front 1 Above-the-line promotion | back 1 a form of promotion that is undertaken by a business by paying for communication with consumers |
front 2 Accounts payable | back 2 value of debts for goods bought on credit payable to suppliers; payable |
front 3 Accounts receivable | back 3 the value of payments to be received by customers who have bought goods on credit; a.k.a. trade receivables |
front 4 Acid-test ratio | back 4 (current assets – inventory)/current liabilities |
front 5 Added value | back 5 the difference between the cost of purchasing raw materials and the price the finished goods are sold for. |
front 6 Advertising | back 6 paid-for communication with consumers to inform and persuade |
front 7 Articles of Association | back 7 this document covers the internal workings and control of the business – for example, the names of directors and the procedures to be followed at meetings will be detailed. |
front 8 Arithmetic mean | back 8 calculated by totaling all the results and dividing by the number of results |
front 9 Asset | back 9 an item of monetary value that is owned by a business |
front 10 Asset-led marketing | back 10 an approach to marketing that bases strategy on the firm’s existing strengths and assets instead of purely on what the customers want |
front 11 Autocratic leadership | back 11 a style of leadership that keeps all decision-making at the center of the organization |
front 12 Bad debt | back 12 unpaid customers’ bills that are now very unlikely to ever be paid |
front 13 Balance sheet | back 13 an accounting statement that records the values of a business’s assets, liabilities and shareholders’ equity at one point of time |
front 14 Bar chart | back 14 use bands of equal width but of varying length or height to represent relative values. |
front 15 Batch production | back 15 producing a limited number of identical products – each item in the batch passes through one stage of production before passing on to the next stage |
front 16 Below-the-line promotion | back 16 promotion that is not a directly paid-for means of communication, but based on short-term incentives to purchase |
front 17 Brand | back 17 an identifying symbol, name, image or trademark that distinguishes a product from its competitors |
front 18 Branding | back 18 the strategy of differentiating products from those of competitors by creating an identifiable image and clear expectations about a product |
front 19 Break-even point of production | back 19 the level of output at which total costs equal total revenue – neither a profit nor loss is made |
front 20 Buffer stocks | back 20 the minimum stocks that should be held to ensure that production could still take place should a delay in delivery occur or should production rates increase |
front 21 Business plan | back 21 a detailed document giving evidence about a new or existing business, and that aims to convince external lenders and investors to extend finance to the business Capital: factor of production including all man-made resources used by a business |
front 22 Capital employed | back 22 the total value of all long-term finance invested in the business |
front 23 Capital expenditure | back 23 involves the purchase of assets that are expected to last for more than one year, such as building and machinery |
front 24 Capital goods | back 24 the physical goods used by industry to aid in the production of other goods and services, such as machines. |
front 25 Cash flow | back 25 the sum of cash payments to a business (inflows) less the sum of cash payments (outflows) |
front 26 Cash flow forecast | back 26 estimate of a firm’s future cash inflows and outflows |
front 27 Cash flow statement | back 27 record of the cash received by a business over a period of time and the cash outflows from the business |
front 28 Cash inflows | back 28 payments in cash received by the business |
front 29 Cash outflows | back 29 payments in cash made by the business |
front 30 Channel of distribution | back 30 the chain of intermediaries a product passes through from producer to final consumer |
front 31 Closed questions | back 31 questions to which a limited number of pre-set answers is offered |
front 32 Closing cash balance | back 32 cash held at the end of the month; it becomes next month’s opening balance |
front 33 Cluster sampling | back 33 using one or a number of specific groups to draw samples from and not selecting from the whole population, e.g. using one town or region |
front 34 Command economy | back 34 economic resources owned, planned and controlled by public sector |
front 35 Commission | back 35 a payment to a sales person for each sale made |
front 36 Competition-based pricing | back 36 a firm will base its price upon the price set by its competitors |
front 37 Consumer goods | back 37 the physical and tangible goods sold to the general public; include durable (can be used more than once) consumer goods, such as cars and washing machines, and nondurable (can be used once) consumer goods, such as food and drinks. |
