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29 Cards in this Set
- Front
- Back
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Adverse Variance |
A difference between actual and budgeted amounts - which is bad news |
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Assessment Centres |
Where a recruiting firm runs a series of extended selection processes
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Boston Matrix |
A model which analysis the product portfolio
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Direct Selling |
A method of distribution, which involves a business transacting with a customer without the use of third parties
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Distribution Channel |
How a business gets its end product to the customer
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Favourable Variance |
A difference between actual and budgeted amounts which is good news.
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Job Enlargement |
Giving employees more tasks at the same level of difficulty
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Labour Productivity |
The output produced by an employee in a set time period.
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Loss Leaders |
Where the price is deliberately set below the production cost in order to attract customers
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Marketing MIx |
The set of marketing tools a firm uses to pursue its marketing objectives. |
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Net Profit |
Profit that remains once all operating costs are taken away from it. Usually does not include tax. |
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Net Profit Margin |
Net profit divided by sales revenue |
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Payment Terms |
Period of time that a supplier allows for an invoice to be setlled. |
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Penetration Pricing |
Setting of lower rather than higher prices in order to achieve larger market share |
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Price Leader |
Market leader whose prices are followed by there rivals
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Product Skimming |
A price strategy where higher prices are set for a new product.
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Price Taker |
A business that has no option in setting price, and has to follow the market leader.
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Price Strategies |
Long term approach to pricing
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Price Tactics |
Short term approach to pricing.
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Product Portfolio |
The collection of products owned by a firm.
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Promotional Mix |
Approaches taken to promote a product.
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Public Relations |
Promotion of a business through advertisement and the news.
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Rationalisation |
Reorganising production to improve efficiency
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Return on capital |
Net profit divided by capital invested. |
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Sales & Leaseback |
Sale of a major asset, then leasing (renting) it back.
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Span Of Control |
Amount of employees that are directly supervised by a manager. |
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Sub-Contractiong |
Delegating certain production to a different firm.
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TQM
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Total Quality Management |
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USP |
Unique Selling Point. |
