Unit 1
Non-tangible products sold to consumers not intended for resale
What is consumer service?
Measures the rate at which employees leave an organisation
What is labour turnover?
goods or services sold to end users
What are consumer products?
Meeting the objectives of the business by using inputs productively to meet customers' needs
What is effectiveness?
Capital needed by an entrepreneur to set up a business
What is start-up capital?
Land, Labour, Capital, Enterprise
What are factors of production?
Detailed list of the qualities, skills and qualifications that successful applicant needs to have
What is person specification?
A quantified picture of a business's consumers, showing data about their age groups, income levels, location, etc
What is a consumer profile?
Use of flexible Computer aided technology on production lines to make products that meet individual requirements for customers
What is mass customisation?
When a business ceases trading and its assets are sold for cash
What is liquidation?
Economic resources are owned largely by private sector with very little government intervention
What is free-market economy?
Practices and processes aimed at creating a mixed workforce
What is diversity policy?
analysing the range of existing products of a business to help allocate resources effectively between them
What is Product portfolio analysis?
Handling entire production flow of a product to minimise costs but improve customer service
What is supply chain management?
Company purchases an asset and agrees to pay fixed repayments over an agreed time period
What is hire purchase?
A certificate confirming part ownership of a company
What is a share?
Aspects of a worker's job that have the potential to cause dissatisfaction
What are hygiene factors?
the process of labelling and organising qualitative data to identify the main themes and the links between them
What is coding?
Exists when the current levels of output are less than the full-capacity output
What is excess capacity?
Providing financial services for poor and low-income customers who do not have access
What is microfinance?
Document that states the maximum share capital for which company seeks authorisation
What is Memorandum of Association?
the view that some managers believe employees are internally motivated
What is Theory Y?
the key marketing decisions complement each other and work together to give customers a consistent message about the product
What is integrated marketing mix?
Form of outsourcing that uses specialist contractors to take responsibility for certain business functions
What is BPO?
Expanding a business rapidly without obtaining all of the necessary finance
What is overtrading?