AQA AS Business

?
  • Created by: Josh
  • Created on: 29-05-13 14:28
Variance Analysis
The process of investigating any difference between forecast data and actual figures.
1 of 80
Delegation
Passing of authority down the organisational structure
2 of 80
Cash Flow
Movement of cash into and out of the business over a period of time.
3 of 80
Trade Credit
Offered when purchasers are allowed a period of time to pay (30/60 days)
4 of 80
Overdraft
A flexible loan which allows a business to draw out additional money up to an agreed limit
5 of 80
Profit
Surplus amount of money when Total Costs have been taken from Revenue.
6 of 80
Net Profit Margin
The ratio that expresses a business's profit after the deduction of all costs, as a percentage of sales income.
7 of 80
Capital
Money invested into the business or a business project.
8 of 80
Authority and Responsibility
Possible for manager to delegate authority to a subordinate but responsibility remains with the manager.
9 of 80
Organisational Charts
Diagrams representing the job titles and formal patterns of authority and responsibility within an organisation.
10 of 80
Levels of Hierarchy
Refers to the number of layers of authority within an organisation.
11 of 80
Span of Control
Number of subordinates directly responsible to a manager.
12 of 80
Chain of Command
The line of communication and authority existing within a business
13 of 80
Operatives
People in a business who work at the lowest level in the organisational structure.
14 of 80
Labour Productivity
Measures the relationship between the amount of labour used in production and the quantity of outputs of goods or services.
15 of 80
Labour Turnover
Percentage of a business's employees who leave the business over some period of time.
16 of 80
Absenteeism
Occurs when an employee is not present at his/her workplace.
17 of 80
Recruitment and Selection
Process of filling an organisation's job vacancies by appointing new staff.
18 of 80
Job Description
Lists the duties and responsibilities associated with a particular job.
19 of 80
Person Specification
Outline the skills, knowledge and experience necessary to fill a given position of successfully.
20 of 80
Internal Recruitment
Takes place when a business looks to fill a vacancy from within the existing workforce.
21 of 80
External Recruitment
Occurs when a business invites applications for vacant posts from any suitably qualified candidates.
22 of 80
Training
Process whereby an individual acquires job related skills and knowledge.
23 of 80
Motivation
Describes the factors within individuals that arouse, maintain and channel behaviour towards a goal. 'The will to work'
24 of 80
Productivity
Measures the relationship between the resources put into an activity and the resulting output.
25 of 80
Schools of Thought
Individuals and groups who hold similar views on a particular matter - in this case, what motivates employees
26 of 80
Division of Labour
Breaking Down of production into a series of small tasks carried out repetitively by relatively unskilled employees.
27 of 80
Time and Motion Studies
Measure and analyse the ways in whcich jobs are completed, with a view to improving these methods. The technique is also sometimes called 'work-study'.
28 of 80
Fringe Benefits
Rewards received by employees in addition to their wages or salary. e.g. Company Car
29 of 80
Performance-Related Pay
When some part of the employees's pay is linked to the achievement of targets at work.
30 of 80
Piecework
A system whereby employees are paid according to the quantity of a product they produce.
31 of 80
Employee Appraisal Scheme
Assess and Evaluate the performance of workers over a period of time with the intention of improving their performance.
32 of 80
Variable Pay
Flexible form of performance-related pay that offers employees a highly individual pay system related to their performance at work.
33 of 80
Collective Bargaining
Takes place when a trade union or other representative body negotiates pay and conditions on behalf of a group of workers.
34 of 80
Job Design
Process of grouping together individual tasks to form complete jobs
35 of 80
Job Enrichment
Occurs when employee's jobs are redesigned to provide them with more challenging an complex tasks.
36 of 80
Job Enlargement
Entails giving employees more duties of a similar level of complexity
37 of 80
Empowerment
A series of actions designed to give employees greater control over their working lives.
38 of 80
Marketing
Process of identify, anticipating and satisfying the needs of customers in a mutually beneficial exchange process.
39 of 80
