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BUSS 3 Key Terms

Claire Cotter Inglés 125 fichas

Fichas del conjunto (125)

  1. 1Aims/GoalsGeneral statements of what a business intends to achieve. Precise details of those intentions are set out in objectives.
  2. 2Business StrategyHow a business attempts to compete successfully in a particular market
  3. 3Corporate ObjectivesObjectives that relate to the business as a whole. Usually set up by to management.
  4. 4Corporate StrategyConcerned with the overall purpose and scope of the business activities
  5. 5Cost Leadershipa business strategy concerned with aiming to be the lowest-cost producer in an industry. Usually requires exploitation of economies of scale.
  6. 6Functional ObjectivesSet for each major business function - designed to ensure that the corporate objectives are met.
  7. 7Mission StatementA statement of the overall purpose of the business.
  8. 8Shareholder ValueWhere shareholders earn a return from their investment which is greater than their required rate of return.
  9. 9SMART ObjectivesObjectives that are more likely to be achieved because they are Specific, Measurable, Achievable, Realistic and Timed.
  10. 10Social ResponsibilityThe way in which a business meets its responsibilities to society as a key external stakeholder.
  11. 11SWOT analysisAssessment of the internal strengths and weaknesses of a business and the external opportunities and threats that the business needs to consider.
  12. 12TargetsSimilar to objectives. Targets are often set at an individual or team level.
  13. 13Acid-test RatioA liquidity ratio that looks at whether a business can pay for current liabilities out of cash and near-cash assets (ignores the value of stocks)
  14. 14Asset Turnovera ratio that calculates the relationship between revenues and the total assets employed in a business.
  15. 15AssetsAmounts owned by, or owed to a business
  16. 16Average rate of returnA measure of the total accounting return from an investment project
  17. 17Balance SheetThe financial statement that provides a snapshot of the assets and liabilities of a business at a particular date
  18. 18Capital ExpenditureExpenditure on assets which are intended to be kept in the business (e.g. IT systems, machinery) rather than sold or turned into products
  19. 19Cash Flow targetsSpecific objectives set by a business for cash-flow generated by a business
  20. 20Corporation TaxThe tax levied on the profits of companies. The % varies depending on the size of the profits earned; typically 20-30%
  21. 21Cost minimisationA strategy of achieving the most cost-effective way of delivering goods and services to the required level of quality.
  22. 22Creditor DaysA ratio that estimates the average period (in days) taken to settle amounts owed by a business to suppliers.
  23. 23Current ratioA simple and popular measure of liquidity that assess the ability of current assets (e.g. cash and stocks) to finance current liabilities (e.g. trade creditors)
  24. 24DebenturesA long-term source of finance - a debenture is a form of bond or long-term loan issued by a company
  25. 25Debtors DaysA ratio that focuses on the average time it takes for trade debtors to settle their accounts. Usually measured in days.
  26. 26DepreciationAn accounting estimate of the fall in value of a fixed asset over time
  27. 27Discount factorThe multiplication factor that converts a projected cost or benefit in a future year into its present value
  28. 28DividendAmounts paid to shareholders out of the profits earned by a company
  29. 29Dividend yieldA measure of shareholder return - calculated by comparing the dividend per share by its share price
  30. 30Fixed assetsAssets such as property, equipment and vehicles that intended to be retained and used in a business for more than one year
  31. 31gearinga ratio that focuses on the long-term financial stability and capital structure of a business. The gearing ratio measures the proportion of assets in a business that financed by borrowing.
  32. 32Going concernA business that is viable and able to continue in business for the foreseeable futrure
  33. 33GoodwillAn intangible asset that can be included in a balance sheet = the difference between the net assets of a business acquired and the price paid for the business
  34. 34Income statementA financial statement that summarises the trading results of a business over a specific period - usually one year
  35. 35Investment appraisalAnalytical techniques to help management evaluate the returns from potential investments, and to help choose between competing investments.
  36. 36LiabilitiesAmounts owed by a business to others
  37. 37LiquidityThe ability of a business to finance required payments to creditors
  38. 38Net Present ValueThe present value of a series of future net cash flows that will result from an investment, minus the amount of the original investment
  39. 39Operating profitthe profit earned by a business from its entire trading operations - stated before financing (e.g. interest) and tax
  40. 40OvertradingWhere a business suffers financial difficulties from expanding too quickly - usually suffering set-up losses and increased working capital
  41. 41payback periodThe time it takes for a project to repay its initial investment
  42. 42Profit centresA separately-identifiable part of a business for which it is possible to identify revenues and costs and calculate a relevant profit
  43. 43Profit QualityThe sustainability of profit from one period to the next. Higher quality profit is profit that is likely to be repeated rather than affected by one-off items.
