Business 3.2 Definitions

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Design Mix
The range of variables which contribute to sucessful design: they are function, cost and appearance
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Stocks
Materials that a business holds. Some could be materials waiting to be used in the production process and some could be finished stock waiting to be delivered to customers
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Maximum Stock Level
The highest amount of stock to be kept by a business
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Re-Order Level
The amount of stock held by a business at which an order for new stock is placed with suppliers
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Buffer Stock Level or Minimum Stock Level
The lowest amount of stock to be kept by a business
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Just In Time (JIT)
A stock management system where stocks are only delievered when they are needed by the production system, and so no stocks are kept by a business
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Quality
Acheiving a minimum standard for a product or service, or a production process, which meets customers' needs
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Quality Control
Ensuring that a product or service meets minimum standards, often through testing of sample products once they have been made
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Quality Assurance
Ensuring that quality is produced and delivered at every stage of the production process, often through making quality the responsibility of every worker
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Customer Service
The experience that a customer gets when dealing with a business and the extent to which that experience meets and exceeds customer needs and expectations
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Innovation
The process of transforming inventions into products that can be sold to customers
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Sale of Goods Legislation
Gives consumers rights to compensation if a product they buy is not of merchantable quality, not as described or not fit for purpose
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Trade Descriptions Legislation
Makes businesses liable for prosecution and fines if products are sold in a misleading way
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Other cards in this set

Card 2

Front

Materials that a business holds. Some could be materials waiting to be used in the production process and some could be finished stock waiting to be delivered to customers

Back

Stocks

Card 3

Front

The highest amount of stock to be kept by a business

Back

Preview of the back of card 3

Card 4

Front

The amount of stock held by a business at which an order for new stock is placed with suppliers

Back

Preview of the back of card 4

Card 5

Front

The lowest amount of stock to be kept by a business

Back

Preview of the back of card 5
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