- Created by: Soph
- Created on: 28-05-13 12:59
The proportion of employees who are not present at work over a given period of time
1 of 96
A strongly motivated and long standing decision to purchase a particular product or service
2 of 96
A detailed plan of income and expenses over a certain period of time. For a start up it will usually cover the first year
3 of 96
Specific targets that a business will set and aim to achieve
4 of 96
Capacity refers to the total potential production output, measure over a period of time
5 of 96
From the Boston matrix, low growth business or products with a relatively high market share
6 of 96
The movement of cash into and out of a business/a projection, usually by week or month of the likely movements of cash
7 of 96
Chain of command
Describes the line of authority in an organisation, who reports to whom
8 of 96
Payments to a sales person for selling goods and services
9 of 96
The ability of an organisation to operate effectively within its market.
10 of 96
Cost plus pricing
Price is set by calculating full costs of a product and adding a profit margin
11 of 96
The management of debtors to ensure credit sales are paid when payment falls due
12 of 96
Responsibility to make decisions or carry out a specific role is passed down to a colleague
13 of 96
The amount of a product or service that customers are willing and able to pay at a given time.
14 of 96
A method of dividing up market segments based on factors such as age, income and family status,
15 of 96
The method used to get the product to the consumer
16 of 96
Division of Labour
The specialisation of employees on particular tasks and roles, intended to increase productivity
17 of 96
A product that has a low share of a declining market
18 of 96
Measures how much output is being produced per unit of ouput
19 of 96
A services that recruits employees on behalf of a business
20 of 96
A legally bound document that sets out the employees rights and responsibilities
21 of 96
Delegating power to employees so they can make their own decisions
22 of 96
Where a business has production capacity that is more than demand
23 of 96
A source of finance a business receives a proportion of the amount owned by trade debtors from a specialist finance provider
24 of 96
Factors of production
Land, labour, capital and entrepreneurship that are combined to create outputs from the production process
25 of 96
Costs that do not vary with output
26 of 96
Where a business uses a number of different working practices in order to suit the job in hand and the needs of the employees
27 of 96
A group of people who are bought together to informally discuss market research questions
28 of 96
Compensation or other benefits for employees that isn't cash, e.g. staff discounts
29 of 96
A method of Segmenting the market on the basis of different geographic units or ares
30 of 96
A price set largely based on competitor pricing
31 of 96
Profit made from sales after the costs of producing the goods or services into account
32 of 96
The structure and number of layers and management and supervision in an organisation
33 of 96
Job factors that can cause dissatisfaction if missing, but if implemented doesn't necessarily motivate employees
34 of 96
Training that is aimed at introducing new employees to a business and its procedures
35 of 96
The system of transport links, communication and other services that a business needs to operate efficiently in a location
36 of 96
Increasing the task range of an employee, reducing boredom and increasing motivation
37 of 96
This is the process of improving work processes; it is an attempt to motivate employees by giving them the opportunity to use a range of their abilities
38 of 96
Employees move between two or more different jobs over a period of time
39 of 96
The feeling of employees regarding the likeliness of them having the same job in the future.
40 of 96
Flexible working where two or more workers share a specific role
41 of 96
Just in time
Where inputs into the production process arrive just as they are needed
42 of 96
n advertised product sold at below cost in an attempt to attract customers who will buy other, more profitable items
43 of 96
An increase in the demand for a particular product or service over time. Market growth can be slow if consumers do not adopt a high demand or rapid if consumers find the product or service useful for the price level. Read more: http://www.businessdi
44 of 96
A study of various market conditions that is plotted on a map to identify trends and corresponding variables between consumers and products. Read more: http://www.businessdictionary.com/definition/market-mapping.html#ixzz2UaNuqMnl
45 of 96
The process of gathering, analyzing and interpreting information about a market
46 of 96
The process of defining and subdividing a large homogenous market into clearly identifiable segments having similar needs, wants, or demand characteristics.
47 of 96
A percentage of total sales volume in a market captured by a brand, product, or company. Read more: http://www.businessdictionary.com/definition/market-share.html#ixzz2UaOJpNPh
48 of 96
The number of individuals in a certain market who are potential buyers and/or sellers of a product or service.
49 of 96
Marketing is based on thinking about the business in terms of customer needs and their satisfaction.
