase motivation or reduce dissatisfaction at work.
  23. Empowerment
    Giving employees the power to do their job: trusting them, giving them the authority to make decisions and encouraging feedback from them
  24. Job rotation
    Varying an employee's job on a regular basis
  25. Job enlargement
    expanding the number of tasks completed by an employee
  26. Training
    Giving employees the knowledge, skills and technique necessary to fulfill the requirements of a job
  27. Induction Training
    is give as an initial preparation upon taking up a post. Its goal is to help new employees reach the level of performance expected from an experienced worker
  28. Off-the-job Training
    Away from the place of work e.g. at a training centre of college
  29. On-the-job training
    learning by doing the job, under guidance of an experienced member of staff or external trainer
  30. Motivation
    the factors that inspire an employee to complete a task at work
  31. Methods of Selection
    ways in which businesses recruit the best candidate for an identified vacancy. These can be internal or external to the organisation and will depend upon the time available, the budget available and the specialist skills available in the oragnisation
  32. Job description
    A summary of the main duties and responsibilities associated with an identified job
  33. Person specification
    identifies the skills, knowledge and experience a successful applicant is likely to have
  34. recruitment and selection process
    How a business chooses the best candidate for a vacancy it has identified
  35. Absenteeism
    The number of working days lost as a result of an employee's deliberate or habitual absence from work
  36. Subcontracting
    using a supplier to manufacture part or all of a firms product or service
  37. Stocks
    Materials or finished goods held by a firm as needed to supply customers demand
  38. Rationalisation
    reorganisating resources to cut costs -often leading to a cut back in capacity.
  39. Excess Capacity
    when a business has a great production capacity than is likely to be used in the foreseeable future
  40. Overtime
    Staff working beyond their contracted hours in exchange for a higher hourly wage
  41. Capacity Utlisation
    Is the proportion that the current output is of full capacity output.
  42. Unit cost
    The average cost per unit of output
  43. Quality Product
    a product or service that meets customers expectations and is therefore 'fit for purpose'
  44. Quality Standards
    the expectations of customers expressed in terms of the minimum acceptable production or service standards
  45. Quality control
    this is bases on inspection of the products or a sample of the products
  46. Quality Assurance
    this is a system of agreeing and meeting the quality standards at each stage of production to ensure consumer satisfaction
  47. ISO 9000
    This is an internationally recognised certificate that acknowledges the existence of a quality procedure that meets certain conditions
  48. Total Quality management
    An approach to quality that aims to involve all employees in the quality improvement system
  49. Supplier relationship
    these are links with the companies that supply a business with goods and service
  50. Customer service
    The provision of service to customers before, during and after purchase to the standard that meets customer expectation
  51. Internal customers
    people within the organisation who depend upon the quality of work being done by other
  52. Service level agreement
    agreements or contracts with suppliers that clearly lays down the service that they must provide
  53. Information technology
    The use of electronic technology to gather, store, process and communicate information
  54. Robot
    computer controlled machine able to perform a physical task
  55. Sustainability
    production systems that prevent waste by using the minimum of non-renewable resources so that levels of production can be sustained in the future
  56. Consumer marketing
    creating and delivering products to solve consumer's needs
  57. Unique selling point (USP)
    a feature or function of a product that makes it different to any other on the market
  58. Product Differentiation
    creating a perceived difference for a product in a competitive market
  59. The products life cycle
    the path of a product from its introduction onto the market to its eventually disappearance from that market
  60. Product portfolio analysis:
    analysing the existing product mix to help develop a balanced range of goods and services
  61. Promotion
    Bringing a product or range pf products to the attention of existing and potential customers
  62. Sales promotion
    offers designed to increase sales
  63. Promotional activities
    The ways in which a business can communicate with its potential and existing customers with the aim of increasing sales
  64. Business marketing
    serving the needs of a business or businesses within one or more industries
  65. Supply Chain
    all the stages in the production process from obtaining raw materials to selling to the consumer - from point of origin to point of consumption
  66. Marketing
    Identifying and meeting customer needs
  67. Niche marketing
    meeting the needs of a relatively small number of potential customers
  68. Market
    anyone willing and with the financial ability to buy a product or service
  69. Marketing mix
    the integration of a product, place, promotion and pricing designed to achieve the marketing objectives of the business
  70. Merchandising
    the visual presentation of a product to the consumer at the point of sale
  71. Direct selling
    a way of selling directly to the final consumer without another intermediary
  72. Product development
    Changing aspects f the goods and services to meet the changing needs of existing customers or to targets a different market
  73. Product line
    a set of related goods or services
  74. Product mix
    the full range of products offered by a business also know as product portfolio
  75. Mass marketing
    meeting the needs of a very large number of potential customers
  76. Price strategies
    long-term pricing plans which takes into account the objectives of the business and the value associated with the product
  77. Price skimming
    entering a market with a high price to attract early adopters and recoup high development costs
  78. Penetrating pricing
    below market pricing to gain a foothold in an established and competitive market
  79. promotional mix
    The combination of promotional activities which make up a campaign to communicate with a target market
  80. Public relations
    communicating with the media and other interested parties to enhance the image of the business and its products and thereby increasing sales
  81. Branding
    creating an identity for a business and its products to differentiate it from its rivals on the market
  82. Advertising
    the use of media to communicate with consumers
  83. Price leader
    a product that has significant market share and can influence market price
  84. Price taker
    a firm which sets its prices to the same or similar level to those of dominant firm in the industry
  85. Pricing tactics
    the manipulation of price to achieve an short-term objective
  86. Loss leaders
    Products sold at a loss than a cost to attract customers to a product range
  87. psychological pricing
    pricing the use of odd number pricing to increase the value-for-money appeal of a product
  88. Price elasticity of demand
    the responsiveness of demand for a product to a change of its price
  89. Price inelasticity demand
    the demand for a product changes relatively less than a change in price
  90. Business to business markets
    companies meeting the needs of other businesses in the market place
  91. Business to consumer markets
    companies meeting the needs of final consumers of goods and services
  92. Direct sale
    where no intermediaries are used
  93. Intermediaries
    organisations involved in the distribution of goods and services on behalf of other businesses
  94. Distribution channel
    Method by which a product is sold to the customer
  95. degree of competition
    the number and the size of the businesses operating in a  given market be it local, regional, national or international
  96. Market conditions
    the nature of the product, the needs of consumers, the number of firms and the ease of entry to the market
  97. Competiveness
    characteristics that permit a firm to compete effectively with other businesses
  98. Competitive advantage
    discovering and using methods of competing which are distinct and offer consumers greater perceived value than those of rivals in the market
  99. Levels of hierarchy
    The number of layers of management and supervision existing in an a organisation
  100. Chain of command
    The lines of authority within the business
  101. Lines of communication
    how information is passed up, down and across the organisation
  102. Span of control
    the number of subordinates, one job/post holder is responsible for
  103. Work load
    how much work one employee, department and team have to complete in a given period of time
  104. Job role
    the task involved in a particular job
  105. Delegation:
    passing the authority to make specific decisions to somebody further down the organisational hierarchy
  106. Communication flows
    how information is passed around an organisation including downwards, upwards and sidewards and through the grapevine or gossip network
  107. Workforce role:
    the tasks involved in a particular level or grade of job within an organisation
  108. Workforce performance
    methods of measuring the effectiveness of employees including labour turnover and absenteeism
  109. Labour turnover
    The percentage of the total workforce who leave in any give period
  110. Labour productivity
    the contribution made by employees to the output of a business
Card Set
Unit 2.txt