front 38 Consumer markets | back 38 markets for goods and services bought by the final use of them |
front 39 Consumer profile | back 39 a quantified picture of consumers of a firm’s products, showing proportions of age groups, income levels, location, gender and social class |
front 40 Consumer services | back 40 the non-tangible products sold to the general public (include hotel accommodation, insurance, train journeys etc.) |
front 41 Contribution per unit | back 41 selling price less variable cost per unit |
front 42 Contribution-cost pricing | back 42 setting prices based on the variable costs of making a product in order to make a contribution towards fixed costs and profit |
front 43 Corporate social responsibility (CSR) | back 43 this concept applies to those businesses that consider the interests of society by taking responsibility for the impact of their decisions and activities on customers, employees, communities and the environment |
front 44 Cost of sales | back 44 a.k.a. cost of goods sold; the direct cost of purchasing the goods that were sold during the financial year |
front 45 Credit control | back 45 monitoring of debts to ensure that credit periods are not exceeded Creditors: suppliers who have agreed to supply products on credit and who have not yet been paid |
front 46 Current assets | back 46 assets that are likely to be turned into cash before the next balance sheet date |
front 47 Current liabilities | back 47 debts of the business that will usually have to be paid within one year |
front 48 Current ratio | back 48 current assets/current liabilities |
front 49 Customer relationship marketing (CRM) | back 49 using marketing activities to establish successful customer relationships so that existing customer loyalty can be maintained |
front 50 Debtors | back 50 customers who have bought products on credit and will pay cash at an agreed date in the future |
front 51 Demand | back 51 the quantity of products consumers are willing and able to buy at a certain price particular period of time, ceteris paribus |
front 52 Democratic leadership | back 52 a leadership style that promotes the active participation of workers in decision making |
front 53 Direct costs | back 53 these costs can be clearly identified with each unit of production and can be allocated to a cost center |
front 54 Diseconomies of scale | back 54 factors that cause average costs of production to rise when the scale of operation is increased |
front 55 Dismissal | back 55 being dismissed or sacked from a job due to incompetence or breach of discipline |
front 56 Dividends | back 56 the share of the profits paid to shareholders as a return for investing in the company |
front 57 Economic order quantity | back 57 the optimum or least-cost quantity of stock to re-order taking into account the delivery costs and stock-holding costs |
front 58 Economies of scale | back 58 reduction in a firm’s average costs of production that results from an increase in the scale of operations |
front 59 Effectiveness | back 59 meeting the objectives of the enterprise by using inputs productively to meet customers’ needs |
front 60 Efficiency | back 60 producing output at the highest ratio of output to input |
front 61 Emotional intelligence | back 61 the ability of managers to understand their own emotions, and those of the people they work with, to achieve better business performance |
front 62 Employment contract | back 62 a legal document that sets out the terms and conditions governing a worker’s job |
front 63 Entrepreneur | back 63 someone who takes the financial risk of starting and managing a new venture |
front 64 Enterprise | back 64 a factor of production including the driving force of a business, the risk-taking and decision-making unit of a business which organizes the other three factors of production. |
front 65 Equilibrium price | back 65 the market price that equates supply and demand for a product |
front 66 Equity finance | back 66 permanent finance raised by companies through the sale of shares |
front 67 Ethical code of conduct | back 67 a document detailing a company’s rules and guidelines on staff behavior that must be followed by all employees |
front 68 Ethics | back 68 the moral guidelines that determine decision-making |
front 69 Extension strategies | back 69 these are marketing plans to extend the maturity stage of the product before a brand new one is needed |
front 70 Factoring | back 70 selling of claims over debtors to a debt factor in exchange for immediate liquidity – only a proportion of the value of the debts will be received as |
front 71 Fixed costs | back 71 costs that do not vary with output in the short rui |
front 72 Flexi-time contract | back 72 employment contract that allows staff to be called in at times most convenient to employers and employees, e.g. at busy times of the day |
front 73 Flow production | back 73 producing items in a continually moving process |
