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Managing a Business Glossary
Absenteeism Occurs when an employee is not present at his or her workplace
The extent to which a named individual is held responsible for the
success or failure of a particular policy, project or piece of work
Authority The ability or power to carry out a task
Something that makes entering a market more difficult for
The model analyses the position of a firms products in terms of
Boston Matrix their market share and the…read more

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Managing a Business Glossary
D 2
This occurs when businesses remove one or more layers of
hierarchy from the organisation
Delegation The passing of authority down the organisational structure
Distribution How the ownership of a product moves from the producer to the
channel customer
Where the product is actually sold, e.g.…read more

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Managing a Business Glossary
G 3
Industrial Are sold from one business to another, they're used in the
goods production of the final product
Information Involves the hardware and software used to store, retrieve and
technology manipulate information
Internal Takes place when a business looks to fill a vacancy from within the
recruitment existing workforce
A quality standard system which recognises businesses that have
ISO 9000
a system of quality
Malachy Smyth…read more

Page 5

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Managing a Business Glossary
J 4
Job The list of duties and responsibilities associated with a particular
descriptions job
The process of grouping together individual tasks to form
Job design
complete jobs
Occurs when employees' jobs are redesigned to provide them
Job enrichment
with more challenging and complex tasks
Measures the output per employee over a given period of time
Labour Measures the relationship between the amount of labour used in
productivity production and the quantity of outputs of goods or…read more

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Managing a Business Glossary
M 5
Market The process of gathering and analysing data relevant to the
research marketing process
Market Exists when there is a group of clearly identifiable needs and
segment wants
Market share Measures a business's sales as a percentage of total market sales
Market size The total number of items sold or the total value of sales
The amount of money a business allocates to spend on marketing
activities such as promotion
Meeting the needs of a…read more

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Managing a Business Glossary
P 6
Performance- When some part of an employee's pay is linked to the
related pay achievement of targets at work
An outline of skills, knowledge and experience necessary to fill a
given position successfully.…read more

Page 8

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Managing a Business Glossary
R 7
Rationalisation Occurs when a business reduces the scale of its operations and
(shrinking) reduces its capacity level
Recruitment The process of filling an organisation's job vacancies by appointing
and selection new staff
Responsibility Being accountable for one's own actions
A reprogrammable device designed to both manipulate and
transport parts, tools or specialised manufacturing implements
through variable programmed motions for the performance of
specific manufacturing tasks
Schools of Individuals and groups who hold similar views on a particular…read more

Page 9

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Managing a Business Glossary
U 8
Unique Selling A feature or function of a product that makes it distinctive or
Point/Proposition different to any other on the market
The value of a product depends on the benefits it offers relative to
its price
A flexible form of performance-related pay that offers employees
Variable pay a highly individual pay system related to their performance at
Variance The process of investigating any difference between forecast data
analysis and actual figures
The finance available…read more

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Managing a Business Glossary
X 9
Malachy Smyth…read more


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