BUSINESS glossary terms
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- Created by: gabs0602
- Created on: 15-05-17 10:19
advertising media
media where adverts are found e.g facebook, youtube
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aim
long tern objective
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average rate of return (ARR)
average annual return divide initial outlay
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backward vertical intergration
suppliers are taken over by that business
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batch production
a small number of identical products are made at once
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blogs
provide info and allow discussion on that topic
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break even
not at profit or loss
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business angels
wealthy individuals which invest in a business start up in return for part of the company
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business plan
helps in decision with aims and objectives ,requirements and business stratergy
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cash
money held by a business
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chain of command
the path along which the orders pass on through and management of the shop floor
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commercial sevices
transport and warehouse
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cash-flow forcast
the diffrence between inflow and outflow
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competitive enviroment
number of businesses trying to tempt customers with the same types of product
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competitive pricing
setting price lower than competitors
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consumer goods
produced for the final consumer
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consumer panels
present views about product
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customer
final users of goods and services
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contribution
amount taken from the cost of selling every good used towards paying the fixed costs of production
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co-operatives
business owned by the customers/workers
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cost
amount of money fo the product/service
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cost plus pricing
cost of product plus total percentage of profit
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curriculum vitae (CV)
written b someone looking for enployment
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curriculum vitae (CV)
written b someone looking for enployment
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customer service
interaction between the customer and the business
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digital adverts
digitally advertising e.g email
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direct taxes
taxes on income and profit
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distriution
materials being transported
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distribution channels
routes for manufacturer to consumer
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diversification
involved in diffrent market
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durable goods
lasts for a long time and doesn't have to be brought straight away
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e-commerce
buying and selling goods via the internet
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entrepreneur
taking on a business with a new ides, with risk and for profit
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ethics
morally right
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extension strategies
prolong life cycle of product
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external growth
increasing size by buying another business
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feedback
response of a customer about product
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fixed costs
costs which stays same
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flat (horizontal) structures
mainly staff and executives in the organisational chart
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flexible hours
hours are starting to vary from a full day to only a few ours
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flow (mass) production
goods are produced continiously on a line of production
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focus groups
consumers brought together to discuss a product
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footfall
amount of people passing the business
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forward vertical irrigation
takes over another business
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franchise
sell good/service using a franchisor name
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franchisee
business which pays royaltys for right to sell good/service
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franchisor
allows franchise to use their name and experience in terms of royalties
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fringe benefits
reward for workers
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globalisation
increase interdependently of people around the world
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gross profit
profit made before experiences
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gross profit margin
gross profit divide sales
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hierarchial structures
many levels on organisational chart
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hire purchase
pay off money towards product and it is then finally owned by them
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home working
workers work at home
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indirect taxes
tax spending (VAT)
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induction training
dd
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indirect taxes
tax spending (VAT)
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induction training
new worker are employed so the become familiar with the workplace
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intellectual property
probity which cant be coppied (copy right)
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internal economies of scale
benifits of being a big company
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internal growth
increasing size of a business
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job description
recruitment process which describes what you will be doing in the job
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job production
manufacture of an individual and unique good
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job sharing
more than 1 worker for part time instead of 1 full time worker
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just-in-time
order the goods in as they start to run out
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leasing
renting assets to a business
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limited liability
not responsible for the debts of a business
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location
area where business is found
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logistics
management of the products movement
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loss leaders
products which makes the business have no profit to attract customer
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manufacturer
maker of products
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marketing mix
factors which help a business to sell
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market research
info about customers,competitors, and market trends
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market segment
a group of buyers that are similar e.g age,gender
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flow production
goods produced continuously
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m-commerce
buying good through the phone
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multi-channel production
involves a business using more than one channel to distribute
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multinational companies
HQ in one country but operate in other country's
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net profit
final profit made by a business
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net profit margin
net profit divide sales
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niche markets
small segment of the population
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non-durable goods
immediately consumed
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objective
short term target of a business
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off-the-job-training
outside workplace
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on-the-job training
within workplace
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organic(internal) growth
increase size of a business internally
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overdrafts
short term loan provided by the bank to cover cash flow difficulties of a business
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overtime pay
number of hours they worked above their contract
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partnerships
2-20 people own a business
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penetration pricing
setting a lower price for the new product to encourage sales
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performance related pay
additional payment to worker who reach or exceed target
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personal services
product provided by individuals
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person specification
recruitment process to determine the type of person they want to employ
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piece rates
payed workers on number of goods produced
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place
product is available to purchase
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pop-up adverts
online marketing on browser windows
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price
money the business wants to receive
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price discrimination
different prices in different areas
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primary research
research a business finds
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private limited companies
owned by shareholders of the company choosing
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procurement
buying goods and services from an external source
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producer good
produced for other businesses
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product
good or service provided
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product decline
product life cycle ,when the sales fall
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product differentaition
distinguishing a product or service by others
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product growth
product life cycle, sales and profits starts to rise
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product launch
product is put into market
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product life cycle
stages of a product
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product maturity
sales reach there highest peak
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product portfolio
range of goods/service a company sells
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product portfolio
range of goods/service a company sells
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product saturation
market is full of similar products
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profit
difference between total revenue and total costs
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profit sharing
additional award pay to workers when profit is up
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promotion
persuade customers to buy product
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psychological pricing
price below a whole number e.g.5.99 instead of 6
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public limiting companies
owned by stakeholders by shares on stock exchange
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qualitative data
descriptive info found by experiences
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quality
meeting the standards for the profit
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quality assurance
quality of the product is correct to the customers standards
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quality contol
sampling goods when in production
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quantitative data
measurements and figures perhaps shown in table and graphs
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retailer
sell goods to the customer
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revenue
amount of money taken by a business when selling a good/service
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salaries
their work for the year
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sales process
steps taken to draw a customer in to buy your product
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search engine advertising
work out best place to advertise online
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secondary research
research which already exits
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single market
countries joined together in trade as if they are 1 country
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site
specific place in an area
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SMART objectives
specific measurable agreed realistic timed
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social enterprises
operate for benefit of comunity
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social media
users to create and share infomation on websites
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sole traders
owned by one person
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skimming
selling a product at a higher price in order to earn initial profits
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span of control
a number of people an individual is responsible for
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stakeholders
affected by decisions of a business
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supply chain
complex system of moving a good or service to the customer
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sustainability
business acting in a responsible manner
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time rates
payed by how many hours you work
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total cost
amount of money spent by a business
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total revenue
money taken by a business
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trade credit
systems of interest free short term credit for non durable goods
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turnover
alternate tern for revenue
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unique selling point (usp)
makes the product different than the one sold by competitors
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unlimited liability
owners are responsible for paying debts of the company
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variable cost
cost which varies the number of goods produced
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venture capital
people who invest in the business for a share of the company
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vertical integation
buying or merging of a business
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wages
money payed on the time you work
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warehouse
stored resources and goods
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wholesaler
buys goods from manufacturer for smaller quantities than retailers
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workforce
people who are working or looking for a job
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zero hours contracts
employers don't offer set number of hours
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Other cards in this set
Card 2
Front
long tern objective
Back
aim
Card 3
Front
average annual return divide initial outlay
Back
Card 4
Front
suppliers are taken over by that business
Back
Card 5
Front
a small number of identical products are made at once
Back
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