Key terms

• Competitive pricing


  Where the price of a product is decided by comparing it to its rivals
• Cost plus


  price is decided based only on the production cost and some extra to make profit
• Curriculum Vitae


  A document summarising the personal details, qualifications and experiences an individual has.
• Human resources

  how a business recruits and manages its workforce
• Insolvency 


  Where a business runs out of cash and is unable to obtain new finances.
• Job analysis

  a business deciding whether it needs a worker and what type if required
• Job description

  an explanation of the roles and responsibilities of the job
• Logistics 


  The management of the flow of goods, information and money along the supply chain
• Loss leader

  where a business prices a good at lower than its cost to encourage customers to buy other goods at the same time
• Multinational


  a business that produces goods in more than one country
• Non-financial objectives 


  business targets that involve areas such as improving quality or being more ethical
• Observation

  a method of market research where direct data is gathered from customer actions
• operational staff


  employees who directly do the work such as manufacturing or providing the service
• Person specification

  the qualifications, skills, experience and personal attributes needed for a job
• Procurement


  the process of choosing a supplier
• Product trial


  a free or reduced priced product given as a sample with the hopes that customers will continue to buy the product in the future
• Public relations


  an approach to promoting a business focused on producing a positive image using social media and other indirect methods
• Quality assurance


  setting up the processes in production to ensure that quality is achieved
• Quality control


  checking that the products produced by a business are of the required standard at the end of the production process
• Remuneration 


  the package of pay or other rewards provided to the employee
• Sales process


  a series of activities that are designed to engage customers and to complete a sale
• Share issue

  When a company raises finance through selling shares to new or existing shareholders
• Social objectives


  business objectives such as being ethical or environmentally friendly
• Trade bloc


  a group of countries that don't place tariffs on each other to protect small businesses from international businesses
• Viral advertising 


  where an advert is spread through social media by people spreading the message through forwarding to their friends or contacts