Business Keywords 2.3

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22 Terms

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Batch production
Producing a limited number of identical products
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Flow production
Continuous production of identical products, which give scope for high levels of automation.
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Job production
One-off production of a one-off item for a single customer
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Productivity
A measure of efficiency, usually output per person per time period (for examples Nissan UK's 98 cars per worker per year).
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Automation
Using machines that can operate without people
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Flexibility
The ability to switch quickly and easily from one task to another
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Robots
Machines that can be programmed to do tasks that can be done by humans, such as welding, spray painting and packing.
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Bar gate stock graph
A diagram to show changes in the level of stock over time
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Buffer stock
The minimum stock level held at all times to avoid running out
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Just in Time (JIT)
Running the business with so little stock that new supplies have to arrive 'just in time' before they run out.
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Stock(s)
Items held by a firm for use of sales, for examples components for manufacturing or sellable products for a retailer
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Availability
Knowing how to get the right supplies quickly- just when you need them
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Logistics
Ensuring that the right supplies will be ordered and delivered on time
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Procurement
Obtaining the right supplies from the right supplier
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Trust
Building a business relationship in which both sides know that the other won't let them down.
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Culture
'The way we do things round here'; or the accepted attitudes and practices of staff at a workplace
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Quality control
Putting measures in place to check that the customer receives an acceptable level of quality
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Warranty
The guarantee by the producer that it will repair any faults in a product for a specific period of time - often one year.
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Customer engagement
The attempt to make a customer feel part of something rather than an outsider
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Customer feedback
Comments, praise or criticisms given to the company by its customers
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Post-sales service
Service received after the purchase is completed, perhaps because something has gone wrong or as a way of promoting customer engagement.
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Product knowledge
How well staff know all the features of the products and the service issues surrounding the products such as the precise terms of Kia's seven-year warranty on its new cars