Business Studies Key Terms 3.2 Meeting Customer Needs

Created by: Alice Robinson
Created on: 21-03-13 17:29

Design Mix

The range of variables which contribute to successful 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/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 delivered when they are needed by the production system, and so no stocks are kept by a business

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Quality

Achieving 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

Card 4

Front

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

Back

Card 5

Front

The lowest amount of stock to be kept by a business

Back

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Business Studies Key Terms 3.2 Meeting Customer Needs