front 74 Focus groups | back 74 a group of people who are asked about their attitude towards a product, service, advertisement or new style of packaging |
front 75 Franchise | back 75 a business that uses the business |
front 76 Free market economy | back 76 economic resources owned largely by the private sector with no or little state intervention |
front 77 Full-cost pricing | back 77 setting a price by calculating a unit cost for the product (allocated fixed and variable costs) and then adding a fixed profit margin |
front 78 Goodwill | back 78 arises when a business is valued at or sold for more than the balance sheet value of its assets |
front 79 Gross profit | back 79 equal to sales revenue less cost of sales Gross profit margin: gross profit/sales revenue * 100 |
front 80 Hard HRM | back 80 an approach of managing staff that focuses on cutting costs, e.g. temporary and part-time employment contracts, offering maximum flexibility but with minimum training costs |
front 81 High-quality profit | back 81 profit that can be repeated and sustained |
front 82 Hire purchase | back 82 an asset is sold to a company that agrees to pay fixed repayments over an agreed time period – the asset belongs to the company |
front 83 Histograms | back 83 it is not the height of each bar that represents relative values, but the area of each bar. |
front 84 Holding company | back 84 a business organization that owns and controls a number of separate businesses, but does not unite them into one unified company |
front 85 Hourly wage rate | back 85 payment to a worker made for each hour worked |
front 86 Human resource management (HRM) | back 86 the strategic approach to the effective management of an organization’s workers so that they help the business gain a competitive advantage |
front 87 Hygiene factors | back 87 aspects of a worker’s job that have the potential to cause dissatisfaction, such as pay, working conditions, status and over-supervision by managers |
front 88 Income statement | back 88 records the revenue, costs and profit (or loss) of a bu< period of time |
front 89 Indirect costs | back 89 costs that cannot be identified with a unit of production or allocated accurately to a cost center |
front 90 Induction training | back 90 introductory training programme to familiarize new recruits with the systems used in the business and the layout of the business site |
front 91 Industrial markets | back 91 markets for goods and services bought by businesses to be used in the production process of other products |
front 92 Informal leader | back 92 a person who has no formal authority but has the respect of colleagues and some power over them |
front 93 Insolvent | back 93 when a business cannot meet its short-term debts |
front 94 Intangible assets | back 94 items of value that do not have a physical presence, such as patents and trademarks |
front 95 Integrated marketing mix | back 95 the key marketing decisions complement each other and work together to give customers a consistent message about the product |
front 96 Internal growth | back 96 expansion of a business by means of opening new branches, shops or factories (a.k.a. organic growth) |
front 97 Internet marketing | back 97 the marketing of products over the Internet |
front 98 Inter-quartile range | back 98 the range of the middle 50% of the data |
front 99 Inventory | back 99 stock held by the business in the form of materials, work in progress and finished goods |
front 100 Job description | back 100 a detailed list of the key points about the job to be filled – stating all its key tasks and responsibilities |
front 101 Job enlargement | back 101 attempting to increase the scope of a job by broadening or deepe tasks undertaken |
front 102 Job enrichment | back 102 aims to use the full capabilities of workers by giving them th do more challenging and fulfilling work |
front 103 Job redesign | back 103 involves the restructuring of a job – usually with empl agreement – to make work more interesting, satisfying and challenging |
front 104 Job production | back 104 producing a one-off item specially designed for the customer |
front 105 Job rotation | back 105 increasing the flexibility of the workforce and the variety of work they do by switching from one job to another: £ M ^ |
front 106 Joint venture | back 106 two or more businesses agree to work closely together on a particular project and create a separate business division to do so |
front 107 Just-in-time | back 107 this stock-control method aims to avoid holding stocks by requiring supplies to arrive just as they are needed in production and completed products are produced to order |
front 108 Labor | back 108 factor of production, including the workforce of a business, both skilled and unskilled |
front 109 Laissez-faire leadership | back 109 a leadership style that leaves much of the business decision making to the workforce-a “hands-off’ approach and the reverse of the autocratic leadership |