  44. 44profitabilityThe amount of profit earned in a period (absolutely measure) or rate of profit earned compared with revenue (relatively measure)
  45. 45ProvisionsAmounts set aside to cover future costs or liabilities (e.g. redundancies, business closures, legal disputes)
  46. 46Ratio AnalysisInterpretation of financial performance by calculating and interpreting ratios
  47. 47Retained earningsProfits earned by a business that kept in the business rather than distributed as dividends
  48. 48Revenue ExpenditureSpending on day-to-day operation of the business - e.g. paying for materials, staff costs, management salaries, advertising
  49. 49Rights issueThe issue of new shares to existing shareholders in order to raise new finance. The new shares are usually offered at a significant amount discount to the existing share price to encourage take-up
  50. 50ROCEA measure of the % return that a business earns from the capital employed in the business. Often referred to as the "primary ratio"
  51. 51Share capitalthe amount invested into a company by shareholders
  52. 52shareholders returnThe rewards earned by shareholders = dividends paid to them + any increase in the value of their shares
  53. 53Stock turnovera liquidity ratio that looks at how often a business rotates its stock during a year
  54. 54trade creditorsamounts that a business owes to its suppliers
  55. 55trade debtorsAmounts that are owed to a business from its customers
  56. 56Working capitalThe net amount invested by a business to finance day-to-day trading: usually calculated as current assets less current liabilities
  57. 57Ansoff's MatrixA strategic model for helping a business analyse the relationship between general strategic direction and suitable marketing strategies.
  58. 58Averagea term for various measures of central tendency, including mean, mode and median
  59. 59competitive advantageSkills, competences, resources and other advantages that enable a business to out-perform its competition
  60. 60correlationA measure of how close the relationship it (positive or negative) between an independent variable and a dependent variable
  61. 61Customer Relationship Management (CRM)The process of building a long-term, profitable relationship between a business and its customers
  62. 62DiversificationThe relatively risky strategy of trying to enter new markets with new products (from ansoff matrix)
  63. 63ExtrapolationThe use of trends established by historical data to make predictions about future values
  64. 64Growth Ratethe % growth over a particular period. Market growth rates are typically quoted in terms of % growth per year
  65. 65Market AnalysisThe process of analysing the size, structure and growth of a market in order to support marketing decisions
  66. 66Market developmentA growth strategy where the business seeks to sell its existing products into new markets - e.g. exporting (ansoff matrix)
  67. 67Market penetrationA relatively low-risk growth strategy where a business focuses on selling existing products into existing markets (Ansoff matrix)
  68. 68Market ShareThe proportion of a market revenue or sales volume that is captured by a business or brand
  69. 69Marketing BudgetSpecific amounts that are allocated to activities in the marketing plan
  70. 70Marketing PlanThe actions that management intend to take via the marketing mix in order to achieve marketing objectives
  71. 71Moving averageA calculation that takes a data series and "smoothes" the fluctuations in data to show a trend average
  72. 72Product developmentA growth strategy where a business aims to introduce new products into existing markets (from Ansoff Matrix)
  73. 73Product positioningThe way in which the marketing function tries to create an image or identity in the minds of the target market
  74. 74RepositioningChanging the marketing mix for a product to appeal to a different market segment
  75. 75Sales forecastingTechniques for estimating the likely demand (revenue and volume) for a product in future periods
  76. 76Target MarketThe market segment or segments which a business is attempting to enter with the chosen marketing mix
  77. 77Test MarketingLaunching a new product or service in a limited part of the target market in order to gauge the viability of the product and assess the most appropriate marketing mix
  78. 78TrendA general direction in which something tends to move
  79. 79Capital intensityThe extent to which production or operations depend on investment in and use of capital - i.e. machinery, IT systems, buildings etc
  80. 80Critical Path AnalysisProject management tool that uses network analysis to help manage complex and time-sensitive operations
  81. 81Diseconomies of ScaleFactors which result in higher unit costs as production output reaches too high a level. Also affects the communication and co-ordination of a business.
