Business and it's Environment
The benefit of the next most desired option which is given up
What is opportunity cost?
The ability of managers to understand their own emotions and those to the people they work with, to achieve better business performance
long term plan established for achieving marketing objectives
What is marketing strategy?
producing output at the highest ratio of output to input
what is Efficiency?
Expanding a business rapidly without obtaining all of the necessary finance so that a cash-flow shortage develops
What is Overtrading?
Someone who takes the financial risk starting and managing a new venture
What is an entrepreneur?
A legal document that sets out the terms and conditions governing a workers job
What is employment contract?
The quantity of a product that consumers are willing and able to buy at a given price in a time period
What is demand?
preparing input resources to supply products to meet expected demands
What is Operations Planning?
Suppliers who have agreed to supply products on credit and who have not yet been paid?
What are Creditors?
The 3 objectives of social enterprises; economic, social and environmental
What is triple bottom line?
total output in time/total workers employed
Product design and performance, price, promotion including advertising, and place
What is the Marketing Mix (the 4 P's)
taxes (tariffs) or other limitations on the free international movement of goods and services
What are Trade Barriers?
A detailed financial plan for the future
What is a budget?
A business with mainly social objectives that reinvests most of it's profits into benefiting society rather than maximizing returns to owners
What is social enterprise?
The process of identifying the need for a new employee, defining the job to be filled and the type of person needed to fill it and attracting suitable candidates for the job
What is recruitment?
a long term plan of action for the whole organization, designed to perform a particular goal
What is Corporate Strategy
factors that cause average costs of production to rise when the scale of operation is increased
What are Diseconomies of Scale?
Exists when the difference between the budgeted and actual figure leads to a lower than expected profit
What is Adverse Variance?
The physical goods used by industry to aid in production of other goods and services, such as machines and commercial vehicles
What are capital goods?
A bonus for staff based on the profits of the business- usually paid as a proportion of basic salary
What is profit sharing?
The strategic analysis of a firms's macro-environment including political, economic, social and technological factors
What is PEST Analysis?
All of the stages in the production process from obtaining raw materials to selling to the consumer- from point of origin to point of consumption
What is Supply Chain?
The estimated total value of a company if it were taken over
What is Market Value