question

Business

answer

Any organisation working towards a set of objectives

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Goods

answer

Things we can see and touch

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Durable Goods

answer

Things we can use again and again

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Non-durable goods

answer

Things we can use only once

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Service

answer

A thing that is done for us

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Wants

answer

Non-essential things we would like to have

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Needs

answer

Essential things for survival

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Land

answer

An economic term meaning natural resources which businesses use

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Labour

answer

An economic term meaning the workforce of a business

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Capital

answer

An economic term meaning factories, machines, vehicles, tools etc that a business owns or controls

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Enterprise

answer

This is the business ideas that an entrepreneur or owner has on how to use land, labour and capital in their business

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Entrepreneur

answer

The person who develops a business idea and combines the factors of production (land, labour, capital and enterprise). They take the risk of losing their initial investment if the business idea fails.

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Factors of Production

answer

Land, Labour, Capital and Enterprise

question

Cycle of Business

answer

The constant process of producing goods and services

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Primary Sector

answer

Businesses involved in extracting natural resources

question

Secondary Sector

answer

Businesses involved in manufacturing & construction

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Tertiary Sector

answer

Businesses involved in providing services

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De-industrialisation

answer

The process of manufacturing decline

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Sole Trader

answer

a business owned by a single person

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Partnership

answer

a business owned by two or more people

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Public Limited Company

answer

a buisness witth limited liabilty whose shares are availible to the general public to buy on the stock market

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Private Limited Company

answer

a company whose shares are not bought and sold on the stock market and can only pass to another person with the agreement of other shareholders

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Franchise

answer

the right to use a specific business's name and sell its products or services in a given territory.

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Public Corporation

answer

An organisation created by an Act of Parliament

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Charity

answer

An organisation created to promote good causes

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Private Sector

answer

The part of the economy owned by individuals and businesses

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Public Sector

answer

The part of the economy owned by the government

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Voluntary Sector

answer

Organistions set up to rise money for good causes, or to provide facilities for their members

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Deed of Partnership

answer

Contract drawn up between owners

question

Memorandum of Association

answer

Document that regulates a firm's external activities and must be drawn up on the formation of a plc

question

Partnership Agreement

answer

A written agreement among all owners

question

Limited Liability

answer

The responsibility of a business's owners for losses only up to the amount they invest; limited partners and shareholders have limited liability

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Unlimited Liability

answer

The owner is personally and fully responsible for all losses and debts of the business

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Royalty

answer

Payment to the holder of a patent or copyright or resource for the right to use their property

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Shareholder

answer

A person who invests in a corporation by buying stock and is a partial owner

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Stakeholder

answer

Someone with a key interest in an organisation

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Manager

answer

Person appointed to supervise and control resources and expenditures

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Employee

answer

A worker who is hired to perform a job

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Government

answer

The institution through which a society makes and enforces its public policies

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Local Community

answer

People who live in an area

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Customer

answer

Someone who pays for goods or services

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Consumer

answer

A person who uses goods or services

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Ordinary Shares

answer

Stock whose holders are given a vote

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Preference Shares

answer

Stock whose holders are guaranteed priority in the payment of dividends but whose holders have no voting rights

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Share Issue

answer

Act of introducing more shares onto the market

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Debenture

answer

Bond issued to secure a loan

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Hire Purchase

answer

The buying of equipment by paying in instalments, usually including interest.

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Divestment

answer

Allows an organisation to sell off minor areas of their business and concentrate on the core activities of the organisation

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Loan

answer

The temporary provision of money (usually at interest)

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Mortgage

answer

A long-term loan extended to someone who buys property

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Multinational

answer

A corporation that has manufacturing or service operations in a number of different countries

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Globalisation

answer

Causing distinctively American norms and values to spread throughout the world

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Dividend

answer

That part of the earnings of a corporation that is distributed to its shareholders

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Legislation

answer

A law passed by a governing body

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PESTLEC

answer

Political, Economic, Social, Technological, Legislation, Environmental, Competitive

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Share Price

answer

The value of all the assets (stocks) divided by the number of shares

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Stock Exchange

answer

A market for buying and selling stock

question

Corporation Tax

answer

The tax which private and public limited companies must pay on their profits.

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VAT

answer

A tax levied on the difference between a commodity's price before taxes and its cost of production. It is currently 20%.

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Income Tax

answer

A tax on people's earnings

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AGM

answer

Event where shareholders meet to discuss important decisions

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Diversification

answer

When organisations in completely different industries combine together.

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Vertical Integration

answer

Organisations at a different stage in the same industry combine together, for example, an oil refinery integrating with a petrol station

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Horizontal Integration

answer

When organisations produce the same type of product or provide the same type of service combine together, for example, Halifax and Bank of Scotland = HBOS

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Local Authority

answer

An administrative unit of local government

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Profit Maximisation

answer

The aim to make as much profit as possible

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Survival

answer

A strategy to remain in existence

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Turnover

answer

The volume of sales measured in pounds

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Growth

answer

A process of becoming larger or more numerous

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Social Responsibility

answer

The obligation of organisation management to make decisions and take actions that will enhance the welfare and interests of society as well as the organization.

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Risk

answer

When you are exposed to the chance of loss or damage

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Suppliers

answer

Companies that provide material, human, financial, and informational resources to other companies

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Tax Payers

answer

People who pay a % of their earnings to the Government

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Investors

answer

A person or group who puts money into a business

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Donor

answer

Person who makes a gift of property

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Bank

answer

A financial institution that accepts deposits and channels the money into lending activities

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Grant

answer

A gift of money to be used for a special purpose

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Business Gateway

answer

Advisory agency to assist small businesses

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Trade Fair

answer

An event at which many different companies show and sell their products

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European Union

answer

An international organization of European countries formed after World War II to reduce trade barriers and increase cooperation among its members

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Inland Revenue

answer

A board of the British government that administers and collects major direct taxes

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Merger

answer

The combination of two or more commercial companies

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Takeover

answer

One investor group buys enough stock in a corporation to gain control of the other corporation

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Demerger

answer

When organisations cut back and concentrate on only their core activites.

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Management buy-out

answer

A form of acquisition where a company's existing managers acquire a large part or all of the company.

