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61 Cards in this Set

  • Front
  • Back

Adverse variance

A difference between actual and budgeted amounts which is hight than expected


Paid-for communication designed to persuade customers to buy products


The replacement of workers in order to complete a task

Boston Matrix

Analyses a product portfolio into categories (star, cash cow, question mark, dog)


The use of a name, symbol or logo which differentiates a product or service

Capacity Utilisation

The proportion of total capacity that is being used


Exchanging information or ideas between individuals or groups


The businesses that compete for a share of the market

Cost Reduction

Actions aimed at reducing total costs or lowering average unit costs

Customer Service

The way a business interacts with its customers


Where the responsibility of a task is passed onto someone else in the business

Direct selling

Where a business trades with a customer without the use of third party (e.g retailer)

Distribution channel

How a business gets its products to the consumer (with/without the use of a third party)


Delegating power to employees so they can make their own decisions


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

Favourable variance

A difference between actual and budgeted amounts which is lower than expected

Flexible working

Different working practises which suit the job in hand and the needs of employees


The structure and number of layers of management and supervision in a business


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

Job description

A summery of the main duties and responsibilities of a job

Job design

The way in which tasks are combined to form a job

Job enlargement

Giving employees more tasks of similar complexity

Job enrichment

Makes jobs more interesting or varied so they are more rewarding


Where a price is set deliberately low below costs in order to attract customers

Marketing mix

The set of marketing tools that businesses use to pursue marketing objectives


Promotion of a product at the point of sale usually in a retail environment

Net profit

Profit that remains after all operating costs are taken away from sales revenue. Net profit is usually stated before any deductions of tax

Net profit margin

A measure of profitability (net profit/sales revenue)

Organisational structure

The way roles and responsibilities are structured

Payment terms

The period of time that a supplier allows for an invoice to be settled

Penetration pricing

Setting low prices to achieve high market share

Person specification

A description which identifies the skills and experiences that are likely to be held by a successful applicant for a job vacancy

Price leader

A business whose prices are follower by rivals

Price skimming

A strategy where high prices are charged for new products in order to take advantage of customers prepared to pay for it

Price taker

A business that has no option but to charge the leading market price

Pricing strategies

The overall strategic approach to pricing over the medium-long term

Pricing tactics

Short-term pricing decisions and approaches

Product lifecycle

A theory which predicts the stages a product goes through from the introduction to withdrawal from a market

Product portfolio

The collection of products and brands owned by a business


The ability of a business to generate profits from its activities

Promotional mix

The approaches used to promote a product (advertising, direct selling)

Psychological mix

Using price as a way of influencing a consumers behaviour or perceptions (eg using high prices to reinforce quality image)

Public relations

The promotion of a business through new stories, sponsorship etc


Where a product meets a customers requirements

Quality assurance

Organising every process to get the product 'right first time' and prevent mistakes

Quality control

Inspection of products to ensure adequate production standards have been achieved


Cutting prices in order to increase productivity and efficiency

Return on capital

A measure of the return made by investing in a business or business project ((net profit/capital invested))

Sale and leaseback

A method of raising finance involving a business selling major assets and then leasing the same asset back from the new owner

Sales promotion

Point of sale material or other incentives designed to simulate purchases


Deciding which applicant a business should accept for a job

Span of control

The number of employees who're directly under the supervision of one manager

Spare capacity

When a business is able to produce more with existing resources (excess capacity)

Stock control

The process and controls used by a business to ensure that it has sufficient (but not too much) stock for its purposes


Raw materials goods held for resale. Stocks are also referred to as 'inventories'


A business which provides goods or services to a customer or consumer

Total quality control management

Attitudes to quality where the aims are zero defects and total customer satisfaction

Unit costs

The average production cost per unit


A feature of a product that makes it stand out from competition

Workforce roll

The tasks involved in a particular level or type of job


The amount of work assigned to a particular worker