Business Studies - Unit 3 Key Words

What is a USP?

How can a business reduce costs?

Structure of different levels of authority in a business organisation, one on top of the other

Employees are paid based on their production

What is the Formula for Break Even?

Not an element of the Marketing Mix

The stages through which a product passes from its development to being withdrawn from sale

They have a high market growth with a low market share

The time it takes a delivery to arrive when ordered

What happens during the development stage of the product life cycle

An organisation that support causes e.g. the environment and try to get a business to change

A combination of factors which help a business to take into account customers needs

Ideas about what is morally correct or not applied in a business situation 

Part of a market that contains a group of buyers with similar buying habits

The monetary value of a business that belongs to the business owners

A stock management system where stocks are only ordered when they are needed

What is Break Even?

Continous improvement

Productivity is...

Which one is not an 'environmental issue?'

These can be used to fund other products

Someone who buys shares in a company in what they hope will be fast growing and profitable

Payment operated for sales staff where their earnings are determined by how much they sell

The flow of cash in and out of a business

Costs which change directly with the number of products made by a business

The amount of output between the actual level of output and the break even point

All the costs of a business (FC + VC)

Borrowing money from a bank by drawing more money than is in the current account

What is profit?

The range of variables which contribute to successful design: function, cost, appearance

The combinaton or range of products that a business sells

The lowest amount of stock to be kept by a business

Ensuring that quality is produced and delivered at every stage of the production process

Pay, usually of non-manual physical workers, expressed as a yearly figure but paid monthly 

Where a supplier gives a customer a short period of time to pay for a bill for goods

How do you calculate net cash flow?

Setting an initial low price for a new product so its attractive to customers

An example of inflow for a business

Taxes put on goods imported into a country which make them more expensive to buyers

The path down which orders are passsed in a company

A disadvantage of high levels of buffer stock

What is the 'Margin of Safety?'

Which one is not an internal source of finance

Which of these is not a 'fringe benefit?' 

A percentage mark up is added to the total cost of production/purchase

The number of people who report directly to another worker in an organisation

A recognised quality standard

What is revenue?

Measures designed to reduce foreign products coming into a country 

The ability to build upon exising ideas and develop a product

An advantage of JIT