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Unemployment

answer

The total number of people out of work, but wanting to work

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Interest Rate

answer

The percentage of a sum of money charged for its use

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Exchange Rate

answer

The charge for exchanging currency of one country for currency of another

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Greenpeace

answer

An international organization that works for environmental conservation and the preservation of endangered species

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Environment

answer

All of the surrounding things, conditions, and influences affecting the growth or development of living things.

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Alan Sugar

answer

Owner of Amstrad

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Donald Trump

answer

American property billionaire

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Richard Branson

answer

Head of Virgin Group

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Michelle Mone

answer

Owner of Ultimo Bras

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Anita Roddick

answer

Founder of the Body Shop

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Recession

answer

the state of the economy declines

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Bill Gates

answer

founder of microsoft

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Steve Jobs

answer

co-founder of Apple

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Sergy Brin & Lawrence Page

answer

Founders of Google

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Dragons Den

answer

TV show where inventors pitch ideas for cash

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Peter Jones

answer

English dragon made his fortune in telecoms

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Duncan Bannantyne

answer

Scottish dragon, owner of gymns and bars

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Wall Street

answer

area in lower Manhattan where the New York Stock Exchange is located

question

Backward Vertical Integration

answer

When a business takes over a supplier.

question

Forward Vertical Integration

answer

When a business takes over a customer.

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Divestment

answer

When a business sells off assets or subsidiary companies to raise finance for growth.

question

Outsourcing

answer

This involves one firm hiring another to supply parts or to do a job instead of the firm doing it themselves.

question

Mission statement

answer

a short, specific written statement of the reason a business exists and what it wants to achieve

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Strategic decision

answer

a long term decision made by senior managers, concerned with the overall aims and direction of the business, eg selling a new product

question

Tactical decision

answer

a decision made by middle management, usually medium term which supports strategic decision, eg deciding which advertising agency to use to promote a new product

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Operational decision

answer

a decision that concerns the day-to-day activities of an organisation

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Internal constraints

answer

the factors that hinder decision-making but are within the control of the business, eg finance

question

External constraints

answer

the barriers that hinder decision-making but are uncontrollable by the business, eg PESTEC factors

question

Role of manager

answer

making decisions to achieve organisation's objectives using available resources

question

Interpersonal role

answer

the manager's responsibility for leading and motivating others

question

Informational role

answer

the manager's responsibility for gathering information from and disseminating information to the stakeholders of the organisation

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Decisional role

answer

the manager's responsibility for processing information and reaching conclusions

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Planning

answer

setting a plan of action for the future

question

Organising

answer

gathering and arranging resources to meet plans

question

Commanding

answer

ensuring duties are done properly by informing staff what to do

question

Coordinating

answer

having staff and resources organised to achieve the plan

question

Controlling

answer

making sure everything works according to the plan ie evaluating

question

Delegating

answer

assigning tasks and responsibilities to subordinates

question

Motivating

answer

influencing people to accomplish specific objectives, consisting of 4 components: leadership, group dynamics, communication, and organisational change

question

POGADSCIE

answer

the 9 steps in a stuctured decision making process

question

SWOT analysis

answer

a planning tool used for identifying internal strengths and weaknesses and examining external opportunities and threats

question

PESTEC factors

answer

political, economic, social, technological, environmental and competitive influences on an organisation

question

Quality decision

answer

depends on manager's capability of making good decisions and quality and quantity of information available

question

Strengths

answer

internal areas or activities in which the organisation performs well

question

Weaknesses

answer

internal areas or activities in which the organisation performs poorly

question

Opportunities

answer

external areas or activities that the organisation could profitably be involved with in the future

question

Threats

answer

external areas or activities that could adversely affect the organisation's objectives in the future

question

Delegation

answer

The passing of authority to perform a role or set of tasks to someone lower down in the hierarchy of the company. The responsibility remains with the person passing authority, but the work is carried out by the person further down the chain of command.

question

Span of control

answer

The number of subordinates that are controlled by a manager, i.e. the number of people who are directly accountable to a manager

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Levels of hierarchy

answer

The organisational structure based on a ranking system

question

Flat

answer

Firms who have fewer levels in their organisational hierarchy. This will usually mean that they have a higher span of control.

question

Tall organizations

answer

Firms who have more levels in their organisational hierarchy. This will usually mean that they have a lower span of control.

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Chain of command

answer

A formal line of authority through which order are passed down in an organisation.

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Authority

answer

The power over others by sanctioned personnel within an organisation.

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Responsibility

answer

Refers to who is in charge of whom, such as the marketing Manager of an organisation being responsible for the team of marketers.

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Empowerment

answer

Granting workers the authority to be in charge of their own jobs, to make decisions and to execute their own ideas.

question

Delayering

answer

This involves reducing staff levels by cutting out levels of management to flatten the structure.

question

Downsizing

answer

This involves removing certain areas of the organisation's activities by closing factories or merging divisions together.

question

Centralised

answer

When the vast majority of decision-making is done by a very small number of people, usually the senior management team, who hold on to decision-making authority and responsibility.

question

Decentralised

answer

When some decision-making authority and responsibility is passed on to others in the organization.

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Accountability

answer

The extent to which a person is held responsible for the success or failure of a task.

question

Functional Grouping

answer

Departments where staff have similar skills and expertise and do similar jobs.

question

Product/Service Grouping

answer

Divisions or departments where each deals with a different product or product range, for example, the Arcadia group with Burton, Top Shop, Debenhams etc.

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Customer Grouping

answer

Divisions deal with different customers, for, example, banks have different people to deal with personal customers and business customers.

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Place/Geographical Grouping

answer

Staff are divided into divisions, each dealing with a different geographical area.

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Entrepreneurial Structure

answer

Decisions are made by a few people at the core of an organisation.

question

Matrix Structure

answer

This is often used when a team is needed to complete a specific task and team members come from different functional areas.

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Line Relationship

answer

This exists between a manager and his/her subordinates.

question

Lateral Relationship

answer

This exists between staff on the same horizontal level of an organisation.

question

Corporate Culture

answer

The values, beliefs and norms relating to the company or organisation that are shared by all its staff.

question

Informal Relationships

answer

These are developed between staff at breaks, during work and when socialising.

question

Internal Organisation

answer

The way in which an organisation may group its staff and work.

question

Organisation Chart

answer

This shows the formal structure of an organisation.

question

Characteristics of high quality information

answer

Timely - information must be available when needed and be up-to-date Objective - should be free from bias Accurate - the information must be correct Appropriate - the information should be for the purpose required Available - should be easily obtained Complete - nothing should be missing Concise - should be short and to the point Cost effective - value gained from information must be greater than the cost of obtaining it

question

Quantitative Information

answer

Information that can be measured and which is normally expressed in numerical form.

question

Qualitative Information

answer

Information that is expressed in words and is descriptive. It involves judgements or opinions.

question

Data

answer

A collection of facts or quantities that has been assembled in some formal manner with the objective of processing it into specific information.

