Unit 1
Statement of the business's core aims, phrased in a way to motivate employees and stimulate interest by outside groups
What is a mission statement
responsible for setting objectives, organizing resources, and motivating staff so that the organization's aims are met
What is a manager
The quantity of a product that consumers are willing and able to buy at a given price in a time period
What is demand
the use of computer programs to creates two or three dimensional graphical representations of physical objects
CAD (Computer Aided Design)
record of the cash received by a business over a period of time and the cash outflows from the business
cash flow statement
Person owning shares in a limited company
What is a shareholder
a leadership style that leaves much of the business decision making to the workforce; a "hands-off" approach and the opposite of the autocratic style
Paid for communication with consumers to inform and persuade
What is Advertising
producing a one off item specially designed for the customer (unique product)
Job Production
the level of output at which total costs equal total revenue- neither a profit nor a loss is made
break even point of production
Businesses are formed by 2 or more people to carry on a business together
What is a partnership
involves the restructoring of a job, usually with employees' involvement and agreement to make work more interesting, satisfying, and challenging
What is job redesign
Goals set for the marketing department to help the business achieve its overall objectives
What is Marketing Objectives
reductions in a firm's unit costs of production that result from an increase in the scale of operations
Economies of Scale
a detailed document giving evidence about a new or existing business, and that aims to convince external lenders and investors to extend finance to the business
business plan
A document that covers the internal workings and control of the business
What is articles of association
a situation in which employees are able to give the right amount of time and effort to work and to their personal life outside of work, for example to family or other interests
What is work-life balance
When the population has been stratified and the interviewer selects and an appropriate number of respondents from each stratum
What is Quota Sampling
the minimum inventory level that should be held to ensure that production could still take place should a delay in delivery occur or should production rates increase
Buffer Inventories
bank agrees to a business borrowing up to an agreed limit as and when required
overdraft
Three objectives of social enterprises; economic, social, and environmental
What is triple bottom line
voluntary groups of workers that meet regularly to discuss work-related problems and issues
What is quality circles
Promotion that is not a directly paid for means of communication, but based on short-term incentives to purchase
Below-the-Line Promotion
The task of ensuring that supplies of the right quality are delivered at the right time in sufficient quantities to allow smooth and unbroken production
Optimum Order
liquid assets/current liabilities
acid-test ratio