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61 Cards in this Set
- Front
- Back
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Adverse variance |
A difference between actual and budgeted amounts which is hight than expected |
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Advertisement |
Paid-for communication designed to persuade customers to buy products |
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Automation |
The replacement of workers in order to complete a task |
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Boston Matrix |
Analyses a product portfolio into categories (star, cash cow, question mark, dog) |
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Branding |
The use of a name, symbol or logo which differentiates a product or service |
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Capacity Utilisation |
The proportion of total capacity that is being used |
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Communication |
Exchanging information or ideas between individuals or groups |
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Competition |
The businesses that compete for a share of the market |
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Cost Reduction |
Actions aimed at reducing total costs or lowering average unit costs |
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Customer Service |
The way a business interacts with its customers |
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Delegation |
Where the responsibility of a task is passed onto someone else in the business |
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Direct selling |
Where a business trades with a customer without the use of third party (e.g retailer) |
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Distribution channel |
How a business gets its products to the consumer (with/without the use of a third party) |
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Empowerment |
Delegating power to employees so they can make their own decisions |
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Factoring |
A source of finance where a business receives a proportion of the amount owned by trade debtors from a special finance-provider |
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Favourable variance |
A difference between actual and budgeted amounts which is lower than expected |
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Flexible working |
Different working practises which 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 a business |
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Interview |
Part of the recruitment process where a candidate is met face to face |
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Job description |
A summery of the main duties and responsibilities of a job |
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Job design |
The way in which tasks are combined to form a job |
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Job enlargement |
Giving employees more tasks of similar complexity |
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Job enrichment |
Makes jobs more interesting or varied so they are more rewarding |
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Loss-leader |
Where a price is set deliberately low below costs in order to attract customers |
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Marketing mix |
The set of marketing tools that businesses use to pursue marketing objectives |
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Merchandise |
Promotion of a product at the point of sale usually in a retail environment |
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Net profit |
Profit that remains after all operating costs are taken away from sales revenue. Net profit is usually stated before any deductions of tax |
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Net profit margin |
A measure of profitability (net profit/sales revenue) |
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Organisational structure |
The way roles and responsibilities are structured |
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Payment terms |
The period of time that a supplier allows for an invoice to be settled |
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Penetration pricing |
Setting low prices to achieve high market share |
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Person specification |
A description which identifies the skills and experiences that are likely to be held by a successful applicant for a job vacancy |
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Price leader |
A business whose prices are follower by rivals |
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Price skimming |
A strategy where high prices are charged for new products in order to take advantage of customers prepared to pay for it |
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Price taker |
A business that has no option but to charge the leading market price |
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Pricing strategies |
The overall strategic approach to pricing over the medium-long term |
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Pricing tactics |
Short-term pricing decisions and approaches |
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Product lifecycle |
A theory which predicts the stages a product goes through from the introduction to withdrawal from a market |
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Product portfolio |
The collection of products and brands owned by a business |
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Profitability |
The ability of a business to generate profits from its activities |
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Promotional mix |
The approaches used to promote a product (advertising, direct selling) |
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Psychological mix |
Using price as a way of influencing a consumers behaviour or perceptions (eg using high prices to reinforce quality image) |
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Public relations |
The promotion of a business through new stories, sponsorship etc |
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Quality |
Where a product meets a customers requirements |
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Quality assurance |
Organising every process to get the product 'right first time' and prevent mistakes |
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Quality control |
Inspection of products to ensure adequate production standards have been achieved |
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Rationalisation |
Cutting prices in order to increase productivity and efficiency |
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Return on capital |
A measure of the return made by investing in a business or business project ((net profit/capital invested)) |
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Sale and leaseback |
A method of raising finance involving a business selling major assets and then leasing the same asset back from the new owner |
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Sales promotion |
Point of sale material or other incentives designed to simulate purchases |
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Selection |
Deciding which applicant a business should accept for a job |
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Span of control |
The number of employees who're directly under the supervision of one manager |
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Spare capacity |
When a business is able to produce more with existing resources (excess capacity) |
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Stock control |
The process and controls used by a business to ensure that it has sufficient (but not too much) stock for its purposes |
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Stocks |
Raw materials goods held for resale. Stocks are also referred to as 'inventories' |
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Supplier |
A business which provides goods or services to a customer or consumer |
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Total quality control management |
Attitudes to quality where the aims are zero defects and total customer satisfaction |
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Unit costs |
The average production cost per unit |
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Variance |
A feature of a product that makes it stand out from competition |
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Workforce roll |
The tasks involved in a particular level or type of job |
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Workload |
The amount of work assigned to a particular worker |