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Information

answer

Data that has been processed into a form that assists in decision-making and planning.

question

Primary Information

answer

Information which has been collected first hand by an organisation for their own, specific purpose. Usually this is by observation, interview or questionnaire.

question

Advantages of primary information

answer

It should be correct for the purpose for which it was gathered because it was gained first hand Likely to be up-to-date Source of information is known

question

Disadvantages of primary information

answer

Research costs may be high Respondents may have lied May be difficult and time consuming to collect May have researcher bias

question

Secondary Information

answer

Information which has been gathered for one purpose then used for another. It is gathered from published sources such as newspapers, textbooks and the Internet.

question

Advantages of secondary information

answer

Can be inexpensive and esay to access A wide variety of sources is available

question

Disadvantages of secondary information

answer

It may not be relevant as it was collected for one purpose and used for another May have author bias May be out of date Is also available to competitors

question

Internal Information

answer

Information which has been taken from the organisation's internal records, for example, financial records.

question

External Information

answer

Information which is gathered from sources outside the organisation, for example, goverment statistics, competitors' annual accounts.

question

Types of ICT

answer

Networks Email Videoconferencing Webcams Internet E-commerce Interactive DVD Computer Aided Manufacture (CAM)

question

Sources of Information

answer

Primary Secondary Internal External

question

Types of Information

answer

Written Oral Pictorial Graphical Numerical Quantitative Qualitative

question

Uses of information in business

answer

Monitor and control the business Assist with decision-making Measure performance Idenitfy new business opportunties

question

Types of software

answer

Databases Spreadsheet Word Processing Desktop Publishing Presentation Packages Compter Aided Design (CAD)

question

Uses of ICT

answer

Assists with decision-making Assists with providing information to staff Assists in maintaining accurate business records Assists in effective communication within an organisation

question

HRM

answer

Ensures that a business has the right staff, with the right skills, at the right time, who are committed to the business and motivated to give their best.

question

HR Planning

answer

Identifies the future human resource needs of a business and plans to have the right number of staff, with the right skills at the right time

question

A human resource audit

answer

A survey of the skills present in the existing workforce

question

Natural wastage

answer

Staff leaving ''naturally'' due to retirement or to take up new jobs

question

Redundancy

answer

Occurs when workers are let go from a job because there is no longer enough work for them to do. It is through no fault of their own

question

Voluntary redundancy

answer

Offered to those who wish to apply for it. Various financial incentives include cash payments and earl retirement payments may encourage employees to volunteer

question

Compulsory

answer

Arise when employees are not given a choice

question

Dismissal

answer

Being sacked from a job due to incompetence, dishonesty or breach of company discipline

question

Person specification

answer

Describes the qualities required by the person who will fill the job description

question

Two external recruitment methods

answer

Internet websites Newspapers/magazines

question

Covering letter

answer

A short letter highlighting why you think you are suitable for the job and requesting an interview

question

A CV

answer

A short document summarizing your education, qualifications, training and experience

question

Equal opportunities

answer

Means that all applicants of equal ability have an equal chance of being hired or promoted

question

Induction

answer

The general introduction of new staff into a job or organisation

question

Staff training

answer

Ensures that employees have the up-to-date skills and knowledge needed to do their present work

question

On-the-job training

answer

Teaches skills and knowledge through practical work

question

Off-the-job training

answer

Refers to all types of training and education apart from that occurring in the immediate workplace

question

Multiskilling

answer

Training workers to be able to undertake a wide range of different jobs, instead of just one

question

Staff development

answer

Provides staff with additional skills that will enable them to take on new, more challenging work in the future

question

Performance appraisal

answer

The process of setting performance standards for each employee, and then assessing their performance over a period of time, such as six months or a year.

question

Flat rate pay

answer

Employees receive an agreed set rate of pay per week/month based on a standard number of hours worked

question

Time rate pay

answer

Employees are paid a set amount for each hour they work. Overtime work is usually paid at a higher rate

question

Piece rate pay

answer

Employees are paid for each item produced that meets the desired quality standard

question

Bonus payments

answer

Give employees a share of the profits resulting from their increased effort or efficiency

question

Commission

answer

An extra payment based on the percentage of sales achieved

question

Benefits in kind

answer

Non cash payments to staff

question

Profit sharing schemes

answer

Firms share part of their profits with employees through payments in addition to wages

question

Share-ownership schemes

answer

Offer employees free or low price shares in the company, allowing them to become part-owners of the company. This entitles staff to dividends from company profits

question

Job satisfaction

answer

The degree to which employees feel positive about their job, enjoy doing it and want to continue working with the firm

question

Flexitime

answer

Means allowing employees to choose their own start and finish time as long as minimum number of hours are worked

question

Harassment

answer

Behaviour such as unwelcome comments, looks, jokes, suggestions or physical contact that causes stress or intimidation for staff

question

Job sharing

answer

Allows two people to share one job

question

Job rotation

answer

Means regularly moving staff around from one job to another

question

Job enlargement

answer

Increasing the number of different tasks involved in a job

question

Job enrichment

answer

Providing employees with work requiring greater responsibility, control and decision-making

question

Employee empowerment

answer

An advanced form of job enrichment and means providing staff with a specific goal, deadline and resources but the freedom to decide how they reach that goal

question

Industrial relations

answer

The quality of the relations that exist between the owners and the employees in an organisation

question

Labour turnover

answer

The rate at which employees leave a firm

question

Industrial democracy

answer

Means giving workers the power to participate and influence management decision-making

question

Consultative councils

answer

Provide a regular forum where managers can meet with representatives of the workers and discuss the affairs of the business

question

Works councils

answer

Representatives of the workers have an input into the plans and strategy of the firm

question

Worker directors

answer

Representatives of the employees elected to sit on the board of directors in their companies

question

Mortgage

answer

a loan secured on property

question

Finance

answer

the management of money and credit and banking and investments

question

Current Account

answer

account used for day-to-day banking

question

Savings Account

answer

a bank account that accumulates interest

question

Credit Card

answer

a card (usually plastic) that assures a seller that the person using it has a satisfactory credit rating and that the issuer will see to it that the seller receives payment for the merchandise delivered

question

Personal Loans

answer

a loan given to a consumer by a bank

question

Overdraft

answer

when an account is in excess of the credit balance

question

Currency

answer

Form of money used by nations

question

Insurance

answer

protection against future loss

question

Bank

answer

a financial institution that accepts deposits and channels the money into lending activities

question

Bank Account

answer

a fund that a customer has entrusted to a bank and from which they can make withdrawals

question

RBS

answer

Royal Bank of Scotland

question

Transaction

answer

An exchange of money in or out of a bank account or during a purchase.

