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33 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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Advertising |
Paid-for communication, aimed at informing or persuading |
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Assessment centres |
Where a recruiting firm runs a series of extended selection procedures, each lasting one or two days or sometimes longer |
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Automation |
The replacement of workers with machines to perform task in production |
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Boston matrix |
A model which analyses the product portfolio of a business into four categories |
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Branding |
The use of a trade name, symbol, logo or other device to differentiate a product or service |
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Budget |
A detailed plan of income and expenses expected over a period of time |
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Business to business |
Selling of products or services by one business directly to another |
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Capacity utiliasation |
The proportion of total capacity that is used |
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Communication |
The process of exchanging information or ideas between individuals and groups |
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Competition |
The businesses that compete for a share of the market |
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Competitiveness |
The ability of a business to offer a better product than competitors |
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Cost reduction |
Actions taken BT a business aimed at reducing total costs or lowering average unit costs |
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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 |
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Customer service |
The ways in which a business meets the needs and wants of its customers |
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Delegation |
Where responsibility for carrying out a task or role is passed onto someone else in the business |
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Direct selling |
A method of distribution which involves a business transacting with a customer without the use of intermediaries |
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Distribution channel |
How a business gets its products to the end consumer |
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Empowerment |
Delegating power to employees so that they can make their own decisions |
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External recruitment |
Where candidates for a job vacancy come from outside the organisation |
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Factoring |
A source of finance where a business receives a proportion of the amount owned by trade debtors from a specialist finance provider |
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Favourable variance |
A difference between between actual and budgeted results which is good news |
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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 |
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Hierarchy |
The structure and number of layers of management in an organisation |
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Induction training |
Training aimed at introducing new employees to a business and its procedures |
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Interview |
Part of the recruitment process where a candidate is met face-face |
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Job description |
A summary of the main duties and responsibilities of a job |
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Job design |
The way in which are combined to form a job |
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Job enlargement |
Giving employees more tasks of a similar level of complexity, expands the number of tasks completed by an employee |
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Job enrichment |
Making a job more interesting or varied so it is more rewarding |
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Labour productivity |
The output per employee over a given time period |
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Loss leader |
Where a price is set deliberately below the cost of production to attract customers who will buy other more profitable products |
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Marketing mix |
The set of marketing tools that firm use to pursue its marketing objectives |
