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Module 5 TermsModule 5 DefintionsModule 5 TermsModule 5 DefinitionsModule 4 TermsModule 4 Definitions
Industrial location The decision a business or an industry makes concerning its geographical placing in a country. Many factors affect the decision of where to locate:the proximity to the market & to suppliers. The cost & availability of land & cost of labour. Individual Barganing When each employee separately negotiates their own pay & working conditions Asset Led Marketing bases the marketing strategy, tactics & decisions on the firm's existing strnghts in consideration of customer requirements.
Research and development (R and D) carrying out extensive research about how a product can be designed, manufactured, packaged, etc, and then developing a prototype of the product which can then be test-marketed. If the test-market is successful, then the product is likely launched. Collective Barganing negotiation between employers and the representatives of the workforce, usually trade union officials Market - Led Marketing bases their strategy & marketing decisions on customer requirements.
Feedback response to communication that may confirm receipt & comprehension Works council a type of worker participation and it consists of regular discussions between managers and representatives of the workforce over such issues as how the business can improve its processes and procedures. Extrapolation is a statistical process of forecasting sales based on historical data. It involves the use of moving averages to erradicate results & seasonal effects to produce a smooth predicted trend line.
Decentralisation This means passing responsibility and authority away from the headquarters of the business to regional offices and departments. Autonomous Work Groups teams that have been structured to manage and coordinate their own activities and make many of the day-to-day decisions that would have traditionally been made by a supervisor or manager. e.g. a three year MOVING AVERAGE = sum of three years sales figures, finding the average & plotting this for the middle year.
Communication Overload too much information is being circulated which can lead to distortion of messages and a communication breakdown. Industrial Dispute Disagreement between an employer and its employees, usually represented by a trade union, over some aspect of the terms or conditions of employment. A dispute is often followed by industrial action, in the form of a strike or a work to rule. Correlation shows the existence of a casual link between two variables.
Layers of hierarchy the number of levels within the structure of the business, from senior management at the top to shop-floor employees at the bottom. Conciliation is negotiations undertaken with the aim of reconciling differences between the parties to an industrial dispute. Marketing Strategy the company's medium- to long-term plan to enable it to meet its marketing objectives.
Investment Apprasial involves QUANTITATIVE techniques used to assess investment projects. They include Payback, Average Rate of Return(ARR) and Net Present Value(NPV). Trade Union an organised group of employees who have joined together in an officially recognised organisation to further their common interests. Scientific Marketing Model SET OBJECTIVES, GATHER DATA, ANALYSE DATA, DEVELOP MARKETING STRATEGY, IMPLEMENT MARKETING STRATEGY, REVIEW RESULTS
Multinational this is a firm with production bases in more than one country. Advisory, Conciliation and Arbitration Service (ACAS) It negotiates disputes between employers and employees as well as establishing codes of practice and principles for harmonious relationships. Marketing Decisions are based on a combination of EXPERIENCE, DATA & INTUITION(HUNCH)
Protectionism these are measures introduced by governments to prevent free trade. They include tariffs which are taxes on foreign goods & quotas which place a limit on the number of goods which can be imported from a foreign country. Arbitration the attempt to settle an industrial dispute through the use of a neutral third party. Marketing Mix detailed tactics of PRICE, PRODUCT, PLACE, PROMTION & the coordination of activites throughout the company.
Economies of Scale (EoS) these occur when the unit cost falls as output increases. They provide larger firms with cost advantages. Single Union Agreement exists when an employer agrees to recognise only ONE union for the purpose of collective barganing. Marketing Budget the total amount of money a firm allocates to marketing activites.
Web-based exchange this occurs when firms join together on the net to trade. Manufactures can invite member suppliers to tender for orders. Individual Labour Law (ILL) refers to the rights & obligations of individual employess. Mwthods of Sales Forecasting EXTRAPOLATION, MARKET RESEARCH, DELPHI TECHNIQUE, MANAGEMENT EXPERIENCE
Computer Aided Design (CAD) involves the use of computers to help in the production of designs, drawings & data for use in manufacturing. ILL e.g.Equal Pay Act both sexes should be treated equally in all matters relating to employment. MARKET RESEARCH PRIMARY or SECONDARY research into consumer buying habits, trends & market size to try and establisj expected levels of sales.
Computer Aided Manufacture (CAM) uses computers to support manufacturing processes such as Computer Numerically Controlled machines (CNC), robots & automated handling systems. ILL e.g.Race Relations Act where discrimination in relation to employment, against men or women on the grounds of colour,race,nationality or ethnic or national origin is illegal. The DELPHI TECHNIQUE CONSULATION with INDUSTRY EXPERTS over their EXPECTATIONS for MARKET DEVELOPMENTS. Usually used for LONG-TERM projections
CADCAM aka Computer Aided Engineering (CAE) links product design and manufacturing through intergrating CAD & CAM processes. Collective Labour Law (CLL) this group of laws apply to the operation of industrial relations and collective barganing as well as the activities of trade unions. MANAGEMENT EXPERIENCE MARKET KNOWLEDGE & HUNCHES or the EXPERIENCE & KNOWLEDGE of their SALES FORCE.
Materials Requirement Planning (MRP) is a computerised production scheduling system which looks at future production schedule & from this derives a list of what components are needed at each stage & exactly when they will be required. (Closed Shop) a situation where in which all the employees of a business are required to be members of a specific trade union. TEST MARKETING occurs when a NEW PRODUCT is TESTED with a SAMPLE of CUSTOMERS, or LAUNCHED in a RESTRICTED GEOGRAPHICAL AREA, to JUDGE CUSTOMERS' REACTIONS.
