An indicator of average percentage change in a series of figures
index number
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A change in price will cause a more than proportional change in quantity demanded
price elastic
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A change in price will cause a less than proportional change in quantity demanded
price inelastic
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A change in price will cause an equal and proportional change in the quantity demanded
unitary elastic
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The art or science of predicting future demand by anticipating what consumers are likely to do in a given set of circumstances
sales forecasting
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The method of using past experience/ business data to forecast future sales
extrapolation
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Uses evidence from past sales data to predict future sales patterns
time series analysis
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Based on researching the views of a panel of experts
delphi method
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A subjective technique for generating new, useful ideas and promoting creative thinking
brainstorming
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Where there is limited data available, business leaders and managers may have to rely on their 'gut feeling'
intuition
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Difference between current assets and current liabilities. Shows the financial strength of a business, through the ability to meet demands from creditors
working capital
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Long-term liabilities and shareholders' capital combined. The total amount of capital utilised for the acquisition of profits
capital employed
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The fall in value of an asset over its lifetime
depreciation
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The manipulation of financial accounts by a business to improve the appearance of its performance
window dressing
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A description of what a business sets out to achieve in the medium to long term
vision statement
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A broad statement of a business' aims and values. Guides everyday operations and decision making.
mission statement
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The way a business operates to achieve its aims and objectives
strategy
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Concerned with the strategic decisions a business makes that affect the entire business
corporate level strategy
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A course of action that ultimately leads to the achievement of the stated goals of the corporate strategy
strategic direction
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Concerned with directing the divisions (functional/geographic) within the organisation
divisional strategy
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Relates to a single functional operation (e.g HRM) and the activities involved within the function
functional strategy
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The expansion of a business by selling more of its products
organic growth
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The legal right to use the brand name, products and business style of an existing business e.g. McDonalds
franchise
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The reorganisation of a business in order to increase its efficiency
rationalisation
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Occurs when outside suppliers are involved in activities that could be undertaken internally by a business
outsourcing
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A form of diagrammatic analysis used to help businesses with making decisions where there are a number of different options to select from
decision tree
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A method of planning and controlling large projects, used to make decisions on the management of resources and time
critical path analysis
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A method for measuring, in financial terms, the costs and benefits of an investment project, but considers the external costs and benefits
cost benefit analysis
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A technique used to evaluate planned investment by a business and measure its potential value
investment appraisal
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The time it takes for the project to pay back the initial outlay
payback period
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Measures the average net return every year with the cost of the investment
average rate of return
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When a business receives an order for their products that differ in terms of their regular orders
special order
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Other cards in this set
Card 2
Front
A change in price will cause a more than proportional change in quantity demanded
Back
price elastic
Card 3
Front
A change in price will cause a less than proportional change in quantity demanded
Back
Card 4
Front
A change in price will cause an equal and proportional change in the quantity demanded
Back
Card 5
Front
The art or science of predicting future demand by anticipating what consumers are likely to do in a given set of circumstances
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