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  • Created by: Emily
  • Created on: 23-03-14 08:40
Absenteeism
No. of staff absent per period / Total no. of staff days worked per time period x 100
1 of 102
Adverse Variance
The difference between the budgeted figure & the actual figure is bad for the business, it has a negative impact upon profit
2 of 102
Advertising
A promotional method that involves the use of media to communicate with existing & potential consumers
3 of 102
Assessment Centres
A selected method that involves assessing candidates performance throughout a series of activity, exercises & meetings over a period of time
4 of 102
Automation
The use of machines to control a process e.g. stock control
5 of 102
Barriers to Entry
Obstacle that make it difficult for a new firm to enter into a market including: brand loyally, ability to charge low prices, high start-up costs
6 of 102
Boston Product Matrix
A model used to analyse a firm's product portfolio by considering market share in relation to market growth for each product
7 of 102
Branding
A promotional method that involves the creation of an identity for the business that distinguishes the firm & its products from others
8 of 102
Budgets
A target amount of money set by a business in a specific period of time
9 of 102
Business to Business
When 1 business sells its goods or services to another business
10 of 102
Business to Consumer
When 1 business sells its goods or services to individual consumers (B2C)
11 of 102
Capacity Utilisation
The % of potential output being achieved
12 of 102
Cash
Money which exists in a business at a point in time in the form of cash inland or at the bank. It is available for immediate use
13 of 102
Cash Cow
A classification of product within the Boston Product Matrix characterised by low market grown & high market share
14 of 102
Cash Flow
The movement of cash into and out of a business over a period of time
15 of 102
Cash Flow Problems
When a business is forced to take action to survive as a result of a shortage of cash
16 of 102
Communication Flows
How communication occurs within an organisation
17 of 102
Competitive Advantage
A feature of a business' product that allows it to perform more successfully than others in the market
18 of 102
Competitiveness
The degree to which a firm is successful at selling its products in the fact of competition in the market
19 of 102
Competitor's Actions
The methods used by other organisations to effectively compete in the market
20 of 102
Cost Reduction
The range of methods that a firm will use in order to lower costs & improve profitability
21 of 102
Customer Expectations
Predetermined set of criteria established by a customer before purchasing a product
22 of 102
Customer Service
The interaction between a business & actual/potential customers before, during & after sales
23 of 102
Decline
The point in a product life cycle, after maturity, where sales are starting to fall
24 of 102
Degree of Competition
This refers to the no. of firms that exist within a market
25 of 102
Delegation
The passing of authority down the hierarchy
26 of 102
Design Technology
The use of computers in the design stage of developing a product
27 of 102
Direct Selling
A promotional method that involves the supplier of a product cutting out the intermediaries & selling directly to the customer
28 of 102
Director
A senior manager elected by shareholders to represent their interests at board level
29 of 102
Distribution Channel
The route to market that a product takes from producers to the final customer
30 of 102
Distributors
Someone who sells an organisations' product on to a retailer
31 of 102
Dog
A classification of product within the Boston Product Matrix characterised by low market growth & low market share
32 of 102
Dominant Business
One that has the largest market share within an industry
33 of 102
Empowerment
The delegation of responsibility to employees, allowing them to use their abilities & to have greater say in decision-making
34 of 102
Entrepreneurial Skill
The skill that allows a business owners & managers to recognise an opportunity & take advantage of the rewards that may be available in exploiting this
35 of 102
Expenditure Budget
A target amount of money a business is permitted to spend in a given period of time
36 of 102
Extension Strategy
A strategy that is used to extend the lifetime of a product
37 of 102
External Recruitment
Occurs when candidates for a position are recruited form outside of the organisation
38 of 102
Factoring
A method of improving cash flow by selling a business' debts to a factor house at a reduced amount in order to receive immediate payment
39 of 102
Favourable Variance
The difference between the budgeted figure & the actual figure is good for the business, having a positive impact upon profit
40 of 102
Financial Motivators
A variety of methods that have a money value & are used to reward the workforce & influence their behaviour at work
41 of 102
Flexibility
The ability of a supplier to adapt their processes in order to meet the requirement of a customer
42 of 102
Growth
Occurs when sales volume & revenue is increasing over time
43 of 102
Herzberg's Dual Factor Theory
Some (motivating) factors will create job satisfaction whilst others (hygiene factors) reduce dissatisfaction
44 of 102
Hierarchy
The structure of the workforce within an organisation
45 of 102
Improving Cash Flow
This entails increasing the volume of the inflow of cash or reducing the volume of the outflow of cash
46 of 102
Improving Profit
Profit is the difference between total costs & total revenues
47 of 102
Income Budgets
A target amount of money to be received from sales in a given period of time
48 of 102
Induction
Introductory training for employees new to an organisation
49 of 102
Integrated Marketing Mix
The marketing mix looks at the 4P's or price, product, promotion & place
50 of 102
Internal Recruitment
Occurs when candidates for a position are recruited from within the organisation
51 of 102
Interview
A question (& answer) session with a candidate, normally using the same questions for each candidate
52 of 102
Job Allocation
The type of work an employee has been given to do
53 of 102
Job Description
This sets out the tasks & responsibilities of a job
