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31 Cards in this Set
- Front
- Back
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What is the calculation for Labour Productivity? |
Total output in a given period/ number of employees |
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What is the calculation for Advertising elasticity of demand? |
%change in quantity demanded/ %change in advertising expenditure |
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What is the calculation for cross-price elasticity of demand? |
%change in quantity demanded of A/ %change in price of B |
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What is the calculation for income elasticity of demand? |
%change in quantity demanded/ %change in income |
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What is the calculation for Price elasticity of demand? |
%change in quantity demanded/ %change in price |
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What is the calculation for health and safety? |
number of working days lost per annum for H&S reasons X100 / Total number of possible working days |
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What is the calculation for Absenteeism? |
number of staff absent X100 / total number of staff |
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What is the calculation for turnover? |
number of staff leaving during the year X100 / average number of staff |
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What is the calculation for return on capital? |
net profit X100 / capital invested |
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How do you calculate (net) profit margin? |
net profit X100 / sales revenue |
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What is variance analysis? |
the process of investigating any differences between forecast data and actual figures |
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What is cash flow? |
the movement of cash into out of the business over a period of time |
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What is trade credit? |
offered when purchasers are allowed a period of time to pay for products they have brought |
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What is an overdraft? |
a flexible loan on which a business can draw as necessary up to an agreed limit |
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What is net profit margin? |
the ratio that expresses a business's profit after the deduction of all costs, as a % of sales income |
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What is labour productivity? |
measures the relationship between the amount of labour used in production and quantity of outputs of goods or services |
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What is labour turnover? |
% of a business's employees who leave the business over a period of time |
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What is absenteeism? |
when an employee is not present at his or her place of work |
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What is productivity? |
measures the relationship between the resources put into an activity and the resulting output |
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What is division of Labour? |
the breaking down of production into a series of small tasks carried out repetitively by relatively unskilled employees |
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What are fringe benefits? |
rewards received by employees in addition to their wages or salary |
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What is variable pay? |
a flexible form of performance related pay that offers employees a highly individual pay system related to their performance at work |
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What is marketing? |
the process of identifying, anticipating and satisfying the needs or customers in a mutually beneficial exchange process |
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What is the marketing mix? |
the combination of elements that influence a customer's decision whether or not to buy a product |
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What is capacity utilisation? |
measures the existing output as a % of the maximum possible output |
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What is the Boston Matrix? |
a method of product analysis that examines the product of a business in terms of there market share and there market growth |
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What is the price elasticity of demand |
measures the extent to which the quantity demanded changes in relation to a change in price |
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What is penetration pricing? |
is a pricing strategy aimed at gaining market share via a low entry price |
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What is price skimming? |
occurs when a high initial price is set for a product and this is reduced over time |
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What is price inelastic demand? |
mean that the impact of a change in price leads to a smaller change in the quantity demanded |
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What is a marketing expenditure budget? |
the amount of money business allocates to spend on marketing activities such as promotion |