  82. 82Economies of ScaleCost advantages that a business can exploit as a result of expanding its scale of production. Economies of scale reduce the average (unit) cost of production
  83. 83EfficiencyA measure of the ability of a business to achieve the required level of production whilst minimising the use of resources
  84. 84Industrial InertiaWhere a business decides to stay in its existing location despite potentially better locations being available to it.
  85. 85InnovationPutting an new idea or approach into action - the commercial exploitation of ideas
  86. 86Just-in-timeMethod of lean production where production resources arrive at the moment they are required rather than being held in stock
  87. 87KaizenA cultural approach to lean production and quality assurance. Involves encouraging employees to constantly seek and implement small incremental changes to production in order to improve quality and efficiency
  88. 88Labour intensityThe extent to which production or operations depend on investment in and use of labour - i.e. people, training
  89. 89LabourThe level output per unit of labour
  90. 90Lead-timeThe period of time between an order being placed and being received
  91. 91Lean ProductionAn approach to management that focuses on cutting out waste whilst still ensuring quality.
  92. 92Marketing economiesWhere marketing costs per unit sold can be lowered by spreading marketing costs over larger output
  93. 93Minimum efficient scaleThe minimum output a business needs to achieve in order for it to be able to minimise unit costs
  94. 94MultinationalA business which owns operations in more than one country
  95. 95Network AnalysisBreaking a project down into separate activities and their requirements
  96. 96OffshoringWhere a business has work done for it overseas
  97. 97OutsourcingWhere a business has work done for it by someone else
  98. 98ProductivityMeasures of how effective a business is in turning resources (e.g. labour hours) into output
  99. 99purchasing economiesCost savings that arise from buying in bulk or from a more powerful relationship with a supplier due to increased output
  100. 100QuotaA restriction on the volume or quantity of a good that can enter or be sold in a market (form of trade barrier)
  101. 101ScaleThe size or output of a business, best measured relative to that of direct competitors
  102. 102SubcontractingPart of outsourcing - where another business is used to provide part of the production process
  103. 103TariffA tax levied on imports to increase their price compared with domestic goods (form of trade barrier)
  104. 104Technical economiesReductions in unit costs arising from the effective use of technology
  105. 105Unit CostsThe key measure of productive efficiency - calculated as total costs divided by total output (over a specific period)
  106. 106ArbitrationAn alternative to a court law in determining legal and employment disputes. Involves a specialist outsider being asked to make decision on a dispute
  107. 107CentralisationAn organisational structure where authority rests with senior management at the centre of the business
  108. 108CommunicationThe process by which a message or information is exchanged from a sender to a receiver
  109. 109ConciliationA way of mediating industrial disputes to gain agreement without going to arbitration
  110. 110Core workersEmployees who are part of the core workforce of a business - central to the business activities
  111. 111DecentralisationAn organisational structure where authority is delegated further down the hierarchy, away from its centre
  112. 112DelayeringThe process of removing one or more layers from the organisational structure
  113. 113DownsizingThe reduction in the scale and resources of a business, usually involving job losses and/or the sale or closure of business units
  114. 114Flexible WorkingThe range of employment options designed to help employees balance work and home life (e.g. part-time, job-sharing, working from home, annualised hours contracts)
  115. 115Gap analysisAnalysis of the difference between the workforce needs or a business and its current liabilities
  116. 116Hard HRMAn approach to HRM based on treating employees as resources in the same way as any other business resource
  117. 117Human resource management (HRM)strategies for managing people in order to achieve business objectives
  118. 118Labour shortageWhere a business finds it does not have sufficient employees in number, or with the right skills and experience, for its needs.
  119. 119Peripheral workersEmployees who are on the fringe of the core workforce. They are not essential (core) workers, and their activities can often be outsourced or provided using flexible contracting
  120. 120Soft HRMAn approach to HRM based on treating employees as the most important resource in a business
  121. 121Staff turnoverThe proportion of staff that leave their employment with a business over a period - usually measured over a year
  122. 122Team workIndividuals work in groups rather than focusing on their own specialised jobs
  123. 123Trade UnionOrganisations of employees who seek to negotiate their employment terms through collective bargaining
  124. 124Workforce planningHow a business determines how many and what kind of employees are required
  125. 125Works councilA formal meeting or employer and employees to consider issues affecting the business and workplace - mandatory for larger businesses in the EU.

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Descripción
Learn them properly you idiot
Creado por
Claire Cotter · mar 2016
Actualizado
14 abr 2016
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