Operation
Quality management strategy that relies on continuous improvement is all business aspects.
What is Total Quality Management (TQM)?
Form of debt financing which involves a business selling its accounts receivable to a firm that specialises in collecting unpaid accounts.
What is Factoring?
Promise made by business to repair or replace faulty products within certain time period
What are warranties?
A government organisation that is in place to prevent/settle industrial disputes between employees and employers.
What is the Fair Work Commission?
Relate cause and effect; make the relationship between things evident; provide why and/or how
What is Explain?
business aims to have the lowest costs or to be the most price-competitive in their market
What is Cost Leadership?
issued by a company for a fixed rate of interest and for a fixed period of time
What is a Debentures?
selling existing goods and services to new customers by opening in another location or diversifying advertising.
What is Expand existing markets?
Term used to define when employees are no longer needed due to downsizing/closing/outsourcing.
What is Retrenchment?
Identify issues and provide points for and/or against
What is Discuss?
how consistent and reliable products/services are, how well designed and made they are and whether they meet expected consumer standards.
What is Dependability?
the extent to which a business can meet its financial commitments in the short-term (a period of less than 12 months).
What is Liquidity?
Being forced to pay a higher price for a product that is identical to another retailers.
What is Price Discrimination?
The leader allows the employees to make decisions.
What is Delegative (Laissez-faire) leadership?
Identify components and the relationship between them; draw out and relate implications
What is Analyse?
cost advantages that can be created as a result of an increase in scale of business operations.
What is Economies of scale?
Company wishes to sell additional shares and organises a rights issue for existing shareholders.
What is Rights issues?
Information sourced for a specific purpose. E.g. surveys, observations and experiments.
What is Primary Market Research?
the process of measuring an employee’s performance against established standards.
What is benchmarking?
Make a judgement based in criteria;
determine the value of
finding suppliers who have cheaper, better quality products and more advanced technology, wherever they are in the world.
What is Global sourcing?
Written order from the seller requesting the importer pay a certain amount at a specified time
What is a Bill of exchange?
The consumer’s total experience of buying the product from research to experiencing the benefits of the purchase
What are Processes?
Is the continuing commitment by companies to behave ethically and contribute to economic development, while improving the quality of life of stakeholders.
What is a Corporate Social Responsibility?
Make a judgement of value, quality, outcomes, results or size
What is Assess?