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29 Cards in this Set

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Adverse Variance



A difference between actual and budgeted amounts - which is bad news

Assessment Centres

Where a recruiting firm runs a series of extended selection processes

Boston Matrix

A model which analysis the product portfolio

Direct Selling

A method of distribution, which involves a business transacting with a customer without the use of third parties

Distribution Channel

How a business gets its end product to the customer

Favourable Variance

A difference between actual and budgeted amounts which is good news.

Job Enlargement

Giving employees more tasks at the same level of difficulty

Labour Productivity

The output produced by an employee in a set time period.

Loss Leaders

Where the price is deliberately set below the production cost in order to attract customers

Marketing MIx

The set of marketing tools a firm uses to pursue its marketing objectives.

Net Profit

Profit that remains once all operating costs are taken away from it. Usually does not include tax.

Net Profit Margin

Net profit divided by sales revenue

Payment Terms

Period of time that a supplier allows for an invoice to be setlled.

Penetration Pricing

Setting of lower rather than higher prices in order to achieve larger market share

Price Leader

Market leader whose prices are followed by there rivals

Product Skimming

A price strategy where higher prices are set for a new product.

Price Taker

A business that has no option in setting price, and has to follow the market leader.

Price Strategies

Long term approach to pricing

Price Tactics

Short term approach to pricing.

Product Portfolio

The collection of products owned by a firm.

Promotional Mix

Approaches taken to promote a product.

Public Relations

Promotion of a business through advertisement and the news.

Rationalisation

Reorganising production to improve efficiency

Return on capital

Net profit divided by capital invested.

Sales & Leaseback

Sale of a major asset, then leasing (renting) it back.

Span Of Control

Amount of employees that are directly supervised by a manager.

Sub-Contractiong

Delegating certain production to a different firm.

TQM


Total Quality Management

USP

Unique Selling Point.