Hi
the ratio of outputs to inputs during production
What is Productivity
businesses that provide the same or very similar goods or services
What is Direct Competitor
a business location that gives the best combination of quantitative and qualitative factors
What is Optimal Location
measures the rate at which employees are leaving an organization
What is Labor Turnover
production systems that prevent waste by using the minimum of non-renewable resources so that levels of production can be sustained in the future
What is Sustainability
a detailed list of the qualities, skills and qualifications that a successful applicant will need to have
What is Person Specification
taxes (tariffs) or other limitations on the free international movement of goods and services
What is Trade Barriers
the difference between the cost of purchasing raw materials and the price the finished goods are sold for – this is the same as creating value
What is Added Value
producing output at the highest ratio of output to input
What is Efficiency
non-measurable factors that may influence business decisions
What are Qualitative Factors
producing a limited number of identical products – each item in the batch passes through one stage of production before passing on to the next stage
What is Batch Production
involving a high quantity of capital equipment compared with labor input
What is Capital Intensive
the use of computer programs to create two- or three-dimensional (2D or 3D) graphical representations of physical objects
What is Computer Aided Design (CAD)
total value of sales made by a business in a given time period
What is Revenue
the key marketing decisions complement each other and work together to give customers a consistent message about the product
What is Integrated Marketing Mix
these are measurable in financial terms and will have a direct impact on either the costs of a site or the revenues from it and its profitability
What are Quantitative Factors
setting a high price for a new product when a firm has a unique or highly differentiated product with low price elasticity of demand
What is Market Skimming
Promotion that is not a directly paid-for means of communication, but based on short-term incentives to purchase
What is Below-the line Promotion
the use of computer software to control machine tools and related machinery in the manufacturing of components or complete products
What is Computer Aided Manufacturing
the use of flexible computer-aided production systems to produce items to meet individual customers’ requirements at mass-production cost levels
What is Mass Customization
intangible capital of a business that includes human capital( well trained and knowledgeable employees), structural capital (databases and information systems) and relational capital (good links with supplier and customers)
What is Intellectual Capital
reductions in a firm’s unit (average) costs of production that result from an increase in the scale of operations
What is Economies of Scale
using marketing activities to establish successful customer relationships so that existing customer loyalty can be maintained
What is Customer Relationship Management (CRM)
this approach considers not only the demands of consumers but also the effects on all members of the public (society) involved in some way when firms meet these demands
What is Societal Marketing
setting a price by calculating a unit cost for the product (allocated fixed and variable costs) and then adding a fixed profit margin
What is Full-cost pricing