Busines "s" Terms

Front 1

salary

Back 1

annual income that is usually paid on a monthly basis

Front 2

sales forecasting

Back 2

predicting future sales levels and sales trends

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sales promotion

Back 3

incentives such as special offers or special deals directed at consumers or retailers to achieve short term sales increases and repeat purchases by consumers

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sales revenue (or sales turnover)

Back 4

the total value of sales made during the trading period = selling price x quantity sold

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sample

Back 5

group of people taking part in a market research survey selected to be representative of the target market overall

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sampling error

Back 6

errors in research caused by using a sample for data collection rather than the whole target population

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scale of operation

Back 7

the maximum output that can be achieved using the available inputs (resources) -- this scale can only be increased in the long term by employing more of all inputs

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scientific decision making

Back 8

involves basing decisions on a formal framework and a data analysis of both the problem and the options available

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seasonal variations

Back 9

regular and repeated variations that occur in sales data within a period of 12 months or less

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secondary research

Back 10

collection of data from second-hand sources

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secondary sector business activity

Back 11

firms that manufacture and process products from natural resources, including computers, brewing, baking, clothing, and construction

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self-actualization

Back 12

a sense of self fulfillment reached by feeling enriched and developed by what one has learned and achieved

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semi-variable costs

Back 13

costs that have both a fixed and a variable cost element

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share

Back 14

a certificate confirming part ownership of a company and entitling the shareholder to dividends and certain shareholder rights

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share capital

Back 15

the total value of capital raised from shareholders by the issue of shares

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share price

Back 16

the quoted price of one share on the stock exchange

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shareholder

Back 17

a person or institution owning shares in a limited company

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shareholders' equity

Back 18

total value of assets minus total value of liabilities

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single-union agreement

Back 19

an employer recognizes just one union for purposes of collective bargaining

Front 20

situational leadership

Back 20

effective leadership varies with the task in hand and situational leaders adapt their leadership style to each situation

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snowball sampling

Back 21

using existing members of a sample study group to recruit further participants through their acquaintances

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social audit

Back 22

an independent report on the impact a business has on society. This can cover pollution levels, health and safety record, sources of supplies, customer satisfaction and contribution to the community

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social enterprise

Back 23

a business with mainly social objectives that reinvests most of its profits into benefiting society rather than maximizing returns to owners

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social (societal) marketing

Back 24

this approach considers not only the demands of consumers but also the effects on all members of the public (society) involved in some way when firms meet these demands

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sole trader

Back 25

a business in which one person provides the permanent finance and, in return, has full control of the business and is able to keep all the profits

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span of control

Back 26

the number of subordinates reporting directly to a manager

Front 27

staff appraisal

Back 27

the process of assessing the effectiveness of an employee judged against pre-set objectives

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stakeholder concept

Back 28

the view that businesses and their managers have responsibilities to a wide range of groups, not just shareholders

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stakeholders

Back 29

people or groups of people who can be affected by, and therefore have an interest in, any action by an organization

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start-up capital

Back 30

capital needed by an entrepreneur to set up a business

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stock (inventory)

Back 31

materials and goods required to allow for the production of and supply of products to the customer

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straight-line depreciation

Back 32

a constant amount of depreciation is subtracted from the value of the asset each year

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strategic alliances

Back 33

agreements between firms in which each agrees to commit resources to achieve an agreed set of objectives

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strategic analysis

Back 34

the process of conducting research on the business environment within which a business operates and on the organization itself in order to develop strategy

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strategic choice

Back 35

identifying strategic options , evaluating them and then choosing between them

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strategic implementation

Back 36

the process of allocating and controlling resources to support the chosen strategies

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strategic management

Back 37

the role of management when setting long-term goals and implementing cross-functional decisions that should enable a business to reach these goals

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stratified sampling

Back 38

this draws a sample from a specified sub-group or segment of the population and uses random sampling to select an appropriate number from each stratum

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supple chain management (SCM)

Back 39

managing the network of businesses that are involved in the provision of products to the final consumers

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SWOT analysis

Back 40

a form of strategic analysis that identifies and analyses the main internal strengths and weaknesses and external opportunities and threats that will influence the future direction and success of a business