Business IGCSE: 15-19

Keywords

E-commerce

• Online buying/selling of goods and services

• using internet-linked devices

Internet-banking

• Electronic system

• allows users to conduct financial transactions over the internet.

Online shopping

• Buying goods online using internet-linked devices

Online-ticketing

• online booking service

• could be printed out or stored in a device’s memory

Legal controls

• laws to protect consumers

• from faulty, unsafe goods/misleading promotion

Marketing Strategy

• plan with marketing objective & details of the marketing mix

• aims to achieve it

Productivity

• output measured against the input used to create a product or service

Labour productivity

amount of work done / no. units produced or unit time

Lean Production

• aims to use fewer inputs, cut downs & waste

• aims to maximise efficiency

Inventory

• raw materials, semi-processed goods held by a business at a time

Just-in-time production

• Reducing & virtually eliminating inventories of unsold, raw materials

Kaizen

• Japanese for “Continuous improvement”

• through elimination of inefficiencies

Job Production

• producing one single unit/time

• tailored to specific requests

Batch Production

• Producing a no. one product then moving onto the next

• (e.g. bakeries, etc.)

Flow Production

• Mass producing at large quantity

• Continuous production

Mechanisation

• Introducing machinery into production methods

Automation

use of advanced tech to make a production method work without human control

CAM ( computer-aided manufacturing )

• use of software & computer-controlled machinery

• to automate processes

CAD (computer-aided design)

• use of IT to help create, modify, improve designs

Sustainable production

• Minimise natural resources usage

• Reduce pollution and carbon output

Renewable energy

• power obtained from natural sources that could be restored

• (e.g. solar, wind, etc.)

Reusing

Using a product again for another purpose

Recycling

• Reprocessing materials

• To use them in a different process/purpose

Environmentally-friendly products

• Things that are disposable and won’t harm the environment in the process