Business unit 2 definitions

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Organisational structure
The way in which a firm is organised (vertical or horizontal level)
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Levels of hierarchy
Shows the number of levels of management / supervision within a business
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Span of control
Shows the number of subordinates that a manager or supervisor is in control of / directly responsible for
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Tall & thin structure
Each superior is responsible for a few subordinates
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Wide & flat structure
Each superior is responsible for a large number of subordinates
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Work Load
Amount of work an individual undertakes
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Job Allocation
Type of work that an employee has been given to do
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Long chain of command
Authority and how information is passed on
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Delegation
Involves the passing of authority down the hierarchy
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Labour turnover
The percentage of the workforce that leave a business within a given time period
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Staff Absenteeism
Number of staff who take days off work
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Labour Productivity
The amount (volume) of output that is obtained from each employee
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Recruitment
Finding the right person for the job - getting people to apply
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Job description
A detailed statement of the nature of the job, identifying the precise task and responsibilities involved
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Person specification
A statement or listing of the characteristics required to do a job successfully
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Internal recruitment
Employees recruited from inside the organisation, only circulated within the business to give existing staff the change to apply
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External recruitment
Employees recruited from outside the organisation, advertised locally or nationally via a large range of methods
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Training
All forms of planned learning experiences and activities designed to make positive changes to performance
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On-the-job training
Training at the workplace during normal work activities
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Off-the-job training
Training away from the workplace
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Induction
Training that takes place before you start
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Motivation
The desire or interest to do something
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Marketing
Understanding customers and finding ways to provide products or services which customers demand
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B2C Marketing
Business 2 consumer
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B2B Marketing
Business 2 business
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Mass Market
Large market containing many customers buying similar products
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Niche Market
Small and clearly identifiable segment within a larger market
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Demand
The level of customer interest in purchasing a product or service
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Product
Anything that is capable of satisfying consumer needs
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Tangible products
Products you touch
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Intangible products
Products / something you experience
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Product lifecycle
Shows how sales of a product change over time
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The Boston Matrix
A means of analysing the product portfolio and informing decision making about possible marketing strategies
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Product portfolio analysis
Looks at the range of products and brands that a firm has under its control
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Promotion
Communication techniques to get information, influence and persuade customers
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Above the line promotion
Paid for communication in the independent media. Can be seen by anyone outside the target audience - you can't control the response
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Below the line promotion
Concerns promotional activities where the business has direct control over the target or intended audience
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Price
The amount charged for a product or service
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Tactic
Actions taken to fulfil the strategy, immediate.
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Price elasticity of demand (PED)
Elasticity of demand measures the responsiveness of demand to a change in price
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Place
The way in which a product is distributed - how it gets to the end customer
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Distribution channel
The method used by a business to get its products to the consumer
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Short distribution channels
Where the producer sells either directly to the customer or through a retailer
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Long distribution channels
Are where there are more than one intermediary (middle person) between the producer and the consumer
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Other cards in this set

Card 2

Front

Shows the number of levels of management / supervision within a business

Back

Levels of hierarchy

Card 3

Front

Shows the number of subordinates that a manager or supervisor is in control of / directly responsible for

Back

Preview of the back of card 3

Card 4

Front

Each superior is responsible for a few subordinates

Back

Preview of the back of card 4

Card 5

Front

Each superior is responsible for a large number of subordinates

Back

Preview of the back of card 5
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