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33 Cards in this Set

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  • Back

Adverse Variance

A difference between actual and budgeted amounts which is bad news

Advertising

Paid-for communication, aimed at informing or persuading

Assessment centres

Where a recruiting firm runs a series of extended selection procedures, each lasting one or two days or sometimes longer

Automation

The replacement of workers with machines to perform task in production

Boston matrix

A model which analyses the product portfolio of a business into four categories

Branding

The use of a trade name, symbol, logo or other device to differentiate a product or service

Budget

A detailed plan of income and expenses expected over a period of time

Business to business

Selling of products or services by one business directly to another

Capacity utiliasation

The proportion of total capacity that is used

Communication

The process of exchanging information or ideas between individuals and groups

Competition

The businesses that compete for a share of the market

Competitiveness

The ability of a business to offer a better product than competitors

Cost reduction

Actions taken BT a business aimed at reducing total costs or lowering average unit costs

Customer expectations

What customers expect to receive as a result of buy a good or service; influenced by perceptions of factors such as quality and price

Customer service

The ways in which a business meets the needs and wants of its customers

Delegation

Where responsibility for carrying out a task or role is passed onto someone else in the business

Direct selling

A method of distribution which involves a business transacting with a customer without the use of intermediaries

Distribution channel

How a business gets its products to the end consumer

Empowerment

Delegating power to employees so that they can make their own decisions

External recruitment

Where candidates for a job vacancy come from outside the organisation

Factoring

A source of finance where a business receives a proportion of the amount owned by trade debtors from a specialist finance provider

Favourable variance

A difference between between actual and budgeted results which is good news

Flexible working

Where a business uses a number of different working practices in order to suit the job in hand and the needs of employees

Hierarchy

The structure and number of layers of management in an organisation

Induction training

Training aimed at introducing new employees to a business and its procedures

Interview

Part of the recruitment process where a candidate is met face-face

Job description

A summary of the main duties and responsibilities of a job

Job design

The way in which are combined to form a job

Job enlargement

Giving employees more tasks of a similar level of complexity, expands the number of tasks completed by an employee

Job enrichment

Making a job more interesting or varied so it is more rewarding

Labour productivity

The output per employee over a given time period

Loss leader

Where a price is set deliberately below the cost of production to attract customers who will buy other more profitable products

Marketing mix

The set of marketing tools that firm use to pursue its marketing objectives