front 110 Land | back 110 factor of production, including all natural resources used by a business |
front 111 Lead time | back 111 the normal time taken between ordering new stocks and their delivery |
front 112 Leadership | back 112 the art of motivating a group of people towards achieving a common objective |
front 113 Leasing | back 113 obtaining the use of equipment or vehicles and paying a rental or leasing charge over a fixed period. |
front 114 Liability | back 114 a financial obligation of a business that it is required to pay in the future |
front 115 Limited liability | back 115 the only potential loss a shareholder has if the company fails is the amount invested in the company, not the total wealth of the shareholder |
front 116 Line graphs | back 116 most commonly used for showing changes in variables over a period of timp: thp<;p are time-series graphs |
front 117 Liquidation | back 117 when a firm ceases trading and its assets are sold for cash to pay supply other creditors |
front 118 Liquidity | back 118 the ability of a firm to be able to pay its short-term debts |
front 119 Long-term bonds | back 119 bonds issued by companies to raise debt finance, often with a fixed rate of interest |
front 120 Long-term loans | back 120 loans that do not have to repaid for at least one year |
front 121 Low-quality profit | back 121 one-off profit that cannot easily repeated or sustained |
front 122 Management by objectives (MBO) | back 122 a method of coordinating and motivating all staff in an organization by dividing its overall aim into specific targets for each department, manager and employee £ M ^ |
front 123 Manager | back 123 responsible for setting objectives, organizing resources and motivating staff so that the organization’s aims are met |
front 124 Margin of safety | back 124 the amount by which the sales level exceeds the break-even level of output |
front 125 Marginal costs | back 125 the extra cost of producing one more unit of output Market |
front 126 capitalization | back 126 the total value of a company’s issued shares |
front 127 Market growth | back 127 the percentage change in the total size of a market (volume or value) over a period of time |
front 128 Market orientation | back 128 an outward-looking approach basing product decisions on consumer demand, as established by market research |
front 129 Market research | back 129 this is the process of collecting, recording and analyzing data about the customers, competition and the market |
front 130 Market segment | back 130 a sub-group of a whole market in which consumers have similar characteristics |
front 131 Market segmentation | back 131 identifying different segments within a market and targeting different products or services to them |
front 132 Market share | back 132 sales of the business as a proportion of total market sales |
front 133 Market size | back 133 the total level of sales of all producers within a market |
front 134 Market skimming | back 134 setting a high price for a new product when a firm has a unique or highly differentiated product with low elasticity of demand |
front 135 Marketing | back 135 the management task that links the business to the customer by identifying and meeting the needs of customers profitably – it does this by getting the right product at the right price to the right place at the right time |
front 136 Marketing mix | back 136 the four key decisions that must be taken in the effective marketing of a product |
front 137 Marketing objectives | back 137 the goals set for the marketing department to help the business achieve its overall objectives |
front 138 Marketing strategy | back 138 long-term plan established for achieving marketing objectives |
front 139 Mark-up pricing | back 139 adding a fixed mark-up for profit to the unit price of a product |
front 140 Mass customization | back 140 the use of flexible computer-aided production systems to produce items to meet individual customers’ requirements at mass production cost levels |
front 141 Mass marketing | back 141 selling the same products to the whole market with no attempt to target groups within it |
front 142 Median | back 142 the value of the middle item when data have been ordered or ranked. It divides the data into two equal parts |
front 143 Memorandum of Association | back 143 a document stating the name of the company, the address of the head office through which it can be contacted, the maximum share capital for which the company seeks authorization and the declared aims of the business |
front 144 Mission statement | back 144 a statement of the business’s core aims, phrased in a way to motivate employees and to stimulate interest by outside groups |
front 145 Mixed economy | back 145 economic resources are owned and controlled by both private and public sectors |
front 146 Mode | back 146 the value that occurs most frequently in a set of data |
