Section 1
The benefit that could have been gained from using the same resource for something else
What is opportunity cost?
Training given to new staff to help familiarise themselves with the organisation (usually on the first few days on the job)
What is induction training?
Marketing to a small segment of a larger market
What is niche marketing?
Method of production that involves producing each individual product from start to finish. Often associated with custom-made products.
What is job production?
The difference between the selling price of a product/service and the cost of materials to produce it.
What is added value?
An organisation who protects the rights of its worker members
What is a trade union?
Research data that is collected first hand, often referred to as field research
What is primary (market) research?
Lean production method where no inventory is held, it is only ordered when needed
What is Just In Time?
Something written at the start of a business that persuades lenders to provide finance but also gives a sense of direction to employees
What is a business plan?
A financial reward that involves providing employees with non-cash items such as a company car and health insurance
What are fringe benefits?
Non probability sampling method where the researcher selects survey participants based on specific characteristics e.g Gender
What is quota sampling?
Checking quality at the end of the production process
What is quality control?
Two or more businesses agree to work together on a project and set up a separate business for this purpose
What is a joint venture?
These are factors that Hertzberg believed don't themselves motivate, but have to be in place in order for motivators to work.
What is Hertzberg's two factor theory?
What is an agent?
Purchasing, technical, managerial, marketing, financial
What are (internal) economies of scale?
What is market capitalisation?
planning, organising, coordinating, commanding and controlling
What are the functions (roles) of management?
Identifying and satisfying customer needs as well as building an maintaining loyalty.
What is the role of marketing?
Fixed costs / contribution (price - variable cost)
What is the break-even formula?