question

Deposit

answer

money deposited in a bank

question

Withdrawal

answer

the act of taking out money or other capital

question

Debit

answer

a transaction that takes money from an account

question

Credit

answer

an arrangement to receive cash, goods, or services now and pay for them in the future

question

Interest

answer

a fixed charge for borrowing money

question

Balance

answer

the difference between the totals of the credit and debit sides of an account

question

Statement

answer

a document showing credits and debits

question

Bank Mandate

answer

A document given by a customer of a bank to the bank, requesting that the bank should open an account in the customer's name and honour cheques and other orders for payment drawn on the account.

question

Cheque

answer

a written order directing a bank to pay money

question

Cash

answer

money in the form of bills or coins

question

Savings

answer

money set aside, generally in a bank or investments. which earns interest

question

Account

answer

a statement of recent transactions and the resulting balance

question

Fixed Rate

answer

a set rate of return

question

Variable Rate

answer

a rate of return that changes

question

Bank Application Form

answer

a document allowing a customer to open an account

question

Pound

answer

Currency of the UK

question

Euro

answer

Currency of the European Union

question

Dollar

answer

US Currency

question

Ringgitt

answer

Currency of Malaysia

question

Cedi

answer

Currency of Ghana

question

Yen

answer

Currency of Japan

question

Swiss Franc

answer

Currency of Switzerland

question

Real

answer

Currency of Brazil

question

Ariary

answer

Currency of Madagascar

question

Exchange Rate

answer

the charge for exchanging currency of one country for currency of another

question

Budget

answer

a plan for spending money

question

Expenses

answer

all costs or bills related to the business

question

Income

answer

earnings from work or investments

question

Expenditure

answer

the act of spending money for goods or services

question

Rent

answer

a regular payment by a tenant to a landlord for use of some property

question

Council Tax

answer

a UK tax levied on households by local authorities

question

Income Tax

answer

a tax on people's earnings

question

Hire Purchase

answer

The buying of equipment by paying in instalments, usually including interest.

question

Utility Bill

answer

payment of gas and electricity

question

Repayments

answer

the act of returning money received previously

question

Essential expenses

answer

financial outlays that are needed

question

Non-essential expenses

answer

financial outlays that are desired

question

Cash Budget

answer

an estimate of the actual money received and paid out for a specific period

question

Grant

answer

the act of providing a subsidy, normally from the Government

question

Wages

answer

money earned for doing work

question

Overspending

answer

puchasing more than your budget allows

question

Gross Pay

answer

the total amount of an employee's earnings before deductions are taken out

question

Net Pay

answer

the total earnings paid to an employee after payroll taxes and other deductions

question

P.A.Y.E.

answer

Pay As Your Earn

question

HSBC

answer

Hong Kong and Shanghai Bank

question

Borrow

answer

to get temporary use of

question

Capital

answer

wealth in the form of money or property owned by a person or business and human resources of economic value

question

Buy to Let Mortgage

answer

loan on property for landlords

question

Interest Only Mortgage

answer

loan on property with no repayment of capital

question

Job Description

answer

a written description of the basic tasks, duties, and responsibilities required of an employee holding a particular job

question

Trading, Profit and Loss Account

answer

Account which works out the gross profit/loss

question

Balance Sheet

answer

A financial statement that reports assets, liabilities, and owner's equity on a specific date.

question

Annual Accounts

answer

yearly record of the trading results of your company

question

Debtors

answer

Individuals or organizations that owe money.

question

Creditors

answer

Those to whom a business owes money.

question

Working Capital

answer

the difference between current assets and current liabilities

question

Drawings

answer

Amounts of money or goods removed from the business by the owner.

question

Profitability

answer

to show how proftiable the organisation is

question

Liquidity

answer

being in cash or easily convertible to cash

question

Efficiency

answer

skillfulness in avoiding wasted time and effort

question

Ratio Analysis

answer

calculations that measure an organization's financial health

question

Gross Profit Percentage

answer

GROSS PROFIT divided by NET SALES

question

Mark-up Ratio

answer

Measures how much has been added to the cost of the goods as profit. It is expressed as a percentage.

question

Net Profit Percentage

answer

Net profit divided by sales x 100

question

Return on Capital Employed

answer

Net Profit / Capital Employed x 100

question

Current Ratio

answer

current assets/current liabilities

question

Acid Test Ratio

answer

Current Assets-Stock/Current Liabilities

question

Budget

answer

a plan for making and spending money

question

Inland Revenue

answer

a board of the British government that administers and collects major direct taxes

question

3 Stages of The Operating Systems

answer

- Input - Process - Output

question

Stage 1 - Input

answer

Collecting materials and other inputs: Includes raw materials, equipment/machinery an + labour which are directly put into production.

question

Stage 2 - Process

answer

Converting materials into something useful: Involves using the raw materials, equipment + labour 2 make the product/provide the service

question

Stage 3 - Output

answer

Finished products: The actual good/service for sale.

question

What to Consider When Choosing a Supplier

answer

- Quality - of raw materials supplied - acceptable+/consistent? - Quantity - of raw materials required - can they meet needs? - Price - can they give lowest price for desired quality + quantity? - Location - may result in delivery charges/problems - Reliability - can they deliver goods on an ongoing basis? - Time - can they deliver within the required time?

