USING MACHINERY OR ROBITICS INSTEAD OF USING PEOPLE TO DO THEM
2 of 20
PROFIT MARGIN
THE PROPORTION OF REVENUE LEFT OVER AFTER COSTS HAVE BEEN DEDUCTED
3 of 20
ECONOMIES OF SCALE
A SITUATION WHERE AVERAGE COSTS (OF PRODUCTION, DISTRIBUTION AND SALES, FOR EXAMPLE) FALL AS A BUSINESS INCREASES THE AMOUNT OF PRODUCT THAT IT PRODUCES, DISTRIBUTES AND SELLS
4 of 20
DOWNTIME
TIME WHEN A PERSON OR MACHINE IS NOT PRODUCING ANYTHING
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STANDARDISED
WHEN EVERY EXAMPLE OF A PRODUCT IS EXACTLY, THE SAME AS THE OTHERS
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COST PER UNIT
HOW MUCH IT COSTS TO MAKE EACH PRODUCT OR SERVICE, TAKING INTO CONSIDERATION ALL OF THE VARIABLES
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SUPPLY CHAIN MANAGEMENT (SCM)
THE MANAGEMENT OF THE FLOW OF GOODS AND RESOURCES THROUGH THE PRODUCTION PRODUCTION PROCESS
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PROCUREMENT
THE PROCESS OF MANAGING A BUSINESS' MAJOR PURCHASES, FROM RAW MATERIALS TO DELIVERY VANS
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VARIABLE COSTS
COST PAID BY A BUSINESS THAT CHANGE DEPENDING ON HOW MANY PRODUCTS OR SERVICES THE BUSIENSS SELLS
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FLUCTUATE
RISE AND FALL IN NUMBER OR AMOUNT
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QUALITY MARK
A STANDARD OF QUALITY GIVEN TO A BUSINESS THAT IS ACCREDITED BY A PROFESSIONAL BODY
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COMPETITIVE ADVANTAGE
AN ADVANTAGE A BUSINESS HAS OVER ITS RIVALS THAT IS UNIQUE AND SUSTAINABLE
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E-TAILING
RETAILING TO CUSTOMERS THROUGH THE INTERNET, SUCH AS THROUGH AN E-COMMERCE WEBSITE
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RETAILING
SELLING PRODUCRS OR SERVICES TO CUSTOMERS - IN THIS CASE, IN A PHYSICAL SHOP
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TRANSACTION
THE ACT OF BUYING OR SELLING SOMETHING
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QUANTITATIVE
CONCERNING THE QUANTITY OR AMOUNT OF SOMETHING THAT CAN BE MEASURED IN NUMBERS
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METRIC
A STANDARD OF MEASUREMENT
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QUALITATIVE
CONCERNING THE QUALITY OF SOMETHING THAT CANNOT BE MEASURED IN NUMBERS
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DIFFERENTIATE
SHOW THAT SOMETHING (IN THE CASE, A PRODUCT) IS DIFFERENT FROM SIMILAR THINGS
20 of 20
Other cards in this set
Card 2
Front
USING MACHINERY OR ROBITICS INSTEAD OF USING PEOPLE TO DO THEM
Back
AUTOMATION
Card 3
Front
THE PROPORTION OF REVENUE LEFT OVER AFTER COSTS HAVE BEEN DEDUCTED
Back
Card 4
Front
A SITUATION WHERE AVERAGE COSTS (OF PRODUCTION, DISTRIBUTION AND SALES, FOR EXAMPLE) FALL AS A BUSINESS INCREASES THE AMOUNT OF PRODUCT THAT IT PRODUCES, DISTRIBUTES AND SELLS
Back
Card 5
Front
TIME WHEN A PERSON OR MACHINE IS NOT PRODUCING ANYTHING
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