54 of 102
Job Design
The way in which jobs are arranged in the workplace
55 of 102
Job Enlargement
The process of increasing the number or responsibilities that an employee has
56 of 102
Job Enrichment
An increase in the level of responsibility that an employee has in order to increase motivation
57 of 102
Labour Productivity
A measure of workforce performance by looking at the output per worker
58 of 102
Labour Turnover
The rate of change in a firm's labour force
59 of 102
Launch
The stage of the product life cycle where the product is introduced to the market
60 of 102
Levels of Hierarchy
The no. of layers of employees within an organisation structure
61 of 102
Liquidity
The ability of a business to meet day to day expenses & short term debts
62 of 102
Loss
The deficit experienced by a business when total costs exceed total revenue
63 of 102
Loss leader
A pricing tactic that involves selling products at or below the cost of making the product
64 of 102
Manager
An individual who is in charge of a no. of subordinates
65 of 102
Manufacturers
Organisations that take raw materials or components & process them into finished or semi processed goods
66 of 102
Market Conditions
The characteristics of the market in which the firm operates
67 of 102
Market Growth
The % increase in the size of market. Change in market size / original size x 100
68 of 102
Market Research
The collection, collation & analysis of data & information regarding a particular market
69 of 102
Market Share
The proportion of total market sales that a particular firm has. Sales of firm / Total market sales x 100
70 of 102
Marketing
The management process that allows a firm to identify, satisfy & revisit the requirements of the customer
71 of 102
Marketing Mix
The combination of the 4P's of marketing through which a firm achieves its marketing objectives
72 of 102
Maslow's Hierarchy of Needs
States that human needs are arranged in order, and as one need is fulfilled greater motivation will be achieved by moving to the next level
73 of 102
Mass Marketing
When a firm targets the whole of a market rather than a particular segment
74 of 102
Maturity
The stage of the product life cycle where sales of the product are fully established & sales tend to remain the same
75 of 102
Mayo's Human Relations School of Thought
States that workers myst be seen as members of a group not as individuals
76 of 102
Merchandising
A promotional method that involves the actions a firm takes to influence customers' buying behaviour at the Point of Sale
77 of 102
Monopoly
Exists where there is only one firm in the market
78 of 102
Motivation
The reason why people behave in the manner that they do
79 of 102
Net Profit Margins
The relationship between sales revenue & net profit, expressed as a percentage. Net Profit / Sales Revenue x 100
80 of 102
Niche Marketing
When a firm targets a small subsection or previously unexploited gap in a larger market
81 of 102
Non-financial Motivators
Methods of motivating employees through job design
82 of 102
Non-standard Orders
Requests to a company to supply a product of service which doesn't match their normal provision
83 of 102
Off-the-job Training
Any form of educ. to improve an employees performance at work, that takes place away from the workplace
84 of 102
Oligopoly
A market condition where there are only a few firms competing in the market
85 of 102
On-the-job Training
Any form of educ. to improve an employees performance at work, that takes place within the workplace
86 of 102
Operational Performance
How effective an organisation is at meeting the requirements of its customers
87 of 102
Operational Targets
Operational targets relate to a no. of measures of operational efficiency including unit cost, quality & capacity utilisation
88 of 102
Operations Management
Concerned with those aspects of the business which are directly linked to the fulfilment of customer orders
89 of 102
Organisational Structure
The way in which the workforce within a firm is organised, inc. job roles & communication
90 of 102
Overdrafts
The facility to borrow money, normally from a bank, in the short term
91 of 102
Overtime
When an employee works more than their regular hours
92 of 102
Part-time Staff
A person who is contracted to work less than 30 hours per week for a business
93 of 102
Payment Terms
A agreement between a customer & supplier on when payment will be received in relation to the timing of an order
94 of 102
Perfect Competition
A market condition where there are a large number of firms in the market each selling homogenous products
95 of 102
Person Specification
A document used within the recruitment process that outlines the characteristics of the person required to do the job e.g. qualifications, skills, experience
96 of 102
Place
The component within the marketing mix that defines both physical location where a product is available as well as the disturb. channel it has travelled through
97 of 102
Price Elastic
The demand for a product is responsive to changes in price
98 of 102
Price Elasticity of Demand
The responsiveness of demand to a change in price. % Change in Quantity Demanded / % Change in Price x 100
99 of 102
Price Inelastic
The demand for a product is not very responsive to a change in price
100 of 102
Price Leaders
When firms that dominate a market set the price & other firms in the market follow suit
101 of 102
Price Penetration
Setting a low initial price for a new product in order to get a foothold in the market & gain market share
102 of 102

Other cards in this set

Card 2

Front

The difference between the budgeted figure & the actual figure is bad for the business, it has a negative impact upon profit

Back

Adverse Variance

Card 3

Front

A promotional method that involves the use of media to communicate with existing & potential consumers

Back

Preview of the back of card 3

Card 4

Front

A selected method that involves assessing candidates performance throughout a series of activity, exercises & meetings over a period of time

Back

Preview of the back of card 4

Card 5

Front

The use of machines to control a process e.g. stock control

Back

Preview of the back of card 5
View more cards

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