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Business Organization & Environment
Human Resource Management
Finance & Accounts
Marketing
Operations Management
100
Entrepreneurship
What is the term for the activity undertaken by individuals who take calculated risks and initiative in the start-up of a new business or commercial project.
100
person specification
What is a document that gives the profile of the ideal candidate for a job, e.g. a description of the qualifications, skills, experience, knowledge and other attributes. This is used as part of the selection process for shortlisting candidates for interview.
100
Capital Expenditure
What is the spending on fixed assets and capital equipment of a business. Examples include expenditure on buildings, equipment, tools and vehicles. Capital expenditure is commonly known as investment expenditure.
100
Lean Production
What is a philosophy built into the culture of organizations that focus on less wastage and greater efficiency.
200
Entrepreneur
What is someone who is willing to take financial risks by investing in a business idea. Entrepreneurs are usually self-employed and develop new products or services mainly for their own benefit.
200
shortlisting
What is the systematic process of identifying and selecting the few most suitable candidates from all the applicants for an interview, because they best fit the profiles in the job description and person specification. Shortlisting eliminates unsuitable candidates from the recruitment process.
200
Revenue Expenditure
What refers to the need for businesses to finance their daily and routine operations. Examples include finance to pay for the purchase of raw materials, paying utility bills and remunerating employees.
200
Social Marketing
What refers to marketing activities designed to influence the behaviour of the general public in order to benefit the wider community.
200
Kaizen
What is the Japanese philosophy of continuous improvement and changing for the better.
300
Intrapreneur
What is someone who develops new products or services within an organization, usually a large one, for the benefit of the firm and its employers.
300
job offer
What iis made to the most suitable candidate prior to issuing a contract of employment.
300
Share capital
What is a long-term, external source of finance for a limited liability company (see Unit 1.2) obtained by selling shares of the company to individual and institutional investors.
300
Market Share
What refers to a firm’s portion of the total value of sales revenue in a particular industry.
300
Just-in-time
What is is a lean stock control system that relies on stocks (inventories) being delivered only when they are needed in the production
400
Primary Sector
What is the first stage of production?
400
Internal Recruitment
What is the hiring of people from within the organization to fill a job vacancy.
400
Initial Public Offer (IPO)
What occurs when shares in a limited liability company are sold for the very first time.
400
Market Leaders
What are firms with the largest market share in a given industry.
500
Secondary Sector
What isthe s sector refers to businesses engaged in manufacturing and construction to create finished, usable products?
500
External Recruitment
What is the hiring of people from within the organization to fill a job vacancy.
500
Marketing Objectives
What is are the specific goals of the marketing department in order to help achieve the overall objectives of the organization. They are included in a marketing plan and help to formulate appropriate marketing strategies.
500
Quality Control
What refers to the traditional approach to quality management by inspecting a sample of products. It involves quality controllers checking or examining a sample of products in a systematic way, e.g. once every 15 minutes on the production line, every 500th unit of output or 10% of the amount produced.