front 147 Motivating factors | back 147 aspects of a worker’s job that can lead to positive job satisfaction, such as achievement, recognition, meaningful and interesting work and advancement at work |
front 148 Motivation | back 148 the internal and external factors that stimulate people to take actions that lead to achieving a goal |
front 149 Multi-site location | back 149 a business that operates from more than one location |
front 150 Multinational | back 150 a business with operations and production based in more than one country |
front 151 Net monthly cash flow | back 151 estimated difference between monthly cash inflows Net profit: gross profit minus overheads Net profit margin: net profit/sales revenue * 100 |
front 152 Niche marketing | back 152 identifying and exploiting a small segment of a larger mark* products to suit it |
front 153 Non-current assets | back 153 assets to be kept and used by the business for more than one year; a.k.a. fixed assets |
front 154 Non-current liabilities | back 154 value of debts of the business that will be payable after more than one year |
front 155 Off-the-job training | back 155 all training undertaken away from the business, e.g. work-related college courses |
front 156 Offshoring | back 156 the relocation of a business process done in one country to the same or another company in another country |
front 157 On-the-job training | back 157 instruction at the place of work on how a job should be carried out |
front 158 Open questions | back 158 those that invite a wide-ranging or imaginative response – the results will be difficult to collate and present numerically |
front 159 Opening cash balance | back 159 cash held by the business at the start of the month |
front 160 Operational flexibility | back 160 the ability of a business to vary both the level of production and the range of products following changes in customer demand |
front 161 Operations planning | back 161 preparing input resources to supply products to meet expected demand |
front 162 Opportunity cost | back 162 the benefit of the next most desired option which is given up |
front 163 Optimal location | back 163 a business location that gives the best combination of quantitative and qualitative factors |
front 164 Outsourcing | back 164 not employing staff directly, but using an outside agency or organization to carry out some business functions |
front 165 Overdraft | back 165 bank agrees to a business borrowing up to an agreed limit as and when required |
front 166 Overtrading | back 166 expanding a business rapidly without obtaining all of the necessary finant a cash-flow shortage develops |
front 167 Partnership | back 167 a business formed by two or more people to carry on a business together shared capital investment and, usually, shared responsibilities |
front 168 Part-time employment contract | back 168 employment contract that is for less than the normal full working week of, say, 40 hours, e.g. eight hours per week |
front 169 Paternalistic leadership | back 169 a leadership style based on the approach that the manager is in a better position than the workers to know what is best for the organization |
front 170 Penetration pricing | back 170 setting a relatively low price often supported by strong promotion in order to achieve a high volume of sales |
front 171 Performance-related pay | back 171 a bonus scheme to reward staff for above-average work performance |
front 172 Person specification | back 172 a detailed list of the qualities, skills and qualifications that a successful applicant will need to have |
front 173 Personal selling | back 173 a member of the sales staff communicates with one customer with the aim of selling the product and establishing a long-term relationship between company and consumer |
front 174 Pie chart | back 174 used to display data that need to be presented in such a way that the proportions of the total are clearly shown |
front 175 Piece rate | back 175 a payment to worker for each unit produced |
front 176 Price elasticity of demand | back 176 a numerical measure showing the responsiveness of quantity demanded to a change in price |
front 177 Primary research | back 177 the collection of first-hand data that is directly related to a firm’s needs |
front 178 Primary sector | back 178 a sector of economic activity including businesses engaged in extraction of natural resources |
front 179 Private limited company | back 179 a small or medium-size business that is owned by shareholders who are often members of the same family; cannot sell shares to the general public |
front 180 Private sector | back 180 comprises of businesses owned and controlled by individuals or groups of individuals |
front 181 Process innovation | back 181 the use of a new or much improved production method or service delivery method |
front 182 Product | back 182 the end result of the production process sold on the market to satisfy a customer |
front 183 Product differentiation | back 183 making a product distinctive so that it stands out from competitor products in consumers’ perception |