Teleworking occurs when employees work from home using Information Technology (IT). CLL e.g.Employment Act 1990 Closed shop finally illegal. Employees taking part in UNOFFICAL strike action could be dismissed without being able to make a claim of unfair dismissal. CAPITAL EXPENDITURE MONEY SPENT by COMPANIES in the PROCUREMENT(PURCHASING) of FIXED ASSETS & as such AFFECTS the BALANCE SHEET POSITION of the FIRM.
Critical Path this identifies the activities which have no total float time; if these overrun the whole project will be delayed CLL e.g. Minimum Wage Act general minimum wage of £3.70,£3 for 18-21yr olds. Workers paid on piece-rate,part-time or temps MUST be paid minimum wage. REVENUE EXPENDITURE is the MONEY USED by the FIRM in its DAY-TO-DAY EXPENSES. It's the FINANCE USED to ASSIST the BUSINESS in the GENERATION of SALES.
Total Float this shows the amount of time an activity can overrun without delaying the completion of the project as a whole. Critical activites have no total float time. Workforce Planning (blank) PROFIT & LOSS ACCOUNT a FINANCIAL STATEMENT that EXAMINES a COMPANY'S FINANCIAL PERFORMANCE OVER a PERIOD of TIME, USUALLY ONE YEAR. MEASURES FIRMS REVENUES AGAINST its COSTS RESULTING in PROFIT or LOSS. KEY AREAS for ANALYSIS CONSITS of PROFIT QUALITY & PROFIT UTILISATION.
Total Float Time equation Total Float Time = latest finish time -- duration -- earliest start time Human Resource Management (HRM) management and welfare of the personnel of the business. It includes the recruitment process, training and development of employees, and termination of employment. Making most effcient use of employees. BALANCE SHEET a FINANCIAL STATEMENT DETAILING the ASSETS & LIABILITIES HELD by a BUSINESS. It EXAMINES the FINANCIAL STRENGTH of a BUSINESS by CONTRASTING WHAT a BUSINESS OWNS with WHAT it OWES.
Time Based Management this represents techniques used to speed up the time taken to develop new products or processes such as simultaneous engineering 'Hard' HRM employees are a resource like any other available to the business. WINDOW DRESSING MANIPULATING PROFITS so STAKEHOLDES MAKE INCORRECT JUDGEMENTS. MAKING THE FINANCIAL DATA SEEM BETTER THAN THEY ACTUALLY ARE.
(blank) (blank) 'Soft HRM' sees employees as different and more important than any other resource available to mangagers. DEPRECIATION is the LOSS in VALUE of a BUSINESS ASSET OVER a PERIOD of TIME.
(blank) (blank) Absenteeism measures the proportion of the workforce who are absent from in a given period of time. CAPITAL EMPLOYED AMOUNT of MONEY SHAREHOLDERS HAVE INVESTED in a COMPANY
(blank) (blank) Absenteeism Equation = number of staff absent(on one day) x 100 / total number of staff CAPITAL EMPLOYED = ISSUED SHARE CAPITAL + RESERVES + PROFIT & LOSS BALANCE
(blank) (blank) Labour Productivity indicates the performance of a group of employees. WORKING CAPITAL = CURRENT ASSETS - CURRENT LIABILITES
(blank) (blank) Labour Productivity Equation = output per period / number of employees at work. WORKING CAPITAL A COMPANY NEEDS ENOUGH WORKING CAPITAL TO PAY OFF ITS DAY- TO - DAY DEBTS.
(blank) (blank) Labour Turnover this ratio measures the proportionof employees leaving a business over a period of time, usually a year. ACID TEST RATIO MEASURES the VERY SHORT TERM LIQUIDITY of a FIRM = LIQUID ASSETS / CURRENT LIABILITIES
(blank) (blank) Labour Turnover Equation number of staff leaving during the year x 100 / average number of staff ASSET TURNOVER RATIO = SALES(TURNOVER) / NET ASSETS (TOTAL ASSETS - LESS CURRENT LIABILITIES)
(blank) (blank) Health & Safety measures the safety of the working environment. STOCK TURNOVER = COST of SALES / STOCK
(blank) (blank) Health & Safety Equation number of working days lost per annum for health and safety reasons x 100 / total number of possible working days DEBTOR DAYS (DEBTORS / TURNOVER) x 365
(blank) (blank) (blank) (blank) GEARING (LOAN CAPITAL / SHARE CAPITAL + RESERVES + LOAN CAPITAL) x 100
(blank) (blank) (blank) (blank) GROSS PROFIT MARGIN GROSS PROFIT x 100 / TURNOVER
(blank) (blank) (blank) (blank) NET PROFIT MARGIN NET PROFIT x 100 / TURNOVER
(blank) (blank) (blank) (blank) RETURN on CAPITAL EMPLOYED (ROCE) (NET PROFIT / CAPITAL EMPLOYED) x 100
(blank) (blank) (blank) (blank) SHAREHOLDERS' RATIO DIVIDEND per SHARE & DIVIDEND YIELD
(blank) (blank) (blank) (blank) DIVIDEND per SHARE = TOTAL DIVIDENDS / NUMBER OF ISSUED SHARES
(blank) (blank) (blank) (blank) DIVIDEND YIELD DIVIDEND per SHARE x 100 / MARKET PRICE of SHARE
(blank) (blank) (blank) (blank) CONTRIBUTION per a UNIT = SELLING PRICE a UNIT - VARIABLE COST a UNIT
(blank) (blank) (blank) (blank) BREAK EVEN in UNITS = FIXED COSTS / CONTRIBUTION per a UNIT
Created by: efua14