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Type of Stock

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- Raw Materials - flour, eggs, lettuce - Work in Progress - half made cakes, half made sandwiches - Finished Goods

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Holding too Much Stock =

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- high storage cost - high maintenance cost - high security cost - too much expensive space taken up - money tied up in stock - could be used somewhere else - stocks unsold - deteriorate, spoiled, stolen

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Holding too Little Stock =

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- can't meet orders = lose customers - cant cope with sudden increase in demand - out of stock = customers go elsewhere - poor reputation gained - if cant cope with customer demands

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Storage of Stock

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Centralised Storage Decentralised Storage

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Benefits of Centralised Storage

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- improved security of stock as easier 2 oversee one area with store person, CCTV, locks, etc. - cheaper 2 provide necessary security + storage in one central area - than in several

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Benefits of Decentralised Storage

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- stock is always "at hand" when needed

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Economic (maximum) Stock Level

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- this is the stock level that permits activities 2 continue without interruption

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Minimum Stock Level

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- this is the stock level that ensures that there will always be enough tock for production

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Re-order Stock Level

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- this is the level at which new stock should be ordered

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Re-order Quantity

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- this is the amount of stock required 2 return stock levels 2 economic stock level on the same day as new stock arrives

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Just In Time Production

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It is when materials are purchased just in time to be used in the production process. Finished goods are produced just in time to be despatched to the customer - if there is no demand there is no production - requires close relationship with reliable suppliers

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Types of Production

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Capital Intensive Labour Intensive Automation

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Capital Intensive

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- is where mostly machines are used e.g. soft drinks industry

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Labour Intensive

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- one which uses mainly people (+ its workforce) e.g. clothes manufacturing

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Automation

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- where operations are controlled by computers e.g car industry

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Quality

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- Quality Control - Quality Assurance - Quality Circles - Quality Standards - Benchmarking

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Quality Control

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- products checked at the end of the production process

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Quality Assurance

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- products checked at each stage in the process, errors can be rectified, waste is reduced

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Quality Circles

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- group of workers + managers meet 2 discuss where they can make improvements

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Quality Standards

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- are awards given to show level of quality has been met/approved

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Benchmarking

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- use methods identified as best practice in industry, aim to match processes + standards

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Distribution

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- Road - Rail - Air - Sea

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Road

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- allows door 2 door deliveries, 24hrs. a day - refrigerated vehicles for food, etc. - restrictions of hrs lorry drivers can work - accounts for 80% of goods transported in the U.K.

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Rail

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- more environmentally friendly - faster

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Air

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- can be expensive - product required to reach destination fast is better using this - products requiring quick deliveries

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Sea

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- useful for bulky products - however, slow

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Labour Payment Systems

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- Piece Rate - Timer Rate - Bonus Rate - Flat Rate - Commission - Overtime

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Piece Rate

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- workers are paid per item they produce - often used in factories - yhe more a worker produces, the higher the pay - acts as an incentive for employees 2 work hard - supervision is requires so that workers do not sacrifice quality for quantity

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Timer Rate

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- worker are paid by the hour - often used in the service sector - it is simple 2 calculate for the employer - no incentive 2 produce quality work

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Bonus Rate

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- workers are paid a basic rate with additional payments for targets being met - a bonus is added onto their normal pay

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Flat Rate

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- workers are paid a set salary per annum - this is split into 12 equal payments - it gives employees a guaranteed monthly income = security

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Commission

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- workers are paid a percentage of the products sales value - e.g. cars salesmen usually use this method - either added onto a basic pay/as the sole income - used as an incentive 2 motivate staff to sell more - supervisors must ensure everything is sold by the book

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Overtime

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- when employees work a set amount for hrs. , overtime may be offered - employees will be paid more for this overtime

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Marketing

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process of identifying, analysing and satisfying customer needs

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Hall Test

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sampling products and offering feedback

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Field Research

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first hand research that is conducted in real world locations

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Desk Research

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This is data which has been previously gathered for another purpose.

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Survey

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the collection of data by having people answer a series of questions

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Marketing Mix

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Product, Price, Place, Promotion is also known as

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Product

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goods offered for sale

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Price

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what you charge for your product/service

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Place

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where a product/service is sold

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Promotion

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the process of informing customers

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Brand

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a copyrighted name given to a product or service

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Market Segmentation

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the process of separating, identifying, and evaluating the layers of a market in order to identify a target market.

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Philip Kotler

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Author of best selling Marketing Management. Dedicates every book "To my darling wife, Nancy"

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Theodore Levitt

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this man suggested that firms should standardize all of their products and services for all of their worldwide markets. Author of Marketing Myopia

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Market Share

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Percentage of a total market that a product or business has

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Consumer market

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all potential customers who will buy a product for personal use.

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Industrial Market

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Buyers who want a product for use in making other products.

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Product Orientation

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means that the business decisions are based on what it can produce

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Market Orientation

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is the implementation of the marketing concept. Being marketing orientated is more than just being customer-led. It requires the full support of the organization to be fully implemented in the long term and, indeed, may need a complete change in an organization's culture.

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Goods

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tangible products that we use to satisfy our wants and needs

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Services

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intangible products

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Trade Descriptions Act

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a law whereby a good or service must do what the advertising claims

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Monopolies and Mergers Act

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a law aimed at preventing domination of a market by one or two firms

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ITC

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Independent Television Comission

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Monopoly

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(economics) a market in which there are many buyers but only one seller

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Oligopoly

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a market structure in which a few large firms dominate a market

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Product substitutes

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in economics, when a good or service has a close rival that can take it's place

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USP

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Unique selling point

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ESP

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emotional selling point

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Channel of distribution

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the route a product follows and the businesses involved in moving a product from the producer to the final consumer

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Direct selling

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selling to consumers in their homes or where they work

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Retailer

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an organization that sells to ultimate consumers

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Wholesaler

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someone who buys large quantities of goods and resells to merchants rather than to the ultimate customers

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Agent

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a businessman who buys or sells for another in exchange for a commission

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Importer

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agent who brings good into a country from another country

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Exporter

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a businessperson who transports goods abroad (for sale)

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Buying habits

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customer preferences as shown by an analysis of the way they shop

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Price skimming

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involves charging a high price to recover costs and maximize profit as quickly as possible.

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Penetration pricing

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Pricing strategy in which the seller charges a low price on a new product to discourage competition and gain market share.

