BUSS2 key terms page one

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adverse variance
a difference between actual and budgeted amounts which is bad news e.g. higher than budgeted costs
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advertising
paid-for communication, aimed at informing or persuading
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assessment centres
where a recruiting firm runs a series of extended selection procedures, each lasting one or two days or sometimes longer
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automation
the replacement of workers with machines to perform task in production
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boston matrix
a model which analyses the product portfolio of a business into four catergories (stars, cash cows, problem child and dogs)
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branding
the use of a trade name, symbol, logo or other device to differentiate a product or service
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budget
a detailed plan of income and expenses expected over a certain period of time
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business to business
involves the selling of products and services by one business derictly to another
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capacity utilisation
the proportion of total capcity used expressed as a percentage
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communication
the process of exchanging information and ideas between individuals or groups
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competition
the businesses that compete for a share of the market
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competitiveness
the ability of a business to offer a better product than competitors
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cost reduction
actions taken by a business aimed at reducing total costs, or lowering average unit costs
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customers expectations
what customers expect to recieveas a result of buying a good or service; influenced by perceptions of factors such as quality and price
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customer service
the ways in which a business meets the needs and wants of its cusomers
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delegation
where responsibilty 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
delegation power to employees so they can make their own decisions
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external recruitment
where candidates for a job vacancy come from outside of the organisation
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factoring
a source of finance where business receives a proportion of the amount owned by the trade debtors from a speicalist finance provider
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favourable vairance
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 practices in order suit the job in 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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Other cards in this set

Card 2

Front

paid-for communication, aimed at informing or persuading

Back

advertising

Card 3

Front

where a recruiting firm runs a series of extended selection procedures, each lasting one or two days or sometimes longer

Back

Preview of the back of card 3

Card 4

Front

the replacement of workers with machines to perform task in production

Back

Preview of the back of card 4

Card 5

Front

a model which analyses the product portfolio of a business into four catergories (stars, cash cows, problem child and dogs)

Back

Preview of the back of card 5
View more cards

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