AQA AS Business

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