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Destroyer pricing

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Prices are lowered to weaken competition by forcing them to lower their prices

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Promotional Pricing

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Temporarily pricing products below the list price, and sometimes even below cost, to increase short-run sales

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Premium Pricing

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maintaining high prices to create an exclusive image

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Demand-orientated pricing

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a pricing strategy that changes due to differences in consumer demand, or time/season

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Core product

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All the benefits the product will provide for consumers or business customers.

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Augmented product

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Additional services and benefits like credit, installation or warranty

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Product mix

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all the products a company makes or sells.

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Product range

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the combination of different products a business manufactures and sells

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Product life cycle

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a theoretical model of what happens to sales and profits for a product class over time

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Prototype

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an early or original product upon which later products are based

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Test market

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Selling a product on a limited bases in a defined ara to help decide the effectiveness or potential marketing actions

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Idea Generation

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The first step of product development in which marketers brainstorm for products that provide customer benefits and are compatible with the company mission.

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Extension strategies

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occurs when marketing changes are made to prevent sales falling

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Product Portfolio

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All the products a company has available for customers at any one time.

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Boston Box

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Marketing tool that includes cash cows, question marks, dogs, and stars

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Branding

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establishing an identity for a range of products

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Repeat purchases

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when customers come back and buy again

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Own Brands

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Many large retailers make products and brand them under there own name

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Informative advertising

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advertising that provides information about a product to consumers

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Persuasive advertising

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advertising designed to appeal to your emotions to influence you to buy, but does not provide much information

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Corporate advertising

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advertising intended to establish a favorable attitude toward a company as a whole.

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Sales Promotion

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Short-term incentives to encourage the purchase or sale of a product or service.

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Into the pipeline

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Deals that encourage the retailer to purchase from the manufacter

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Out of the pipeline

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Deals that encourage end custumers to purchase the product

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Point of Sale

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places where goods are sold to the public - shops, stores, kiosks, market stalls, etc

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Dealer Loader

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A gift, often part of a display, given to a retailer that purchases a specified quantity of merchandise.

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BOGOF

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buy one get one free

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PR

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Public Relations

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Packaging

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Materials used to wrap or protect goods.

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Merchandising

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Displays and presentations used to promote and sustain certain products

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Mass Marketing

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using one marketing strategy to reach all customers

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Niche Marketing

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the process of finding small but profitable market segments and designing or finding products for them.

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Market Growth

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The percentage change in the size of the market

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Personal Interview

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Method of collecting data in which subjects are more likely to participate, but costly and subjects may not divulge personal info.

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Postal Survey

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a survey conducted by the mail

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Telephone Survey

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a research method in which respondents answers to a questionaire are recorded by interviewers on the phone.

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Quota sampling

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includes the same proportion of individuals with certain characteristics as found in the population. researcher uses his/her individual judgment to select respondents

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Random sampling

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a method of poll selection that gives each person in a group the same chance of being selected

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Consumer panel

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a group of consumers who provide information on a continuing basis

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Focus group

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Group of individuals brought together for the purpose of asking them questions about a product or marketing strategy.

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Hall test

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sampling products and offering feedback

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Club Card

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Tesco's Loyalty Card

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EPOS

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Electronic point of sale

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Internet

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a computer network consisting of a worldwide network of computer networks that use the TCP/IP network protocols to facilitate data transmission and exchange

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Mr McGowan's Blog

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www.mrmcgowan.blogspot.com

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Bill Gates

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founder of microsoft

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Steve Jobs

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co-founder of Apple

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Anita Roddick

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Founder of the Body Shop

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Tom Farmer

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Founder of Kwik Fit

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Tom Hunter

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Scottish entrepreneur, owned and sold Sports Division

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Alan Sugar

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Owner of Amstrad

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Donald Trump

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American property billionaire

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Peter Jones

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English dragon made his fortune in telecoms

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Michelle Mone

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Owner of Ultimo Bras

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Deborah Meaden

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Dragon famous for Holiday homes/parks

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Rachel Elnaugh

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Dragon who owned Red Letter Days but went bust

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Doug Richard

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US born Dragon who runs Library House

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Theo Paphitis

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Cypriot dragon who owns Rymans stationers

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Duncan Bannantyne

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Clydebank born Scottish dragon, owner of gymns and bars

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Dave Whelan

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Wigan Athletic's JJB Sports owner

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John Caudwell

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Owner of Phones 4 U

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Ann Gloag

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Stagecoach owner

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David Murray

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Ayr born Scottish businessman, involved in football, basketball and metals.

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Lee Scott

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Wal-Mart CEO

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Roger Smith

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Infamous CEO of General Motors in the 1980s. Chased by film-maker Michael Moore for years!

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Ingvar Kampread

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Founder of IKEA

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Henry Ford

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United States manufacturer of automobiles who pioneered mass production (1863-1947)

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Philip Kotler

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Author of best selling Marketing Management. Dedicates every book "To my darling wife, Nancy"

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Douglas McGregor

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He formulated his theory X and Theory Y, Classical =X and a early stages of human relations. Theory Y is more of a realistic view he believed workers are.

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Henri Fayol

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French management theorist who is credited with founding the functions of managers

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Frederick Taylor

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an American efficiency engineer who wrote "The Principles of Scientific Management", which earned him the title "father of scientific management"

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Abraham Maslow

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Psychologist who invented the Hierarchy of needs

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Tom Peters

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With Robert A. Waterman wrote the seminal In Search of Excellence

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Michael E. Porter

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Author and Harvard Business School Professor. Created the Five Forces, and is an expert in Competitve Strategy

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Adam Smith

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Scots economist and author of The Wealth of Nations

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Elton Mayo

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Hawthorne Experiment 1928, founder of the human relations movement

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Peter Drucker

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Management guru who was an advocate of Management By Objectives (MbO)

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James Caan

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Dragon who teams up with Duncan Bannantyne often

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Richard Farleigh

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Australian dragon who specialised in start-ups

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Jack Welch

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Legendary CEO of General Electric

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Theodore Levitt

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this man suggested that firms should standardize all of their products and services for all of their worldwide markets. Author of Marketing Myopia

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Andrew Carnegie

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Dunfermline born United States industrialist and philanthropist who endowed education and public libraries and research trusts (1835-1919). Owned US Steel

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Evan Davis

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BBC presenter of Dragons Den

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Richard Pascale

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Author of The Art of Japanese Management

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W. Edwards Deming

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US quality guru whose ideas were accepted in Japan

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Joseph Juran

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Romanian born US quality guru, famous for Pareto Principle

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Henry Mintzberg

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Divided manager's job into three types: interpersonal, informational, decisional

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Tim Berners Lee

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Father of the World-Wide Web. Wrote the first web-browser editor

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Alexander Graham Bell

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Scottish born inventor of the telephone (1847-1922)

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John Logie Baird

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Helensburgh born Scottish inventor; 1926--first to demonstrate a television system before a gathering of 50 scientists in his attic workshop, stretched cable from London to Glasgow and London to New York

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James Watt

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Scottish engineer and inventor whose improvements in the steam engine led to its wide use in industry (1736-1819)

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Larry Page

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American computer scientist, co-founded Google, the worlds largest internet company

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Sergey Brin

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co-founder of Google

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Ray Kroc

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Milkshake salesman that turned a small eatery into the McDonalds mega-franchise

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Warren Buffett

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The Oracle of Omaha,Chairman of Berkshire Hathaway . A billionnaire investor.

