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65 Cards in this Set
- Front
- Back
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Boston matrix |
This allows businesses to analyse their product portfolio in terms of market shares and market growth |
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Budget |
It is a plan or target for the future and sets out the money that can be spent and how they can be financed |
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Brand |
Creates an identity for a product that identifies it to costumers and distinguishes it from competition |
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Capacity utilisation |
This measures the percentage of the theoretical maximum possible output is actually produced |
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Capital intensive |
Production uses large amounts of capital and little labour |
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Cash |
It is usually a form of money or bank deposits |
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Elasticity |
It is all about how much one variable changes in response to a change in response to a change in another related variable |
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Extensions strategy |
This is a method used to extend the maturity stage of the product life cycle |
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External recruitment |
Means that potential candidates are found from outside the organisation either by advertising or using recruitment agencies |
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Herzberg’s two factor theory |
Holds that it is not just the motivation factors such as praise and promotion that are needed, but also the absence of the other factors that would lead to dissatisfaction |
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Cash flow forecast |
It is a statement over time of the cash entering the business from its sales and cash leaving the business to pay for cost |
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Centralisation |
This refers to businesses that have a centralised structure that keeps decision making grimly at the top of the hierarchy |
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Chain of command |
The sequence of authority down which instructions are passed in an organisation |
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Consumer protection legislation |
Refers to the laws that a government passes in order to protect retail consumers from fraudulent, misleading or unsafe business practices |
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Contingency finance planning |
Working out how the business might deal with a shortage of cash |
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Corporate culture |
Covers all those attitudes, customs and expectations that influence the way decisions are made within the business |
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Decentralisation |
Moving the decision-taking process away from a central head office and spreading it throughout the organisation |
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Design mix |
Refers to the way in which function, aesthetics and economics manufacture are combined |
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Efficiency |
Means minimising costs and producing at the lowest possible average cost |
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Elasticity |
Is all about how much one variable changes in response to a change in another related variable |
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Extension strategy |
This is any method used to extend the maturity stage of the product life cycle |
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External recruitment |
The potential candidates are found from outside the business either by advertising or using recruitment agencies |
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Flexible workforce |
The business can quickly take on and adapt to new demands in a dynamic market OR the workforce is able and willing to work off or irregular hours on a full or part time basis |
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Herzberg’s two factor theory |
It is not just the motivating factors such as praise and promotion that are needed, but also the absence of other factors that would lead to dissatisfaction such as poor working conditions |
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Hierarchy |
This shows the layers of management in an organisation |
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Human relations approach |
This emphasis he importance of the ways in which people interact within a business and how they are treated. (Motivation can improve) |
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Internal recruitment |
Means that potential applicants are found within the organisation |
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Just in time (JIT) |
Is a stock control system that does away with the need to hold large quantities of inputs or finished products. Stocks arrive as and when they are needed |
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Kaizen |
It is the Japanese work for continuous improvement |
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Labour intensive |
Production uses large amounts of labour and little capital |
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Labour turnover |
This refers to the amount of staff that leave a business. They may be replaced or not |
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Lean management |
It is a term given to any system of production that tries to minimise costs during the production process |
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Marketing |
It is a process responsible for identifying, anticipating and satisfying customer requirements |
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Marketing |
It is a process responsible for identifying, anticipating and satisfying customer requirements |
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Market mix |
Refers to those elements of a firms marketing strategy that are used to meet the needs of its customers often know as the 4 p’s |
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Marketing |
It is a process responsible for identifying, anticipating and satisfying customer requirements |
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Market mix |
Refers to those elements of a firms marketing strategy that are used to meet the needs of its customers often know as the 4 p’s |
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Market objective |
Are the market goals and targets that a business is trying to achieve |
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Marketing |
It is a process responsible for identifying, anticipating and satisfying customer requirements |
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Market mix |
Refers to those elements of a firms marketing strategy that are used to meet the needs of its customers often know as the 4 p’s |
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Market objective |
Are the market goals and targets that a business is trying to achieve |
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Market strategies |
Are used in order to meet the marketing objectives set by the business long or short term |
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Marketing |
It is a process responsible for identifying, anticipating and satisfying customer requirements |
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Market mix |
Refers to those elements of a firms marketing strategy that are used to meet the needs of its customers often know as the 4 p’s |
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Market objective |
Are the market goals and targets that a business is trying to achieve |
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Market strategies |
Are used in order to meet the marketing objectives set by the business long or short term |
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Maslow’s hierarchy of needs |
Maslow believed that people had a set of needs that must be fulfilled in order for them to be motivated |
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Mass market |
A very large market with a high sales volume |
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Mass market |
A very large market with a high sales volume |
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Niche market |
Is a small part of the overall market that has certain special characteristics. They may include providing a specialised or luxury product |
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Organisational structure |
Is the framework, usually hierarchical, which shows how a business arranges it’s lines of authority and communication, and allocates responsibilities And duties |
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Organisational structure |
Is the framework, usually hierarchical, which shows how a business arranges it’s lines of authority and communication, and allocates responsibilities And duties |
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Overtrading |
Expanding too quickly which can cause cash flow problems |
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Patent |
Is a legal way of protecting a product an idea or a process |
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Patent |
Is a legal way of protecting a product an idea or a process |
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Price elasticity is demand |
This measures the responsiveness of quantity demanded to a change in price |
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Patent |
Is a legal way of protecting a product an idea or a process |
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Price elasticity is demand |
This measures the responsiveness of quantity demanded to a change in price |
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Primary research |
Gathering information first hand from an original source that has not been collected before |
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Product development lead time |
Starts from the first idea about the product, through the design and development period, to sell the final product to a customer |
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Production life cycle |
Shows the different stages a product passes through as it moves from an idea through to the end of its life |
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Productivity |
Describes how efficiently resources are actually being used |
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Productivity |
Describes how efficiently resources are actually being used |
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Profit |
It is the difference over a period of time between total revenue and goal costs |
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Product portfolio |
It is a range of products that a business produces, aka product mix |
