Business Studies Unit 2 Definitions

Supplier

An individual, business or other organisation which provides goods or services to a customer or consumer

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Sub-contracting

Delegation by one firm of a portion of its production process, under contract, to another firm, including in another country

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Stocks (inventories)

Raw materials, work-in-progress and finished goods held for resale

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Stock Control

The processes and controls used by a business to ensure that it has sufficient (but not too much) stock for its purposes

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Spare Capacity

When a business is able to produce more with existing resources (also known as excess capacity)

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Span of Control

The number of employees who are directly supervised by a manager

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Selection

The process of deciding which applicant for a job a business should accept

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Sales promotion

Tactical, point of sale material or other incentives designed to stimulate purchases

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Delegation by one firm of a portion of its production process, under contract, to another firm, including in another country

Sub-contracting

Raw materials, work-in-progress and finished goods held for resale

The processes and controls used by a business to ensure that it has sufficient (but not too much) stock for its purposes

When a business is able to produce more with existing resources (also known as excess capacity)

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