Studied by 4 people
Final Exam: 11/11/2024
strategy
a plan for achieving success
innovation
a new idea or method
subordinate
a person with a less important position in an organization
consultant
a person who provides expert advice to a company
crisis
a situation of danger of difficulty
objective
something you plan to do or achieve
public sector
the section of the economy under government control
promotion
when someone is raised to a higher or more important position
set objectives
after an organization has …, it has to make sure that it achieves them
allocate resources
Managers have to find the best way to … all the human, physical and capital … available to them
perform tasks
Some people … better on their own while others work better in teams
supervise subordinates
Managers … the work of their … and try to develop their abilities
measure performance
Managers … the … of their staff to see whether they are reaching their targets.
deal with crises - make decisions
Top managers have to be prepared to … if they occur and then have to … quick …
labour relations
interactions between employers and employees, or manager and workers
job security
knowing that there is little risk of losing one’s employment
wages
money paid (per hour or day or week) to manual workers
benefits
advantages that come with a job, apart from pay
incentives
things that encourage people to do something
promotion
to be raised to a higher rank or better job
unskilled
without any particular abilities required by training
job rotation
regularly switching between different tasks
corporate culture
a company’s shared attitudes, beliefs, practices and work relationships
hierarchy or chain of command
a system of authority with different levels, one above the other, e.g. a series of management positions, whose holders can make decisions, or give orders and instructions
function
a specific activity in a company, e.g. production, marketing, finance
autonomous
independent, able to take decisions without consulting someone. at the same level or higher in the chain of command
line authority
the power to give instructions to people at the level below in the chain of command
report
to be responsible to someone and to take instructions from them
delegate
to give someone else responsibility for doing something instead of you
exported goods
products sold to other countries
real estate
property: building such as offices, houses, flats or apartments
labour
work done in return for money
delocalize
to move your factories to another region or country
outsource
to use other companies to do work your company previously did itself
inventory - stock
… or … is a company’s reserves involved in producing and delivering goods or a service
component
A … is any of the pieces or parts that make up a product or machine
capacity
… is the maximum rate of output that can be achieved from a production process.
plant
is a collective word for all the buildings, machines, equipment, and other facilities used in the production process.
location
means the geographical situation of a factory or other facility
supply chain
A … is a network of organizations involved in producing and delivering goods or a service.
outsourcing
means buying products or processed materials from other companies rather than manufacturing them.
economies of scale
… are the cost savings arising from large-scale production.
lead time
is the time needed to perform an activity such as manufacturing a product or delivering it to a customer.
estimate
a guess of what the size or amount of something might be
forecast
a statement of what is expected to happen in the future
agile
able to move quickly or easily
accurate
correct, exact and without any mistakes
logistics
designing and managing the flow of goods, information and other resources
manual
done with the hands
lean
(of production) using small quantities and avoiding any waste
replenish
to fill something up again
distribution channel
all the companies or individuals (‘middlemen’) involved in moving goods or services from producers to consumers
wholesaler
an intermediary that stocks manufacturers’ goods or merchandise, and sells it to retailers and professional buyers.
market segmentation
dividing a market into distinct groups of buyers who have different requirements or buying habits
product differentiation
making a product (appear to be) different from similar products offered by other sellers, by product differences, advertising, packaging, etc.
market opportunities
possibilities of filling unsatisfied needs in sectors in which a company can profitably produce goods or services.
market skimming
setting a high price for a new product, to make maximum revenue before competing products appear on the market
sales representative
someone who contacts existing and potential customers, and tries to persuade them to buy goods or services
product features
the attributes or characteristics of a product, such as size, shape, quality, price, reliability, etc.
price elasticity
the extent to which supply or demand (the quantity produced or bought) of a product responds to changes of price
market penetration
the strategy of setting a low price to try to sell a large volume and increase market share
advertising agencies
companies that design advertising for clients
advertising campaign
the advertising of a particular product or service during a particular period of time
brief
the statement of objectives that a client works out with an advertising agency
target customers
a defined set of customers whose needs a company plans to satisfy
advertising budget
the amount of money a company plans to spend in developing its advertising and buying media time or space
media plan
the choice of where to advertise in order to reach the right people
comparative-parity method
choosing to spend the same amount on advertising as one’s competitors
free sample
a small amount of a product given to customers to encourage them to try it
word-of-mouth advertising
free advertising, when satisfied customers recommend products to their friends
viral marketing
trying to get consumers to forward an online marketing message to other people
deposits
money placed in a bank
loan
a sum of money borrowed from a bank
capital
the money invested in a business
stocks or shares
certificates representing part-ownership of a company
bonds
certificates of debt issued by governments or companies to raise money
merger
when one company combines with another one
takeover bid
when one company offers to buy or acquire another one
stockbroking
buying and selling stocks or shares for clients
portfolio
all the investments owned by an individual or organization
returns
the profits made on investments
bankrupt
unable to pay debts or continue to do business
deregulation
the ending or relaxing of legal restrictions
conglomerate
a group of companies, operating in different fields, which have joined together
interest
the price paid for borrowing money, paid to the lenders
income
all the money received from business activities during a given period
expenditure
all the money that a business spends on goods or services during a given period
budget
a financial operating plan showing expected income and expenditure
asset
anything owned by a business - cash, buildings, machines, equipments, etc.
liabilities
all the money that a company will have to pay to someone else in the future, including debts, taxes and interest payments
debit
an entry in an account, recording a payment made
credit
an entry in an account, recording a payment received
intangible
adjective describing something without a material existence, which you can’t touch
accrued
adjective describing a liability which has been incurred but not yet invoiced to the company
deferred
delayed or postponed until a later time
cost accounting
calculating all the expenses involved in producing something, including materials, labour, and all other expenses
tax accounting
calculating how much an individual or a company will have to pay to the local and national governments (and trying to reduce this to a minimum)
auditing
inspecting and reporting on accounts and financial records
accounting
preparing financial statements showing income and expenditure, assets and liabilities
managerial or management accounting
providing information that will allow a business to make decisions, plan future operations and develop business strategies
