BUSS3

?
  • Created by: abezhani
  • Created on: 14-05-15 14:35
Corporate Objective
The long term quanitifiable targets or goals to be achieved by a business within a given time frame
1 of 71
Functional Objectives
The medium to long term goals of the functions within a business which contribute towards achieving corporate objectives
2 of 71
Financial Objectives
The monetary targets a businss wants to achieve in a given time period
3 of 71
Cash Flow Targets
Objectives designed to achieve a specific net cash balance at the end of the month, year or specific trading period
4 of 71
Cost Minimisation Targets
Objectives focussed on actions that can be taken to minimise fixed and/or variable costs
5 of 71
ROCE
A minimum acceptable percentage for the money the business ges back comapred to how much money is being used within the business
6 of 71
Shareholders Returns Targets
A minimum acceptable levels of financial rewards in return for shareholders investments
7 of 71
Balance Sheet
A formal financial document that summarises the net worth of a business at a given point in time, it balanecs net assets with total equity
8 of 71
Income Statement
A fomal financial document that summarises a business' trading activities and expenses to show whether the businss has made a profit or a loss
9 of 71
Deprecation
The accounting process of spreading the cost of non-current assets over their useful life to a business
10 of 71
Profit Utilisation
How the pofit after tax is used
11 of 71
Profit Quality
The sustainability of the profit figure
12 of 71
Working Capital
Measures a firms liquidity (current assets - current liabilities)
13 of 71
Ratio Analysis
A comparison of two or more pieces of data taken from the financial records of a business
14 of 71
Profitability
The efficiency of a business in generating profits (ROCE)
15 of 71
Liquidity
A measure of a firms ability to meet short term debts (current ratio, acid test)
16 of 71
Financial Efficiency
A measure of how the internal management are utilising and controlling the business' financial assets (asset turnover, inventory turnover, payables days, receivables days)
17 of 71
Gearing
A measure of the debt to equity ratio within a business
18 of 71
Shareholders Ratios
Measures of the value of returns made to shareholders (dividend per share, dividend yield)
19 of 71
Profit Centres
Individual sections of a business that are responsible for their own costs, revenues and profits
20 of 71
Capital Expenditure
Money used for the purchase of non-current assets
21 of 71
Revenue Expenditure
The money used for the day to day running of the business
22 of 71
Investment Appraisals
Numerical techniques to analyse the predicted financial outcomes of potential investments.
23 of 71
Payback
Calculates how long it will take to pay back the cost of the initial investment
24 of 71
Average Rate of Return
Calculates average profit as a percentage of the cost of the initial investment
25 of 71
Net Present Value
Calculates the total return of an investment taking into account the time value of money
26 of 71
Investment Criteria
A predetermined set of guidelines against which an investment can be judged
27 of 71
Marketing Objectives
The targets that the marketing functions of a business wants to achieve in a given time period
28 of 71
Market Analysis
The investigation of characteristics of markets in order to determine their attractiveness to a business
29 of 71
Moving Averages
A method of market analysis that shows whether a trend is significant by smoothing out fluctuations in data
30 of 71
Extrapolation
The use of past data to extend an identified trend into the future
31 of 71
Correlation
The identification of a relationship between 2 variables
32 of 71
Marketing Strategy
The medium to long term marketing plans adopted by a business in order to achieve its marketing objectives
33 of 71
Michael Porters Generic Strategy
Analyses the low cost strategy against one of differentiation
34 of 71
Ansoffs Matrix
Looks at the degree of risk and potential for reward from different strategic options
35 of 71
Market Penetration
Low risk strategy, limited potential reward
36 of 71
Product Development
Risk comes from not knowing the products, high R&D costs and competitors' reaction
37 of 71
Market Development
Risk associated with lack of knowledge of customers
38 of 71
Diversification
High risk strategy as 2 elements are unknown - the market and the product
39 of 71
Marketing Plan
A written document that outlines the marketing activities to be implemented to achieve the marketing objectives
40 of 71
Operational Objectives
The targets a business sets in order to produce goods/services in the most effective way
41 of 71
Operational Strategies
The medium to long term operational plans adopted by a business in order to achieve its operational objectives
42 of 71
Economies of Scale
The advantages enjoyed by a firm as it increases the scale of production leading to a fall in unit cost
43 of 71
Diseconomies of Scale
The problems experienced as a firm increases the scale of production leading to a rise in unit cost
44 of 71
Capital Intensive Production
The sue of relatively high proportion of capital such as machinery in the production of a good or service
45 of 71
Labour Intensice Production
The use of a relatively high proportion of labour in the production of a good or service
46 of 71
Innovation
The development of an idea into a new product or process
47 of 71
Research and Development
The scientific investigation and technical growth of a new product or process
48 of 71
Multi-site Location
When a business is operating from more than one location
49 of 71
Off-shoring
The term used for the relocation of business processes abroad
50 of 71
Trade Barriers
Anything that limits the free movement of goods and services between countries
51 of 71
Lean Production
A collective term that relates to working practices derived from Japan that focus on cutting waste whilst maintaining, or improving quality
52 of 71
Time Based Management
The effective management of resources to ensure that unproductive time is eliminated from the production process
53 of 71
JIT
A technique used to minimise stock holdings at each stage of the production process
54 of 71
Kaizen
A system that concentrates on small, but frequent, improvements in every aspect of the production process
55 of 71
Critical Path Analysis
A technique used to identify the order in which all tasks need to be completed when planning a complex project
56 of 71
Float Time
The amount of extra time available to complete a non-critical activity without delaying the whole project
57 of 71
HR Objectives
The targets that the HR function of a business wants to achieve in a given time period
58 of 71
HR Strategies
The overall way in which a business treats its staff
59 of 71
Soft HRM
The workforce is treated as an asset to the business that can contribute and help the business achieve its objectives
60 of 71
Hard HRM
The workforce is treated as a resource that must be managed in order for the business to control costs and outputs
61 of 71
Workforce Plan
A detailed plan of the strategies that teh HR department will undertake to ensure that future workforce needs are met
62 of 71
Hierarchical Structure
A formal structure with clear levels of authority and channels of communication
63 of 71
Matrix Structure
A dynamic structure with project teams comprising of people from different functions and different levels
64 of 71
Informal
There is no clear hierarchical structure, creativity and an enterprising culture is promoted
65 of 71
Employee Representation
Giving a voice to employees through a recognised body that represents them
66 of 71
Works Council
A group made up of managers and representative employees who meet regularly to discuss issues relating to the business and specifically issues affecting the workforce
67 of 71
Trade Unions
National organisation with a remit to protect its member and improve their economic and working conditions
68 of 71
Industrial Dispute
When there is a disagreement between the employer and the employee/employee representative
69 of 71
Industrial Action
When the employees take actions to try and impose pressure on the employer
70 of 71
ACAS
An independent body that can be called in to help or resolve disputes by helping both parties work together
71 of 71

Other cards in this set

Card 2

Front

The medium to long term goals of the functions within a business which contribute towards achieving corporate objectives

Back

Functional Objectives

Card 3

Front

The monetary targets a businss wants to achieve in a given time period

Back

Preview of the back of card 3

Card 4

Front

Objectives designed to achieve a specific net cash balance at the end of the month, year or specific trading period

Back

Preview of the back of card 4

Card 5

Front

Objectives focussed on actions that can be taken to minimise fixed and/or variable costs

Back

Preview of the back of card 5
View more cards

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all Key Terms resources »