Market Segment
Exists when there is group of clearly identifiable needs and wants
40 of 80
Niche Marketing
Occurs when a business focuses on a particular segment of the market (usually small)
41 of 80
Marketing Mix
Combination of elements that influence a customer's decision whether or not to buy a product.
42 of 80
USP
Feature of a product that makes it distinctive.
43 of 80
Product Life Cycle
Shows the sales of a product over its lifetime
44 of 80
Extension Strategy
Occurs when marketing activities are changed to prevent sales falling
45 of 80
Capacity
Measures the maximum possible output a business can produce with its given resources
46 of 80
Capacity Utilisation
Measures the existing output as a percentage of the maximum possible output
47 of 80
Product Portfolio Analysis
Examines the market position of a firm's products
48 of 80
Boston Matrix
Method of a product portfolio anaylsis that examines the products of a business in terms of their market share and the market growth
49 of 80
Price Elasticity of Demand
Measures the extent to which the quantity demanded changes in relation to a change in price
50 of 80
Objective
A target a business sets out to achieve
51 of 80
Penetration Pricing
Pricing Strategy aimed at gaining market share via a low entry price
52 of 80
Price Skimming
Occurs when a high initial price is set for a product and this is reduced over time
53 of 80
Price Elasticity of Demand
Measures the sensitivity of demand to a change in price
54 of 80
Total Revenue
Income generated from sales
55 of 80
Price Inelastic Demand
Means that the impact of a change in price leads to a smaller change in the quantity demanded.
56 of 80
Distribution Channel
Descirbes how the ownership of a prodcut moves from the producer to the customer
57 of 80
Distribution Outlet
Where the product is actually sold
58 of 80
Industrial Goods
Sold from one business to another; they are used in the production of the final prodcut
59 of 80
Promotional Mix
Combination of ways in which the business communicates about its products
60 of 80
Brand
Name, Design, logo, Symbol or anything that makes a product recognisable and distinguishes it from the competition in the eyes of the customer.
61 of 80
Marketing Expenditure budget
Amount of money a business allocates to spend on marketing activities such as promotion
62 of 80
Market Size
The total number of items sold or the total vlaue of sales
63 of 80
Market Share
Measures a business sales as a percentage of the total market sales
64 of 80
Value
A product depends on the benefits it offers relative to its price.
65 of 80
Transformation process
Describes how inputs are converted to outputs
66 of 80
Rationalisation
Occurs when a business reduces the scale of its operations and reduces its capacity level
67 of 80
Capacity under-utilisation
Occurs when a business is producing less than the maximum amount it can produce, given its existing resources.
68 of 80
Subcontracting
Occurs when one business employs another business to undertake some of the work
69 of 80
Opportunity Costs
Refers to the benefits that are given up
70 of 80
Output
Total amount produced in a given period of time
71 of 80
Productivity
Measures the output per hour, per person or per machine
72 of 80
Labour Productivity
Measures the output per employee
73 of 80
Quality Product
A product that meets the needs of the customer
74 of 80
ISO 9000
Quality Standard which recognises business that have a system of quality
75 of 80
Culture
Refers to the values, attitudes and behaviours of a business's employees
76 of 80
Market Research
Process of gathering and analysing data relevant to the marketing process
77 of 80
Technological Developments
Refers to improvements in a product or a process due to developments in science and engineering
78 of 80
Robot
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.
79 of 80
Information Tecnology
Involves the hardware and software used to store, retrieve and manipulate information
80 of 80

Other cards in this set

Card 2

Front

Passing of authority down the organisational structure

Back

Delegation

Card 3

Front

Movement of cash into and out of the business over a period of time.

Back

Preview of the back of card 3

Card 4

Front

Offered when purchasers are allowed a period of time to pay (30/60 days)

Back

Preview of the back of card 4

Card 5

Front

A flexible loan which allows a business to draw out additional money up to an agreed limit

Back

Preview of the back of card 5
View more cards

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all Marketing and competitive environments resources »