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Carlos Slim

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Mexican engineer, businessman, and philanthropist

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Charles Handy

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British management guru specialising in the future of work

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John Adair

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Northern Irish management guru focusing on Leadership

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Rosabeth Moss Kanter

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Female business guru who is a lead advocate for empowerment

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Roman Abramovitch

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Russian billionaire, owns Chelsea FC

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John Madejski

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Founder of Auto Trader. Owns Reading FC

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Igor Ansoff

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Russian born management guru who invented the growth matrix

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Meredith Belbin

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Famous for identifying team roles

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Frederick Herzberg

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the founder of the two-factor motivational theory

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Geert Hofstede

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Dutch engineer who created a framework of national and organisational culture

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Edward De Bono

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Father of lateral thinking

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Alfred Chandler

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Guru who believes structure must always follow strategy

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E. F. Schumacher

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German economist who worked for British Coal Board who belives Small is Beautiful

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Alfred Sloan

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Led General Motors from 1920s-50s. Father of decentralisation.

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Gary Hamel

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Guru who focuses on Core Competencies. Writes with C. K. Prahalad

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Sumantra Ghoshal

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Indian born guru who with Christopher Bartlett developed idea of Transnational Corporation

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Business

answer

Any organisation working towards a set of objectives

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Goods

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Things we can see and touch

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Durable Goods

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Things we can use again and again

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Non-durable goods

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Things we can use only once

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Service

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A thing that is done for us

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Wants

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Non-essential things we would like to have

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Needs

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Essential things for survival

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Land

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An economic term meaning natural resources

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Labour

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An economic term meaning employees

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Capital

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An economic term meaning factories, machines, vehicles, tools etc

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Enterprise

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The human effort that creates goods and services

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Entrepreneur

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The person who brings together the factors of production

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Factors of Production

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Land, Labour, Capital and Enterprise

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Cycle of Business

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The constant process of producing goods and services

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Primary Sector

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Businesses involved in extracting natural resources

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Secondary Sector

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Businesses involved in manufacturing & construction

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Tertiary Sector

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Businesses involved in providing services

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De-industrialisation

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The process of manufacturing decline

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Sole Trader

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a business owned by a single person

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Partnership

answer

a business owned by two or more people

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Public Limited Company

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a buisness witth limited liabilty whose shares are availible to the general public to buy on the stock market

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Private Limited Company

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a company whose shares are not bought and sold on the stock market and can only pass to another person with the agreement of other shareholders

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Franchise

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the right to use a specific business's name and sell its products or services in a given territory.

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Public Corporation

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An organisation created by an Act of Parliament

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Charity

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an organisation created to promote good causes

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Private Sector

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the part of the economy owned by individuals and businesses

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Public Sector

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the part of the economy owned by the government

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Voluntary Sector

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organistions set up to rise money for good causes, or to provide facilities for their members

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Deed of Partnership

answer

contract drawn up between owners

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Memorandum of Association

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Document that regulates a firm's external activities and must be drawn up on the formation of a plc

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Partnership Agreement

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a written agreement among all owners

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Limited Liability

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the responsibility of a business's owners for losses only up to the amount they invest; limited partners and shareholders have limited liability

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Unlimited Liability

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The owner is personally and fully responsible for all losses and debts of the business

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Royalty

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payment to the holder of a patent or copyright or resource for the right to use their property

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Articles of Association

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The internal 'rule book' that, according to corporate legislation, every incorporated firm must have and work by. And which, along with memorandum of association, forms the constitution of a firm.

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Shareholder

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a person who invests in a corporation by buying stock and is a partial owner

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Stakeholder

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someone with a key interest in an organiszation

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Manager

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person appointed to supervise and control resources and expenditures

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Employee

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a worker who is hired to perform a job

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Government

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the institution through which a society makes and enforces its public policies

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Local Community

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people who live in an area

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Customer

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someone who pays for goods or services

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Consumer

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a person who uses goods or services

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Ordinary Shares

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stock whose holders are given a vote

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Preference Shares

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stock whose holders are guaranteed priority in the payment of dividends but whose holders have no voting rights

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Prospectus

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A formal legal document, which is required by and filed with the Securities and Exchange Commission, that provides details about an investment offering for sale to the public.

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Share Issue

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act of introducing more shares onto the market

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Debenture

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bond issued to secure a loan

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Hire Purchase

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The buying of equipment by paying in instalments, usually including interest.

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Divestment

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act of selling assets to make cash

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Loan

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the temporary provision of money (usually at interest)

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Mortgage

answer

a long-term loan extended to someone who buys property

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Pressure Group

answer

a group of people who try actively to influence legislation

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Multinational

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a corporation that has manufacturing or service operations in a number of different countries

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Globalisation

answer

causing distinctively American norms and values to spread throughout the world

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Division of Labour

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the breaking up of a production process into a series of specialized tasks, each by a different worker.

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Dividend

answer

that part of the earnings of a corporation that is distributed to its shareholders

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Registrar of Companies

answer

the

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Legislation

answer

a law passed by a governing body

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PESTEC

answer

Political, Economic, Social, Technological, Environmental, Competitive

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Share Price

answer

the value of all the assets (stocks) divided by the number of shares

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Stock Exchange

answer

A market for buying and selling stock

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Corporation Tax

answer

The tax which private and public limited companies must pay on their profits.

