Business Definitions

Question	Answer
Adverse Variance	The negative difference between actual and budgeted amounts
Advertising	Paid for communication, aimed to persuade and inform
Assessment centres	Where a recruiting firm runs a series of extended selection procedures.
Automation	The replacement of workers with machines to perform task in production
Boston Matrix	A model which analyses the product portfolio of a business into four catergories
Branding	The use of a trade name,symbol,logo or other device to differentiate a product or service
Budget	A detailed plan of income and expenses expected over a certain period of time.
Business to Business	Involves the selling of products and services by one business directly to another
Capacity utilisation	The proportion of total capacity that is used
Competition	The businesses that compete for a share of a market
Cost reduction	Aims to decrease total costs, or lowering average unit costs

Resource summary

	Created by sebastian.reader over 11 years ago