Business studies unit 2

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  • Created by: GinaJ
  • Created on: 28-03-17 12:10
Internal stakeholders
they are directly linked to the business, employees and owners.
1 of 20
External Stakeholders
people that are not directly linked to the business, people in the surrounding community.
2 of 20
Shareholders
people who own shares in the business.
3 of 20
PLC
Private limited company - has private shareholders and limited liabilty- people respect and trust the business more.
4 of 20
Public limited company
PLC) A limited liability company with shares quoted on the stock market and available to the public.
5 of 20
Breakeven
how much stock a company has to sell inorder to cover prices - fixed costs/ contribution
6 of 20
product life cycle
research and development- introduction- growth- maturity- sacturation- decline- (extension)
7 of 20
Extension strategy
a way a company is able to extend the life cycle of a product - change or product, change of colour, change of price etc.
8 of 20
product portfolio
the range of products offered by a business
9 of 20
cost-plus pricing
Adding up all the costs of a product and making sure the price covers this .
10 of 20
penetraion pricing
introducing the product to a market at a low price to gain popularity, the price will then increase
11 of 20
channels of distribution
Ways to deliver goods to customers or to where customers can buy them .
12 of 20
Economies of scale
benfits gained from the growth of a business
13 of 20
kaizen
small but frequent improvements of a production process
14 of 20
just in time
when materials arrive when a company needs them so that they dont have to pay for holding stock
15 of 20
division of labour
dividing work so that employees can focus and specialise on one specific job
16 of 20
span of control
the number of people someone is responsible for
17 of 20
delegation
the right to pass authority to others- chain of command
18 of 20
probability ratio
the profit compared to the revenue
19 of 20
liqidity ratio
if a business can pay its shot-term debts with assets
20 of 20

Other cards in this set

Card 2

Front

people that are not directly linked to the business, people in the surrounding community.

Back

External Stakeholders

Card 3

Front

people who own shares in the business.

Back

Preview of the back of card 3

Card 4

Front

Private limited company - has private shareholders and limited liabilty- people respect and trust the business more.

Back

Preview of the back of card 4

Card 5

Front

PLC) A limited liability company with shares quoted on the stock market and available to the public.

Back

Preview of the back of card 5
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