front 184 Product orientation | back 184 an inward-looking approach that focuses on making products that can be made – or have been made for a long time – and then trying to sell them |
front 185 Product positioning | back 185 the pattern of sales recorded by a product from launch to withdrawal from the market |
front 186 Production | back 186 converting inputs into outputs |
front 187 Productivity | back 187 the ratio of outputs to inputs during production, e.g. output per worker per time period £ M ^ |
front 188 Profit after tax | back 188 operating profit minus interest costs and corporation tax |
front 189 Profit sharing | back 189 a bonus for staff based on the profits of the business – usually paid as a proportion of basic salary |
front 190 Promotion | back 190 the use of advertising, sales promotion, personal selling, direct mail, trade fairs, sponsorship and public relations to inform consumers and persuade them to buy |
front 191 Promotion budget | back 191 the financial amount made available by a business for spending on marketing/promotion during a certain time period |
front 192 Promotion mix | back 192 the combination of promotional techniques that a firm uses to sell a product |
front 193 Public corporation | back 193 a business enterprise owned and controlled by the state (a.k.a. nationalized industry) |
front 194 Public limited company | back 194 a limited company, often a large business, with the legal right to sell shares to the general public – share prices are quoted on the national stock exchange |
front 195 Public relations | back 195 the deliberate use of free publicity provided by newspapers, TV and other media to communicate with and achieve understanding by the public |
front 196 Public sector | back 196 comprises of organizations accountable to and controlled by central or local government |
front 197 Qualitative factors | back 197 non-measurable factors that may influence business decisions |
front 198 Qualitative research | back 198 research into the in-depth motivations behind consumer buying behavior or opinions |
front 199 Quality circles | back 199 voluntary groups of workers who meet regularly to discuss work-related problems and issues |
front 200 Quantitative factors | back 200 these are measurable in financial terms and will have a direct impact on either the costs of a site or the revenues from it and its profitability |
front 201 Quantitative research | back 201 research that leads to numerical results that can be statistically analyzed |
front 202 Quota sampling | back 202 when the population has been stratified and the interviewer selects an appropriate number of respondents in each stratum |
front 203 Random sampling | back 203 every member of the target population has an equal chance of being selected. |
front 204 Range | back 204 the difference between the highest and the lowest value |
front 205 Recruitment | back 205 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, attracting suitable candidates for the job and selecting the best one |
front 206 Reorder quantity | back 206 the number of units ordered each time |
front 207 Redundancy | back 207 when a job is no longer required, so the employee doing this job becomes redundant through no fault of his or her own |
front 208 Retained profit | back 208 the profit left after all deductions, including dividends, have been made. This is “plowed back” into the company as a source of finance. |
front 209 Revenue expenditure | back 209 spending on all costs and assets other than fixed assets and includes wages and salaries and materials bought for stock |
front 210 Rights issue | back 210 existing shareholders are given the right to buy additional shares at a discounted price |
front 211 Salary | back 211 annual income that is usually paid on a monthly basis |
front 212 Sales promotion | back 212 incentives such as special offers or special deals directed at consumers or retailers to achieve short-term sales increases and repeat purchases by consumers |
front 213 Sales turnover | back 213 total value of sales made by a business in a given time period; a.k.a. sales revenue; equal to selling price X quantity sold |
front 214 Sample | back 214 the group of people taking part in a market research survey selected to be representative of the overall target market |
front 215 Scale of operation | back 215 the maximum output that can be achieved using the available inputs (resources) – this scale can only be increased in the long term by employing more of all inputs |
front 216 Secondary research | back 216 collection of data from second-hand sources |
front 217 Secondary sector | back 217 a sector of economic activity where resources extracted by primary sector businesses are processed and manufactured into final goods |
front 218 Self-actualization | back 218 a sense of self-fulfillment reached by feeling enriched and developed by what one has learned and achieved |
