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Buss2 key terms
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- 1Adverse varianceA difference between actual and budgeted amounts which is bad news – e.g. higher than budgeted costs
- 2AdvertisingPaid-for communication, aimed at informing or persuading
- 3Assessment centresWhere a recruiting firm runs a series of extended selection procedures, each lasting one or two days or sometimes longer
- 4AutomationThe replacement of workers with machines to perform task in production
- 5Boston MatrixA model which analyses the product portfolio of a business into four categories (stars, cash cows, problem children and dogs)
- 6BrandingThe use of a trade name, symbol, logo or other device to differentiate a product or service
- 7BudgetA detailed plan of income and expenses expected over a certain period of time
- 8Business to businessAbbreviated to B2B, business-to-business involves the selling or products and services by one business directly to another
- 9Capacity utilisationThe proportion of total capacity that is used (expressed as a percentage)
- 10CommunicationThe process of exchanging information or ideas between individuals or groups
- 11CompetitionThe businesses that compete for a share of a market
- 12CompetitivenessThe ability of a business to offer a better product than competitors (as measured by customers)
- 13Cost reductionActions taken by a business aimed at reducing total costs, or lowering average unit costs
- 14Customer expectationsWhat customers expect to receive as a result of buying a good or service; influenced by perceptions of factors such as quality and price
- 15Customer serviceThe ways in which a business meets the needs and wants of its customers
- 16DelegationWhere responsibility for carrying out a task or role is passed onto someone else in the business.
- 17Direct sellingA method of distribution which involves a business transacting with a customer without the use of intermediaries
- 18Distribution channelHow a business gets its products to the end consumer (with or without the use of intermediaries)
- 19EmpowermentDelegating power to employees so that they can make their own decisions
- 20External recruitmentWhere candidates for a job vacancy come from outside the organisation
- 21FactoringA source of finance where a business receives a proportion of the amount owned by trade debtors from a specialist finance-provider
- 22Favourable varianceA difference between actual and budgeted results which is good news. E.g. higher than budgeted revenue
- 23Flexible workingWhere a business uses a number of different working practices in order to suit the job in hand and the needs of employees
- 24HierarchyThe structure and number of layers of management and supervision in an organisation
- 25Induction trainingTraining aimed at introducing new employees to a business and its procedures
- 26Internal recruitmentWhere candidates for a job vacancy come from within the organisation
- 27InterviewPart of the recruitment process where a candidate is met face-to-face
- 28Job descriptionA summary of the main duties and responsibilities of a job
- 29Job designThe way in which tasks are combined to form a job
- 30Job enlargementGiving employees more tasks of a similar level of complexity. Job enlargement expands the number of tasks completed by an employee
- 31Job enrichmentMaking a job more interesting or varied so that is more rewarding
- 32Labour productivityThe output produced per employee over a given time period
- 33Loss leaderWhere a price is set deliberately below the cost of production in order to attract customers who will buy other, more profitable products
- 34Market researchThe process of planning, collecting, and analysing data relevant to help make marketing decisions.
- 35Marketing mixThe set of marketing tools that the firm uses to pursue its marketing objectives. Commonly taken to comprise product, price, promotion and place
- 36Mass marketDescribes the largest group of customers with specific needs and wants in an industry
- 37MerchandisingPromotion of a product at the point-of-sale, usually in a retail environment
- 38Net profitProfit that remains after all operating costs are taken away from sales revenue. Net profit is usually stated before any deductions for tax.
- 39Net profit marginA measure of profitability. Net profit margin is calculated as net profit divided by sales revenue. The resulting figure is shown as a percentage
- 40Niche marketA niche market is a focused segment of a larger market sector which is it possible to target
- 41Off-the-jobTraining that takes place away from the workplace (e.g. on a course)
- 42On-the-jobTraining that takes place at the workplace (e.g. being supervised and coached whilst working)
- 43Organisational structureThe way that the roles and responsibilities within an organisation are structured
- 44OutputThe finished products (goods and services) that result from the production (or "transformation") process.
