The line through the hierarchy that shows who is responsible for whom from top to bottom of an organisation.
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channels of distrubution
The route the ownership of the product transfers from the seller to the buyer; it may be a single transaction or pass through others such as wholesalers, distributors, agents and retailers.
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closing balance
the amount that remains in the account at the end of an accounting period
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commission
an amount of money paid to an employee that is based on a percentage of the sles they have achieved; in addition to a basic salary
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competition
the rivalry between business looking to sell their goods/services in the same market
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competitive pricing
setting the price of a product so that it is in line with competitor's prices
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consumer law
laws desighned to ensure that businesses make products that are safe and of good quality, and that they deal with customers honestly and fairly
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consumer spending
the money spent by housholds on goods and services to satisfy their needs and wants
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contracts of employment
a legal document that sets out the terms and conditions of the job for the employer and the employee
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cost
the money spent by a business on goods and services
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cost-plus pricing
setting the price of a good or service at an amount higher than the cost of producing it so that a profit is made
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customer
individuals, businesses or organisations that purchase goods/services and make decisions about which supplier to choose
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customer satisfaction
whether customers are pleased with the goods/services they recieve; whether they would purchase again
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decentralisation
where authority is spread widely through the organisation
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delayering
the reorganisation of the organisation's employees so that there are fewer levels of management
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delegation
allocating a task to someone who would not normally be responsible for it
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demand
the quantity of a particular product that will be boght at particular prices over a specific amount of time
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directors
the people who are elected by the shareholders to run the business on their behalf
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diseconomies of scale
when a business grows too large, leading to a possible increase in unit cost
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disposal of waste
the removal, storage or destruction of unwanted material. methods include recycling, burning and landfill sites
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dividend
a portion of the aftyer-tax profit that is paid to shareholder according to the number of shares they own
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e-commerce
business transactions carried out electronically on the internet
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economies of scale
the cost advantages of producing on a large scale. as output increases the unit cost also decreases
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employees
individuals who work full or part time for a business; they have a contract of employment detailing their duties and rights
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employment law
rulings that releate to the rights and responsibilities of people who work for a business; they affect the recruitment and selection process and how the business deals with it's workers
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enterprise
the ability to indentify business ideas and opportunities to bring them to fruition and to take risks where appropriate
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entrepeneur
a person who has the vision to use intiative to make business ideas happen, managing the resurces and risks
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equality act (2010)
protects people from discrimination in the workplace and in wider society. it sets out the different ways in which it is unlawful o treat someone.
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ethical objectives
a business' goals that relate to fair business practice or moral guidelines and make a positive contribution the business' reputation
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ethics
the moral principles that guide how a buisness operate
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exchange rates
the price of one currency based on another
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Other cards in this set
Card 2
Front
The route the ownership of the product transfers from the seller to the buyer; it may be a single transaction or pass through others such as wholesalers, distributors, agents and retailers.
Back
channels of distrubution
Card 3
Front
the amount that remains in the account at the end of an accounting period
Back
Card 4
Front
an amount of money paid to an employee that is based on a percentage of the sles they have achieved; in addition to a basic salary
Back
Card 5
Front
the rivalry between business looking to sell their goods/services in the same market
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