front 219 Share | back 219 a certificate confirming part ownership of a company and entitling the shareholder owner dividends and certain shareholder rights |
front 220 Share capital | back 220 the total value of capital raised from shareholders by the issue of shares |
front 221 Shareholder | back 221 a person or institution owning shares in a limited company |
front 222 Shareholders’ equity | back 222 total value of assets minus total value of liabilities |
front 223 Social audit | back 223 a report on the impact a business has on society (it could cover pollution levels, health and safety record, source of supplies, customer satisfaction and contribution to the community) |
front 224 Social enterprise | back 224 a business with mainly social objectives that reinvests most of its profits into benefiting society rather than maximizing returns to owners |
front 225 Societal marketing | back 225 this approach considers not only the demands of consumers but also the effects on all members of the public (society) involved in some way when firms meet these demands |
front 226 Soft HRM | back 226 an approach to managing staff that focuses on developing staff so that they reach self-fulfillment and are motivated to work hard and stay with the business |
front 227 sole traders | back 227 a business in which one person provides the permanent finance and, in return, has full control of the business and is able to keep all of the profit |
front 228 sponsorship | back 228 payment by a company to the organizers of an event so that the company name becomes associated with the event |
front 229 staff appraisal | back 229 the process of assessing the effectiveness of an employ set objective |
front 230 start-up capital | back 230 capital needed by an entrepreneur to set up a business |
front 231 stock | back 231 materials and goods required to allow for and supply of products to the customer |
front 232 stratified sampling | back 232 this draws a sample from a specified sub-group or segment of the population and uses random sampling to select an appropriate number from each stratum |
front 233 Supply | back 233 the quantity of products producers are willing and able to sell at a certain price for a particular period of time |
front 234 systematic sampling | back 234 <ill give a required rate of return at a certain level of output/sales- |
front 235 teleworking | back 235 staff wong Trom nome out Keeping contact with the office by means of modern IT communication |
front 236 temporary employment contract | back 236 employment contract that lasts for a fixed time period, e.g. six months-tertiary sector: a sector of economic activity including businesses engaged in providing services to customers |
front 237 team working | back 237 production is organized so that groups of workers undertake complete units of work |
front 238 temporary employment contract | back 238 employment contract that lasts for a fixed time period, e.g. six months- |
front 239 tertiary sector | back 239 a sector of economic activity including businesses engaged in providing services to customers team working: production is organized so that groups of workers undertake complete units of work |
front 240 team working | back 240 production is organized so that groups of workers undertake complete units of work |
front 241 Trade barriers | back 241 taxes (tariffs) or other limitations on the free international movement of goods and services |
front 242 Training | back 242 work-related education to increase workforce skills and efficiency |
front 243 Triple bottom line | back 243 the three objectives of social enterprise (economic, social and environmental) |
front 244 Unfair dismissal | back 244 ending a worker’s employment contract for a reason that the law n being unfair |
front 245 Unique selling point (USP) | back 245 the special feature of a product that differentiates it from competitors’ products |
front 246 Variable costs | back 246 Costs that vary with a change in output |
front 247 Venture capital | back 247 risk capital invested in business start-ups or expand have good profit potential but do not find it easy to gain fi |
front 248 Viral marketing | back 248 the use of social networking is awareness or sell products |
front 249 Window dressing | back 249 presenting the company accounts in a favorable light – to flatter the business performance |
front 250 Worker participation | back 250 workers are actively encouraged to become involved in decision making within the organization |
front 251 Workforce audit | back 251 a check on the skills and qualifications of all existing managers/employees |
front 252 Workforce planning | back 252 analyzing and forecasting the numbers of workers and the skills of those workers that will be required by the organization to achieve its objectives |
front 253 Working capital | back 253 the capital needed to pay for day-to-day running costs and credit offered to is equal to current assets minus current liabilities. |