- 45OvertimeStaff who work for less than a standard working week or day
- 46Payment termsThe period of time that a supplier allows for an invoice to be settled
- 47Penetration pricingPricing strategy that involves the setting of lower, rather than higher prices in order to achieve a large market share
- 48Permanent employeeAn employee who has a permanent position (i.e. not temporary) in a business
- 49Person specificationA description which identifies the skills and experience that are likely to be held by a successful applicant for a job vacancy
- 50Price elasticity of demandThe responsiveness of demand to a change in the price of a product
- 51Price leaderA market leader business whose price changes are followed by rivals
- 52Price skimmingPricing strategy where a higher price is charged for new product to take advantage of customers prepared to pay for innovation
- 53Price takerA business that has no option but to charge the ruling market price
- 54Pricing decisionsThe decisions taken about how to price a product
- 55Pricing strategiesThe overall strategic approach to pricing over the medium-to-long term, often based on the market positioning of a product
- 56Pricing tacticsThe short-term pricing decisions and approaches taken - e.g. the temporary use of sales promotions or a short price war
- 57Product life cycleA theory which predicts the stages a product goes through from introduction to withdrawal from a market
- 58Product portfolioThe collection of products and brands owned and operated by a firm
- 59ProductivityMeasures of output per worker over a given time period
- 60ProfitabilityThe ability of a business to generate profits from its activities. Profitability is often measured in terms of the return on sales (net profit margin) or return on investment (return on capital)
- 61Promotional mixThe mix of activities and approaches taken to promoting a product, including advertising, direct selling etc.
- 62Psychological pricingUsing price as a way of influencing a consumer's behaviour or perceptions, for example using high prices to reinforce a quality image
- 63Public relationsThe promotion of a business through news stories, sponsorship and similar activities. Usually shortened to PR.
- 64QualityWhere a product meets a customer's requirements
- 65Quality assuranceOrganising every process to get the product 'right first time' and prevent mistakes ever happening
- 66Quality controlThe inspection of products as part of a sampling process to ensure that the right production standards have been achieved
- 67RationalisationReorganising production in order to increase productivity and efficiency. Often involves closure or relocation of production capacity.
- 68Return on capitalA measure of the return made by investing in a business or business project. Return on capital is calculated as: (Net profit / Capital Invested) x 100 [shown as a percentage)
- 69RoboticsThe science and technology of robots, and their design, manufacture, and application
- 70Sale & leasebackA method of raising finance. Sale and leaseback involves a business selling a major asset (e.g. land & buildings) and then leasing the same asset back from the new owner.
- 71Sales promotionTactical, point of sale material or other incentives designed to stimulate purchases
- 72SelectionThe process of deciding which applicant for a job a business should accept
- 73Span of controlThe number of employees who are directly supervised by a manager
- 74Spare capacityWhen a business is able to produce more with existing resources (also known as excess capacity)
- 75Stock controlThe processes and controls used by a business to ensure that it has sufficient (but not too much) stock for its purposes
- 76StocksRaw materials, work-in-progress and finished goods held for resale. Stocks are sometimes also referred to as "inventories"
- 77Sub-contractingDelegation by one firm of a portion of its production process, under contract, to another firm, including in another country
- 78SupplierAn individual, business or other organisation which provides goods or services to a customer or consumer
- 79TQM (Total Quality Management)An attitude to quality where the aims are zero defects and total customer satisfaction
- 80TrainingThe provision of work-related education or skills development
- 81Unit costThe average production cost per unit
- 82USPUSP is an acronym for "Unique Selling Point". A USP is a feature of a product or service that makes it stand out compared with the competition. If a USP is sustainable, then it can be a source of significant competitive advantage for a business.
- 83VarianceThe difference between the budgeted amount and what actually happens. A variance can be "positive" (favourable) or "negative" (adverse)
- 84WasteA cost of production. Sub-standard completed output or raw materials which are not retained in the production process
- 85Workforce roleThe tasks involved in a particular level or grade of job
- 86WorkloadThe amount of work assigned to a particular worker, normally in a specified time period
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- Fichas sobre Buss2 key terms, creado por Ikta Bhatia el 31/05/2015.
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