BUSS2 3.0 / 5 based on 2 ratings ? Business StudiesASAQA Created by: Ellie MaxwellCreated on: 29-05-13 18:23 CAPACITY UTILISATION current output/maximum possible output X 100 1 of 28 NET PROFIT MARGIN net profit/sales X 100 2 of 28 PRICE ELASTICITY OF DEMAND % change in quantity demanded/% change in price 3 of 28 LABOUR TURNOVER no. staff leaving/average no. staff X 100 4 of 28 LABOUR PRODUCTIVITY output/no. employees 5 of 28 RETURN ON CAPITAL net profit/capital invested X 100 6 of 28 BUDGETING estimates the costs and money going in and out of the business over a certain time period 7 of 28 ABSENTEEISM the proportion of employee's not at work over a certain period of time 8 of 28 BOSTON MATRIX a model which analyses the product of a business, using 4 categories; cash cow, star, dog and problem child 9 of 28 CHAIN OF COMMAND the order of power in the hierarchy of a business 10 of 28 DELAYERING the removing of layers in the hierarchy of a business 11 of 28 DELEGATION when the responsibility of a task is given to someone else 12 of 28 FRINGE BENEFITS rewards given to employee's which are not money 13 of 28 MARKETING MIX the 4 P's; price, place, product and promotion 14 of 28 NET PROFIT revenue - costs 15 of 28 PENETRATION PRICING setting prices lower in order to receive more sales 16 of 28 PREMIUM PRICING prices are set high to give the impression of quality and luxury 17 of 28 PRICE ELASTICITY OF DEMAND -0.? = inelastic, demand doesn't respond to price | -1.? = elastic, demand responds to change in price 18 of 28 PRICE LEADER price changes are followed by competitors 19 of 28 PRICE SKIMMING higher prices charged to take advantage of customers prepared to pay 20 of 28 PRICE TAKER has no option but to take the ruling market price 21 of 28 PRODUCT LIFECYCLE a theory a product goes through from introduction, maturity and withdrawal from the market 22 of 28 PROMOTIONAL MIX the combination of promotional methods used by a business 23 of 28 QUALITY ASSURANCE organise the process to get the product right first time to prevent mistakes from ever happening 24 of 28 QUALITY CONTROL inspection of products to ensure the right standards have been achieved 25 of 28 TOTAL QUALITY MANAGEMENT an attitude to quality where aims are; zero mistakes and total customer satisfaction 26 of 28 TOTAL REVENUE quantity sold X price 27 of 28 VARIANCES adverse = bad for business | favourable = good for business 28 of 28
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