Operations
These are the raw materials, labor, components, and facilities utilised at the start of the production process.
What are inputs?
This core marketing concept refers to the specific, well-defined group of consumers a business intends to sell its products to.
What is target market?
This critical financial statement shows a business's financial position at a specific point in time by detailing its assets, liabilities, and owner's equity.
What is a Balance Sheet?
The HR stage dedicated to locating and attracting the right pool of qualified applicants for a job vacancy.
What is recruitment?
This term describes the mutual reliance of the four key business functions on one another to achieve success.
What is interdependence?
This term refers to the conversion stage where inputs are actively changed, assembled, or processed into final products.
What is transformation?
Price, Product, Promotion, and Place are collectively known by this term.
What is the marketing mix?
This accounting document measures a business's financial performance over a period of time by subtracting total expenses from total revenue.
What is an Income Statement (or Profit and Loss Statement or Revenue Statement)?
This type of separation occurs when a worker's employment is ended because their position no longer exists or is no longer necessary to the business.
What is redundancy?
If the Marketing function runs a massive, highly successful ad campaign, it directly relies on this function to scale up and physically produce the extra volume of goods.
What is operations?
This operations strategy involves checking the final product at the end of the production line to ensure it meets required standards.
What is quality control?
This pricing method allows for the calculation of costs associated with producing the product and then adds a percentage markup.
What is cost based pricing?
This specific calculation is used to determine the exact point at which a business's total revenue equals its total costs, resulting in neither a profit nor a loss.
What is the break-even analysis?
Incentives provided to employees alongside their regular salary, such as a company car or flexible working hours.
What are non-monetary rewards?
Before the Human Resources function can hire highly specialised engineers to design a new product line, it must first check with this function to see if salaries fit the budget.
What is finance?
This business philosophy aims for zero defects by integrating external standards into every single stage of the production process.
What is quality assurance?
The process of dividing the total market into distinct groups of consumers based on shared characteristics like age, income, or lifestyle.
What is market segmentation?
Sourced from financial institutions or investors outside the business, this type of funding must eventually be repaid, often with interest.
What is debt finance?
This document outlines the specific duties, tasks, and responsibilities required of a person holding a particular job position.
What is a job description?
This overarching business goal represents the fraction of total sales in an industry that a single business controls.
What is market share?
The creation of a competitive advantage in operations through ensuring the product has a point of difference such as quality, customer service or customisation.
What is product differentiation?
This distribution channel is normally chosen for premium products which come with prestige or intangible benefits.
This term describes a business’s ability to pay its short-term debts as they fall due.
What is liquidity?
This systematic process evaluates an employee's work performance and productivity against a predetermined set of standards.
What is a performance appraisal?
When Operations shifts to automation, Human Resources must intervene by executing this strategy to handle displaced workers and upgrade remaining staff skills.
What is retraining?