MARKETING MODEL - A decision making process that ensures that marketing decisions are taken on a scientific basis. The alternative to making decisions of hunches/guesses.
SWOT ANALYSIS - A technique that allows an organisation to assess its overall position, or the position of one of its divisions, products or activities. It uses an internal audit to assess it's strengths and weaknesses and an external audit to assess it's opportunities and threats.
MARKET ANALYSIS - The study of market positions to assist a firm's plans.
MOVING AVERAGE - Calculation of the mean of the set of data covering a defined period of time.
TREND - The underlying pattern of change indicated within a set of numerical data.
EXTRAPOLATION - Using the previous patterns of numerical data in order to predict values in the future.
MOVING AVERAGES - Statistics used to analyse trends in the recent past so that a firm can predict future sales .
FLUCTUATIONS/VARIATIONS - Periods of time when sales are above or below trend.
MARKETING PLAN - A statement of the organisations current marketing position and future strategies, and a detailed examination of the tactics that it will use to achieve its objectives.
HRM - The management of people at work in order to assist the organisation in achieving it's objectives.
HARD HR STRATEGY - This strategy treats employees as a resource, just like any other resource, to be monitored and used in an efficient manner in order to achieve the strategic objectives of the organisation.
SOFT HR STRATEGY - This strategy views employees or valuable assets, a major source of competitive advantage and of vital importance in achieving strategic objectives.
WORKFORCE PLANNING - The method by which a business forecasts how many and what type of employees it needs now and in the future, and matches up the right type of employees to the needs of the business.
ORGANISATIONAL STRUCTURE - The relationship between different people and functions in an organisation both vertically, from managers to directors, and horizontally, between different functions and people at the same level.
ORGANISATIONAL CHART - A diagram showing the lines of authority and layers of hierarchy in an organisation.
CENTRALISATION & DECENTRALISATION - the degree to which authority is delegated within an organisation. A centralised structure has a greater degree of central control, while a decentralised structure involves a greater degree of delegated authority to the regions or to subordinates.
FUNCTIONAL ORGANISATIONAL STRUCTURE - The traditional management structure consisting of a different department for each of the main functions of the business.
MATRIX ORGANISATIONAL STRUCTURE - A flexible organisational structure in which tasks are managed in a way that cuts across traditional departmental boundaries.
PORTFOLIO CAREER - A career in which income is derived from a variety of sources.
DOWNSIZING - Reducing the size of a firm to make it more responsive to market conditions.
TELEWORKING - People working from home and other locations, and keeping in contact through ICT.
NOISE - Anything that can interfere with the receipt of a message, including physcial problems or aspects of attitude that get in the way of communication.
INTERMEDIARIES - Individuals or groups within official communication channels through whom messages must be passed in order to reached the intended recievers.
INNOVATION - The successful exploitation of new ideas. Enables businesses to compete effectively in an increasingly competitive gloabl market.
PROTECTIONISM - A decision by a country(ies) to place restrictions on trade between nations in order to help domestic firms competing with foreign companies.
TIME-BASED MANAGEMENT - An approach that recognises the importance of time and seeks to reduce the level of 'unproductive' time within an organisation. This leads to quicker response times, faster new product developments & reductions in waste, culminating in greater efficiency.
BALANCE SHEET - A document describing the financial position of a company, in terms of items owned compared to amount owed.
INCOME STATEMENT - An account showing the income and expenditure of a firm over a period of time.
NON-CURRENT ASSETS - Resources that can be used repeatedly in the production process (land, buildings, machinery, vehicles).
TANGIBLE ASSETS - Non-current assets that exist physically.
INTANGIBLE ASSETS - Non-current assets that do not have physical presence, but nevertheless are value to the firm.
CURRENT ASSETS - Short-term items that circulate in a business on a daily basis and can be expected to be turned into cash within one year.
LIABILITIES - Debts owed by an organisation to suppliers, shareholders, investors, or customers who have paid in advance.
WORKING CAPITAL - The day-to-day finance used in a business, consisting of current assets minus current liabilities.
LIQUIDITY - The ability to convert an asset into cash without loss or delay.
LIQUID ASSETS - Items owned by an organisation that can be converted into cash quickly and without loss of value (most liquid asset is cash).