50 of 96
An attempt to appeal to an entire market
51 of 96
Market situation where one business controls supply of a good or service, and where there is little competition
52 of 96
The marketplace for goods and services operating within the borders of a particular country
53 of 96
the amount by which income from sales is larger than all expenditure/Net profit margin is the percentage of revenue remaining after all operating expenses, interest, taxes and preferred stock dividends have been deducted
54 of 96
Concentrating all marketing efforts on a small but specific and well defined segment of the population. Niches do not 'exist' but are 'created' by identifying needs, wants, and requirements Read more: http://www.businessdictionary.com/definition/nic
55 of 96
An oligopoly is a market structure in which a few firms dominate. When a market is shared between a few firms, it is said to be highly concentrated.
56 of 96
The cost of an alternative that must be forgone in order to pursue a certain action
57 of 96
Assessing how effectively an employee is working
58 of 96
Economies of scale:
The reasons why average costs of each item fall as a firm expands.
59 of 96
The internal links between managers and workers showing lines of authority.
60 of 96
Using other businesses to make all or part of a product or provide an aspect of customer care.
61 of 96
Setting a price at a low level to gain greater market share.
62 of 96
Price skimming: .
Setting a price at a high level to create a high-quality and exclusive image
63 of 96
Product life cycle:
The lifespan of a product, recorded in sales from launch to being taken off the market.
64 of 96
Product portfolio/product mix: .
The range of products sold by a business
65 of 96
All the ways a business communicates to consumers with the aim of selling products.
66 of 96
The combination of promotion methods used by a business.
67 of 96
Setting and trying to meet quality standards throughout the business.
68 of 96
Goods or services that meets customers’ expectations and is therefore ‘fit for purpose’.
69 of 96
Attracting people to apply for a job vacancy.
70 of 96
Sale and leaseback:
Selling an asset, such as a building, to a leasing company and paying an annual leasing charge so that the asset can still be used.
71 of 96
Span of control:
The number of junior employees each manager is directly responsible for.
72 of 96
The group of consumers aimed at by the business.
73 of 96
A planned mix of the controllable elements of a product's marketing plan commonly termed as 4Ps
74 of 96
a product with a low market share but high growth potential. Problem children often have good long-term prospects, but high levels of investment
75 of 96
Middleman or distributor that buys in bulk, holds stocks and sells mainly to retailers not consumers.
76 of 96
Total Quality Management (TQM): .
An approach to quality that aims to involve all employees in the quality improvement process
77 of 96
The difference between an expected and actual result, such as between a budget and actual expenditure
78 of 96
Performance Related Pay
Performance-related pay is a financial reward to employees whose work is: • Considered to have reached a required standard, and/or • Is above average
79 of 96
An analysis of elements of a company's product mix to determine the optimum allocation of its resources.
80 of 96
a firm that uses its dominant position in a market to establish a price which other firms have to follow
81 of 96
small trader on a market, whose actions will have no effect on the market as a whole and who trades at prices determined by the market
82 of 96
Price Elasticity of Demand
a situation in which a change in price has the effect of causing a bigger change in demand
83 of 96
the process of ensuring that a product has some unique features that distinguish it from competing ones
84 of 96
The act of introducing a product with which the company is familiar, but that has features that consumers are not yet aware of. Read more: http://www.businessdictionary.com/definition/product-extension.html#ixzz2UaVObGds
85 of 96
the amount of profit made, shown as a percentage of costs or sales revenue
86 of 96
research based on finding the opinions and attitudes of respondents rather than any scientifically measurable data
87 of 96
research based on measurable data gathered by sampling
88 of 96
the system of procedures used in checking that the quality of a product is good
89 of 96
selling goods direct to the public
90 of 96
Return on Capital
A return from an investment that is not considered income. The return of capital is when some or all of the money an investor has in an investment is paid back to him or her, thus decreasing the value of the investment.
91 of 96
a person or company that provides goods, services or equipment
92 of 96
the provision of goods or services to another company with an agreement to invoice them later, which is a major source of capital for many businesses
93 of 96
a particular name, design, etc., which has been registered by the manufacturer and which cannot be used by other manufacturers
94 of 96
a special quality of a product which makes it different from other goods and is used as a key theme in advertising
95 of 96
Expenditure incurred in producing one unit of a good or service,
96 of 96
Other cards in this set
A strongly motivated and long standing decision to purchase a particular product or service
Similar Business Studies resources: