KEY TERMS

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CUSTOMER SERVICE
providing services to customers before,during and after purchase, standards that meet their expectations
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CONSUMER PROTECTION
laws that protect the interests of consumers when buying goods or services
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COMPUTERISED STOCK-CONTROL PROGRAMS
the use of computers to keep records of all stocks and order necessary stock automatically
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SPECIALISATION
work is divided into seperate tasks or jobs that allow workers to become skilled at one of them
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OPERATIONAL EFFICIENCY
producing goods and services to an acceptable standard with as few resources as possible to keep costs per unit low
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UNIT COSTS
the average cost of making each unit
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FRANCHISE
the legal right to use the name and logo of an existing product and sell the same products
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MARKET SHARE
the proportion of market sales sold by the business
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PRIVATE LIMITED COMPANY
are answerable to shareholders or other people to make decisions for them
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DEMAND
the quantity that consumers are willing and able to buy at a set price level
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CHANNELS OF DISTRIBUTION
the method used to transfer goods or services, from the producer to the consumer
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E-COMMERCE
transactions between people and businesses carried out entirely via internet
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Other cards in this set

Card 2

Front

laws that protect the interests of consumers when buying goods or services

Back

CONSUMER PROTECTION

Card 3

Front

the use of computers to keep records of all stocks and order necessary stock automatically

Back

Preview of the back of card 3

Card 4

Front

work is divided into seperate tasks or jobs that allow workers to become skilled at one of them

Back

Preview of the back of card 4

Card 5

Front

producing goods and services to an acceptable standard with as few resources as possible to keep costs per unit low

Back

Preview of the back of card 5
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