Business studies unit 2

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Adverse variance
A difference between actual and budgeted amounts which is bad
1 of 85
Advertising
Paid-for communication, aimed at informing or persuading
2 of 85
Automation
The replacement of workers with machines to perform tasks in production
3 of 85
Boston matrix
A model which analyses the product portfolio of a business into four categories (star, cash cow, problem child and dog)
4 of 85
Branding
The use of a trade name, symbol, logo or other device to differentiate a product or service
5 of 85
Budget
A detailed plan of income and expenses expected over a certain period of time
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Business to business (B2B)
Involves the selling of products and services by one business directly to another
7 of 85
Capacity utilisation
The proportion of total capacity that is used
8 of 85
Communication
The process of exchanging information or ideas between individuals or groups
9 of 85
Competition
The businesses that compete for a share of a market
10 of 85
Competitiveness
The ability of a business to offer a better product than rivals
11 of 85
Cost reduction
Actions taken by a business aimed at reducing total costs or lowering average cost per unit
12 of 85
Customer expectations
What customers expect to receive as a result of buying a good or service; influenced by perceptions of factors such as quality and price
13 of 85
Customer service
The ways in which a business meets the needs and wants of its customers
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Delegation
Where responsibility for carrying out a task or role is passed onto someone else in the business
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Direct selling
A method of distribution which involves a business transacting with a customer without the use of intermediaries
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Distribution channel
How a business gets its products to the end consumer
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Empowerment
Delegating power to employees so that they can make their own decisions
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External recruitment
Where candidates for a job vacancy come from outside the organisation
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Factoring
A source of finance where a business receives a proportion of the amount owned by trade debtors from a specialist finance-provider
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Favourable variance
A difference between actual and budgeted results which is good news
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Flexible working
Where a business uses a number of different working practises in order to suit the job I'm hand and the needs of employees
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Hierarchy
The structure and number of layers of management and supervision in an organisation
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Induction training
Training aimed at introducing new employees to a business and it's procedures
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Internal recruitment
Where candidates for a job vacancy come from within the organisation
25 of 85
Interview
Part of the recruitment process where a confidante is met face-to-face
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Job description
A summary of the main duties and responsibilities of a job
27 of 85
Job design
The way in which tasks are combine to form a job
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Job enlargement
Giving employees more tasks of a similar level of complexity and expands the number of tasks completed by an employee
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Job enrichment
Making a job more interesting or varied so that it is more rewarding
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Labour productivity
The output produced per employee over a given period of time
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Loss leader
Where a price is set deliberately below the cost of production in order to attract customers who will buy other, more profitable products
32 of 85
Market research
The process of planning, collecting and analysing data relevant to help make marketing decisions
33 of 85
Marketing mix
The set of marketing tools that the firm uses to pursue its marketing objectives, product, price, place, promotion
34 of 85
Mass market
Describes the largest group of customers with specific needs and wants in an industry
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Merchandising
Promotion of a product at the point-of-sales, usually in a retail environment
36 of 85
Net profit
Profit that remains after all operating costs are taken away from sales revenue
37 of 85
Net profit margin
A measure of profitability. Calculated by net profit divided by sales revenue
38 of 85
Niche market
A Moche market is a focused segment of a larger market sector which is possible to target
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Off-the-job
Training the takes place away from the workplace
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On-the-job
Training that takes place at the workplace
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Organisational structure
The way that the roles and responsibilities within an organisation are structured
42 of 85
Output
The finished products that result from the production process
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Part time employee
Staff who work for less than a standard working week or day
44 of 85
Payment terms
The period of time that a supplier allows for an invoice to be settled
45 of 85
Penetration pricing
Pricing strategy that involves the setting of lower, rather than higher prices I'm order to achieve a large market share
46 of 85
Permanent employee
An employee who has a permanent position
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Person Specification
A description which identifies the skills and experience that are likely to be held by successful applicant for a job vacancy
48 of 85
Price elasticity of demand
The responsiveness of demand to a change in the price of a product
49 of 85
Price leader
A market leader business whose price changes are followed by rivals
50 of 85
Price skimming
Pricing strategy where a higher price is charged for a new product to take advantage of customers prepared to pay for innovation
51 of 85
Price taker
A business that has no option but to charge the ruling market price
52 of 85
Pricing decisions
The decisions taken about how to price a product
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Pricing strategies
The overall strategic approach to pricing over the medium-to-long, often based on the market positioning or a short price war
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Pricing tactics
The short-term pricing decisions and approaches taken
55 of 85
Product life cycle
A theory which predicts the stages of a product hoes through from introduction to withdrawal from the market
56 of 85
Product portfolio
The collection of products and brands owned and operated by a firm
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Productivity
Measures of output per worker over a given time period
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Profitability
The ability of a business to generate profits from its activities. It is often measured in terms of the return on sales or return on capital
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Promotional mix
The mix of activities and approaches taken to promoting a product, including advertising, direct sales etc
60 of 85
Psychological pricing
Using price as a way of influencing a consumer's behaviour or perceptions, for example using high prices to reinforce a quality image
61 of 85
Public relations
The promotion of a business through news stories, sponsorships and similar activities
62 of 85
Quality
Where a product meets a customer's requirements
63 of 85
Quality assurance
Organising every process to get the product "right first time" and prevent mistakes ever happening
64 of 85
Quality control
The inspection of products as part of a sampling process to ensure that the right production of standards have been achieved
65 of 85
Rationalisation
Reorganising production in order to increase productivity and efficacy. Often involves closure or relocation of production capacity
66 of 85
Return on capital
A measure of the return made by investing in a business or business project
67 of 85
Robotics
The science and technology of robots, and their design, manufacture and application
68 of 85
Sale and leaseback
A method of raising finance by selling a major asset and then leasing the same asset back from the new owner
69 of 85
Sales promotion
Tactical, point of sale material or other incentives designed to stimulate purchases
70 of 85
Selection
The process of deciding which applicant for a job a business should accept
71 of 85
Span of control
The number of employees who are directly supervised by a manager
72 of 85
Spare capacity
When a business is able to produce more it's existing resources
73 of 85
Stock control
The processes and controls used by a business to ensure that it has sufficient stock for its purposes
74 of 85
Stocks
Raw materials, work-in-progress and finished goods held for resale. Stocks are so,entires also referred to as "inventories"
75 of 85
Sub-contracting
Delegation from one firm of a portion of its production process, under contract, to another firm, including in another country
76 of 85
Supplier
An mid visual, business or other organisation which provides goods or services to a customer or consumer
77 of 85
TQM
Total Quality Management. An attitude to quality where the aims are zero defects and total customer satisfaction
78 of 85
Training
The provision of work-related education or skills development
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Unit cost
The average production cost per unit
80 of 85
USP
A feature of a product or service that makes it stand out compared with the competition
81 of 85
Variance
The difference between the budgeted amount and what actually happens
82 of 85
Waste
A cost of production. Sub-standard completed output or raw materials which are not retained in the production process
83 of 85
Workforce role
The tasks involved in a particular level or grade of job
84 of 85
Workload
The amount of work assigned to a particular worker, normally in a specific period of time
85 of 85

Other cards in this set

Card 2

Front

Paid-for communication, aimed at informing or persuading

Back

Advertising

Card 3

Front

The replacement of workers with machines to perform tasks in production

Back

Preview of the back of card 3

Card 4

Front

A model which analyses the product portfolio of a business into four categories (star, cash cow, problem child and dog)

Back

Preview of the back of card 4

Card 5

Front

The use of a trade name, symbol, logo or other device to differentiate a product or service

Back

Preview of the back of card 5
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