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Brand

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A name, term, design or symbol that identifies a sellers product and

makes it distinct

Break-even point

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The number of units you need to produce / sell to stop making a loss

and start making a profit

Cash Inflow

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Cash that comes in to the business, main source is from customers

buying products

Design Mix

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The 3 main areas to be considered when designing a new product.

1) Aesthetics - How it looks2) Function - How it works

3) Economic - How much it costs to make

Two ways of improving cashflow

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1) Destocking2) Reducing credit terms

Ethics

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How morally a business conducts itself.  Sometimes doing the right thing costs money! 

European Union

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Group of European countries who have come together to create a

single market

Exports

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Goods produced in one country but sold in another

Export subsidy

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Government policy to help encourage the export of goods

Hierarchy

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The number of levels of management in an organisations

structure

Imports

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Goods bought from another country

Import protection

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Government restricts imports into their country

Just In Time

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Stock arrives JUST when required

Lead time

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The time between stock being ordered and arriving

Margin of Safety

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Any sales above the break-even point is your margin of safety (or safety net)

Marketing Mix

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Product, price promotion, place.  The elements to consider in order

to launch a product

The 4 orientations of a business

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Market, sales, product, production

5 levels in Maslow’s Hierarchy of needs

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Level 1 - Survival needsLevel 2 - Safety needsLevel 3 - Social needsLevel 4 - Self esteem needsLevel 5 - Self actualisation needs

Maximum Stock

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The maximum quantity set for each order a company makes

What are X managers in McGregor’s X/Y theory

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Strict, tight control

Merger

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Where two businesses join together to form a new business e.g. PC

World and Currys

Minimum stock

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The minimum level of stock a company must have in order to

keep trading

4 stages in the product life cycle

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Introduction, growth, maturity, decline

Re-order level

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When this level of stock is reached, the company must place their next

order

Research and Development

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Investing time creating and designing an innovative product

Share capital

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Money obtained through the sale of shares

Sustainability

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The responsible management of resources.  For instance using renewable energy sources like solar power instead of fossil fuels like oil

Takeover

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Where one business buys at least 51% of another business

in order to control it

Quality control

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Checking finished products for problems or defects at the end of

the production process

Quality Assurance

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Monitoring and evaluating quality throughout the production process

Venture Capital

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Money invested into a business by business angels or "dragons"

3 internal sources of finance

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1) Retained profits2) Owners funds3) Sale of assets

2 ways to improve profit

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1) Increase price2) Reduce costs

Advantage of customer service

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Get repeat businessIncrease sales

Gain an advantage over competitors

Disadvantage of recycling waste

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Costs increase

Trade descriptions Act

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Goods must be as described

Span of control

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The number of people you are responsible for

Internal communication

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Communication between employees

External communication

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Communication between employees and individuals outside the business

Formal communication

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Communication through recognised channels

2 methods of informal communication

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1) Gossip2) Meetings

3 different payment methods for workers

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1) Flat rate2) Commission3) Profit sharing4) Share ownership5) Piece rate

Give an example of a pressure group

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GreenpeaceFathers for justiceTescolopolyAmnesty International

2 advantages of a single european market

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1) No barriers to trade2) Access to more labour

Operating (Net) Profit

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= Gross Profit - Expenses

Making a Profit

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Objective for all firms in the private sector except charities. Profit can be used to expand the firm (retained) or paid to owners as a reward for risking their money.

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Red = fixed costBlue = sales revenueGreen = total costs

Advantages of using break even charts

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1 Helps planning2 Identifies how much a firm has to sell to make a profit

Disadvantages of using break even charts

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1 Only a forecast!2 Selling price may have to fall if competition is strong3 Fixed or variable costs may go up/down e.g. rent increase.

Formula for break even output

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= Fixed Cost(Price – Variable Cost)