Business Studies AS unit 2
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24 terms
Terms | Definitions |
|---|---|
 Advertisement | a public promotion of some product or service, aimed at informing or persuading |
| Agent | someone who arranges transactions between the supplier and the customer |
| Automation | the act of implementing the control of equipment with advanced technology over workers |
| Bad debt | a debt that is unlikely to be repaid |
| Bankruptcy | financial failure caused by an inability to pay one's debts |
| Benchmarking | the process of comparing an organization's practices and technologies with those of other companies |
| Boston matrix | Means of analyzing and categorizing the performance of business units in large diversified firms by reference to market share and growth rates.(stars,cash cow,problem child,dogs) |
| Budget | A detailed plan of income and expenses expected over a certain amount of time. |
| Calculated risk | a chance that a business takes after considering all possible outcomes |
| Cash Cow | low market growth rate and high market share |
| Collateral | a security pledged for the repayment of a loan e.g personal guarentees such as possesion of property. |
| Commision | Paying a salesman based on the amount they sell |
| Company | A form of business that is owned by shareholders. |
| Contribution | The difference between total sales and total variable costs. |
| Demographic Segmentation | segmenting markets by age, gender, income, ethnic background, and family life cycle |
| Dog | A product that has a low share of a low growth market/declining market |
| Downtime | The period of time when work is stopped. |
| Efficiency | Measures he amount of output produced per unit of input |
| Empowerment | the process of sharing power with employees, thereby enhancing their confidence in their ability to perform their jobs and their belief that they are influential contributors to the organization |
| Factors of production | Land,Labour,Capital,Enterprise |
| Job enlargement | Giving employees more tasks |
| Job enrichment | Making a job more varied. This a motivational strategy |
| Job rotation | Workers move from different jobs |
| Kaizen | Quality control method which is a process of continous improvement |
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