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VAT

answer

a tax levied on the difference between a commodity's price before taxes and its cost of production

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Income Tax

answer

a tax on people's earnings

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AGM

answer

Event where shareholders meet to discuss important decisions

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EGM

answer

Meeting where an unusual event has brought shareholders together

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Diversification

answer

A risk management technique that mixes a wide variety of investments within a portfolio.

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Vertical Integration

answer

when a firm would strive to control all aspects of production (from acquisition of raw materials to the finished product)

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Horizontal Integration

answer

absorption into a single firm of several firms involved in the same level of production and sharing resources at that level

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Local Authority

answer

an administrative unit of local government

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Profit

answer

the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses)

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Profit Maximisation

answer

the aim to make as much profit as possible

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Survival

answer

a strategy to remain in existence

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Turnover

answer

the volume of sales measured in pounds

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Growth

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a process of becoming larger or more numerous

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Social Responsibility

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The obligation of organization management to make decisions and take actions that will enhance the welfare and interests of society as well as the organization.

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Risk

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expose to a chance of loss or damage

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Suppliers

answer

Companies that provide material, human, financial, and informational resources to other companies

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Tax Payers

answer

People who pay earnings to the Government

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Investors

answer

a person or group who puts money into a business

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Trustee

answer

members of a governing board

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Donor

answer

person who makes a gift of property

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Bank

answer

a financial institution that accepts deposits and channels the money into lending activities

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Building Society

answer

British equivalent of United States savings and loan association

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Grant

answer

a gift of money to be used for a special purpose

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Business Gateway

answer

advisory agency to assist small businesses

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Trade Fair

answer

an event at which many different companies show and sell their products

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European Union

answer

an international organization of European countries formed after World War II to reduce trade barriers and increase cooperation among its members

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Inland Revenue

answer

a board of the British government that administers and collects major direct taxes

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Merger

answer

the combination of two or more commercial companies

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Takeover

answer

One investor group buys enough stock in a corporation to gain control of the other corporation

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Demerger

answer

when a firm divides into more than one firm

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Management buy-out

answer

a form of acquisition where a company's existing managers acquire a large part or all of the company.

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Unemployment

answer

the total number of people out of work, but wanting to work

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Interest Rate

answer

the percentage of a sum of money charged for its use

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Exchange Rate

answer

the charge for exchanging currency of one country for currency of another

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Greenpeace

answer

an international organization that works for environmental conservation and the preservation of endangered species

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Environment

answer

all of the surrounding things, conditions, and influences affecting the growth or development of living things.

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Grey Pound

answer

the aging consumer market is often called this

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CAM

answer

computer aided manufacture

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CAD

answer

Computer Aided Design

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Robotics

answer

Mechanical devices programmed to do routine tasks

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Automation

answer

the act of implementing the control of equipment with advanced technology

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Assembly Line

answer

In a factory, an arrangement where a product is moved from worker to worker, with each person performing a single task in the making of the product.

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Hardware

answer

(computer science) the mechanical, magnetic, electronic, and electrical components making up a computer system

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Software

answer

(computer science) written programs or procedures or rules and associated documentation pertaining to the operation of a computer system and that are stored in read/write memory

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IT

answer

information technology

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ICT

answer

Information and Communications Technologies

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Advertising

answer

any paid form of communication through mass media directed at identified consumers to provide information and influence their actions

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Finance

answer

the management of money and credit and banking and investments

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Training

answer

being taught how to do something

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Recruitment

answer

The development of a pool of applicants for jobs in an organization.

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Selection

answer

the process of collecting info about applicants to make hiring dicisions

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Marketing

answer

the commercial processes involved in promoting and selling and distributing a product or service

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Sales

answer

the exchange of a product of service for money

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Gross Profit

answer

(finance) the net sales minus the cost of goods and services sold

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Net Profit

answer

The money you have left after you have paid for expenses

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Purchasing

answer

the function in a firm that searches for quality material resources, finds the best suppliers, and negotiates the best price for goods and services

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Buyer

answer

someone who purchases

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Competitor

answer

A rival.

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Michael Porter

answer

Business Guru who created the Five Forces

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Alan Sugar

answer

Owner of Amstrad

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Donald Trump

answer

American property billionaire

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Richard Branson

answer

Head of Virgin Group

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Michelle Mone

answer

Owner of Ultimo Bras

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Anita Roddick

answer

Founder of the Body Shop

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Phillips Curve

answer

A graph showing the relationship between inflation and unemployment . The theory states that unemployment can be reduced in the short run by increasing price level (inflation) at a faster rate. Conversely, inflation can be lowered at the cost of possibly increased unemployment and slower economic growth

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Downsizing

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reducing a company in size by laying off workers and managers to become more efficient

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Recession

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the state of the economy declines

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Primary Information

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first hand information gathered by a business for their own purposes using questionnaires, interviews, ect

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Secondary Information

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has been collected by someone else for their own purpose

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Internal Information

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information from within the firm

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External Information

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information from outwith the firm

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Qualitative information

answer

non numerical information

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Quantitative information

answer

numberical information

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Supercomputer

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a mainframe computer that is one of the most powerful available at a given time

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Videoconferencing

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A method of communication that is used when the parties can not meet face-to-face that allows for verbal and visual communcation

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Audioconferencing

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allows an operator to dial all participants in the teleconference group, bringing each participant into the meeting as he or she is reached.

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Teleworking

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working from home using computers

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LAN

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a local computer network for communication between computers

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WAN

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a computer network that spans a wider area than does a local area network

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PDA

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a lightweight consumer electronic device that looks like a hand-held computer but instead performs specific tasks

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Fax

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Telephonic transmission of scanned-in printed material

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EPOS

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Electronic point of sale

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EFTPOS

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electronic funds transfer at point of sale

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Data Protection Act

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the law which governs what information can be held by people

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Floatation

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financing a commercial enterprise by bond or stock shares

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Bill Gates

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founder of microsoft

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Steve Jobs

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co-founder of Apple

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Sergy Brin & Lawrence Page

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Founders of Google

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GE

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General Electric

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Dragons Den

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TV show where inventors pitch ideas for cash

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Peter Jones

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English dragon made his fortune in telecoms

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Duncan Bannantyne

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Scottish dragon, owner of gymns and bars

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Theo Paphitis

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Cypriot dragon who owns Rymans stationers

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Wall Street

answer

area in lower Manhattan where the New York Stock Exchange is located

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