business studies

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  • Created by: AHeath
  • Created on: 07-04-18 12:47
informal communications
unofficial messages not formall approved by the business.
1 of 70
goods
a tangible item which can be bought and sold
2 of 70
regional
confined to one area
3 of 70
formal communications
official messsages sent by an organisation
4 of 70
public sector
funded by citizens and/or the government
5 of 70
private sector
owned by an individual and companies
6 of 70
national
travelling within one nation
7 of 70
international
between countries
8 of 70
steps to recruitment
1. identify vacancy 2. make job description 3. develop recruitment plan 4. select search comitee 5. advertise 6. review applicants and make short list 7. interview 8. select and hire 9. finalize recruitment
9 of 70
full time contract
a contract for a standard agreed number of hours
10 of 70
agenda
a list of items to be discussed at a formal meeting
11 of 70
horizontal communications
messages sent between staff on the same level of the organisation hierachy
12 of 70
vertical communications
messages sent between staff belonging to different levels of the organisation hierachy
13 of 70
external communications
takes place between the business and outside individuals or organisations
14 of 70
internal communication
happens within the business
15 of 70
the reciever
the person receiving the information
16 of 70
the sender
the person delivering the message
17 of 70
the 4 P's
- profit - place - promotion - product
18 of 70
market research
used to identify what the customers need and want. this is done by examining the opinons and buying behaviour of different market segments.
19 of 70
finance and accounts
- paying wages and salaries - setting budgets - obtaining capital and resources - preparing accounts
20 of 70
voluntary
charities or non-profit organisations that exist in order to benefit the public or specific groups within society
21 of 70
tertiary
a business concerned with the provision of services
22 of 70
service
an activity that is intangible, is not stored and does not result in ownership
23 of 70
primary
a business concerned with agriculture and the extraction of raw materials
24 of 70
house style
a company's preferred manner of presentation and layout of written material. ensures consistency and enhances the brand image of the company.
25 of 70
minutes
notes taken to describe the events of the meeting and who attended.
26 of 70
part- time contract
a contract for a proportion of the full-time hours
27 of 70
scondary research
analysing information from existing material
28 of 70
feedback
confrmation that the message has been recieved
29 of 70
main methods of communication
- video - written - verbal - visual
30 of 70
human resources
- working conditions - remuneration - training, development and promotion - health and safety - employee organisations union - recruiment, reention and dismissal
31 of 70
permanent contract
a continous, indefinite cantract of employment
32 of 70
secondary
a business concerned with manafacture of goods
33 of 70
large business
a business that operates with a large amount of employees and a hgher volume of sales
34 of 70
primary research
involves collectng and analysing original information found specially for a purpose. the opinions of customers are gained directly.
35 of 70
supply and demand
supply- the amount of a product businsses are prepared to sell at different prices -demand- the amount of a product the customers are prepared to buy at different prices
36 of 70
share
a divided up unit of the value of a company
37 of 70
sole trader
a business which is ully owned by one person who has complete control over how the firm is run
38 of 70
revenue
money coming into the business from sales
39 of 70
profit
revenue-costs
40 of 70
objective
a specific target for a business to meet which helps them to achieve their overall aim.
41 of 70
mission statement
a short phrase that sums up what a business believes in and what it wants to achieve
42 of 70
market share
the proportion of total sales that one firm accounts for in the market
43 of 70
growth
the increse in size of a business' sales of profit
44 of 70
ethics
the priciples and values that influence how a business is run
45 of 70
efficiency
making the best use of resurces
46 of 70
cashflow
the amount of money flowing into a business from selling, and flowing out to buy materials/ pay bills
47 of 70
break even
this is when the total costs are equal to the revenue from its sales
48 of 70
aim
a broad statement of what a business would like to achieve over a longer period of time.
49 of 70
contract of employment
a legal document sating the hours, rates of pay, duties and other conditions under which a person is employed
50 of 70
discrimination
this is treating one prson differently from another without having good reason to do so
51 of 70
overtime
time worked in addition to one's normal working hours
52 of 70
profit sharing
a system in which the people who work for a company recieve a direct share of the profit
53 of 70
job rotation
the practise of moving employees between different tasks to promote experience and variety
54 of 70
piece work
payment for each item produced
55 of 70
team working
working as part of a group
56 of 70
verbal praise
telling someone they are doing a good job
57 of 70
consultation
the process of keeping employees informed about workplace issues
58 of 70
variable costs
costs that change depending on output
59 of 70
fixed costs
costs that don't change depending on output
60 of 70
stakeholder
a perso or group of people who have an interest in ho the business performs
61 of 70
internal stakeholders
stakeholder which are members of the company or organisation
62 of 70
suppliers
businesses that provide the raw materials or stock to a business
63 of 70
raw materials
the items or component parts of a business needs to make the product it sells
64 of 70
franchise
when a franchisor sells the rights to its products to a franchisee in return for a fee and a percentage of turnover
65 of 70
external growth
when a business gets bigger buy joining or buying other businesses
66 of 70
internal growth
when a business gets bigger by selling more of its products
67 of 70
inflation
the rate at which prices are increasing
68 of 70
interest
the money paid to banks for borrowed money or the money paid by banks for saving with them
69 of 70
competition
when two or more companies work independantly to secure the business of customers by offering the products at the most favourabl price
70 of 70

Other cards in this set

Card 2

Front

goods

Back

a tangible item which can be bought and sold

Card 3

Front

regional

Back

Preview of the front of card 3

Card 4

Front

formal communications

Back

Preview of the front of card 4

Card 5

Front

public sector

Back

Preview of the front of card 5
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