BUSS2 key terms page one 0.0 / 5 ? Business Studies & Economicskey termsASAQA Created by: gabrielle PurshouseCreated on: 13-05-14 11:00 adverse variance a difference between actual and budgeted amounts which is bad news e.g. higher than budgeted costs 1 of 24 advertising paid-for communication, aimed at informing or persuading 2 of 24 assessment centres where a recruiting firm runs a series of extended selection procedures, each lasting one or two days or sometimes longer 3 of 24 automation the replacement of workers with machines to perform task in production 4 of 24 boston matrix a model which analyses the product portfolio of a business into four catergories (stars, cash cows, problem child and dogs) 5 of 24 branding the use of a trade name, symbol, logo or other device to differentiate a product or service 6 of 24 budget a detailed plan of income and expenses expected over a certain period of time 7 of 24 business to business involves the selling of products and services by one business derictly to another 8 of 24 capacity utilisation the proportion of total capcity used expressed as a percentage 9 of 24 communication the process of exchanging information and ideas between individuals or groups 10 of 24 competition the businesses that compete for a share of the market 11 of 24 competitiveness the ability of a business to offer a better product than competitors 12 of 24 cost reduction actions taken by a business aimed at reducing total costs, or lowering average unit costs 13 of 24 customers expectations what customers expect to recieveas a result of buying a good or service; influenced by perceptions of factors such as quality and price 14 of 24 customer service the ways in which a business meets the needs and wants of its cusomers 15 of 24 delegation where responsibilty for carrying out a task or role is passed onto someone else in the business 16 of 24 direct selling a method of distribution which involves a business transacting with a customer without the use of intermediaries 17 of 24 distribution channel how a business gets its products to the end consumer 18 of 24 empowerment delegation power to employees so they can make their own decisions 19 of 24 external recruitment where candidates for a job vacancy come from outside of the organisation 20 of 24 factoring a source of finance where business receives a proportion of the amount owned by the trade debtors from a speicalist finance provider 21 of 24 favourable vairance a difference between actual and budgeted results which is good news 22 of 24 flexible working where a business uses a number of different working practices in order suit the job in hand and the needs of employees 23 of 24 hierarchy the structure and number of layers of management and supervision in an organisation 24 of 24
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