BUSINESS

• Hackman and Oldham's Job Characteristics Model

  Focuses on the task being the key to employee motivation. The factors: skill variety, task identity, task significance, autonomy, feedback
• Job enrichment


  Job enrichment attempts to give employees greater responsibility by increasing the range and complexity of tasks
• Job enlargement


  job enlargement involves the addition of extra, similar, tasks to a job. widening the range of tasks that need to be performed, hopefully, the employee will experience less repetition and monotony
• Tannenbaum Schmidt Continuum


  the model shows there are a range of styles rather then categorising management and leadership simply in terms of either authoritarian and democratic, shows that there is a continuum.
• continuum: Tells


  leader identifies problems, makes decisions and announces to subordinates: expects implementation.
• continuum: sells


  leader still makes decision but attempts to overcome resistance through discussion and persuasion
• continuum: consults


  Leader identifies problem and presents it to the group. listens to advice and suggestions before making a decision.
• Continuum: joins


  Leader defines the problem and passes on the solving and decisions making to the group (which manager is part of)
• Blake Mouton Grid


  shows there are different management or leadership styles: some managers focus on the task; some on the people in their team; some are not interested in either task or people; some gain the commitment of people to the task.
• Stakeholder Mapping


  is a grid that measure stakeholder power and stakeholder interest. Shows that not all stakeholders are equal.
• Mission Statement


  A brief written statement about the purpose of the company or organisation.
• Why set objectives?


  -common sense of purpose

  -motivate employees

  -create reward systems

  -measure and review performance

  -Inform decisions to improve performance
• seven Ps of services marketing

  product, price, place, promotion, people, physical environment, process
• what is price elasticity?


  A measure of the effect of a price change or a change in the quantity supplied on the demand for a product or service.
• Variance Analysis


  The process by which the outcomes of budgets are examined and then compared with the budgeted figures
• Favourable variance


  When costs are less than expected, or revenue is more than expected
• Adverse Variance


  When costs are higher than expected or revenue is lower than expected
• Net Profit Margin


  Measures net profit as a percentage of sales. A high net profit margin is desired
• Quality control


  A system that uses inspection as a way of finding any faults in the good or service being provided
• Quality assurance


  A system that aims to achieve or improve quality by organising every process to get the product 'right first time' and prevent mistakes
• Kaizen


  A policy of implementing small, incremental changes in order to achieve better quality and/or greater efficiency
• Just in time


  A system where items of stock arrive just in time for production or sale
• Niche Marketing


  Targeting a product or service at a smaller segment of a larger market
• Limited liability


  Owners are not liable for the debts of the business; they can lose no more than the sum they invested.
• Laissez-faire leadership


  this means allowing people to get on with things themselves, but without the co-ordination and control implicit within democratic leadership
• Opportunity cost


  the cost of missing out on a decision. What you would have gained if you had've made that decision.
• Primary Research


  research done firsthand for the first time
• Secondary Research


  past research which has already been performed and often already published
• Price-elastic product


  A product that is highly price sensitive. Elasticity above 1
• Price-inelastic product


  A product that is not very price sensitive, so price elasticity is below 1
• Segmentation


  Finding ways to divide a market up to identify untapped opportunities. This offers up the possibility of new target markets and a new positioning within the market.
• Economics of Scale


  Factors that cause costs per unit to fall when a firm operates at a higher level of production
• Product life cycle


  The theory that all products follow a similar pattern over time, of development, birth, growth , maturity and decline
• Cash Cow


  A product that has high share of a low cash market
• Dog


  A product that has a low share of a low-growth market
• Question Mark/Problem Child


  A product that has a small share of a fast growing market
• rising star


  A product that has a high share of a fast growing market
• Lean production


  Instead of mass producing, the firm produces goods to order and therefore satisfies the customer while helping to avoid stockpiles of unsold stock
• Labour productivity


  A measure of efficiency; measures the output of a firm in relation to the labour inputs.
• Capacity Utilisation


  Measures a firm's output level as a percentage of the firm's maximum output level