BS Revision time! ^__^

ok, I've become sooooo lazy for the last couple of days! I sleep almost 15 hours a day -___-
need to do some work. I have already done some maths stuff but it was obviously not enough.
New Year is coming! yaaay! I love New Year! (: I need to buy some presents for you guys (:

okok, now moving on with my BS revision.
Here is Top 20 Terms for A grade BS Revision:

1. Analyse - to break a topic down into it's component parts. This should help to identify the causes and effects of the issue and to explain the process whereby the causes bring about the effects. This encourages more depth of study. It implies a writing style that uses continious prose in fully developed paragraphs. Bear in mind the word "why?" when analysing.

2. Bias - a facto that causes data or an argument to be weighted towards one side. Statical bias occurs when a sample has - by chance or by mistake - an overweighting towards one subgroup (e.g. too many pensioners within a research sample). Personal bias occurs when a decision-maker consciously or subconsciously favours one side over another. Scientific decision-making methods such as investment appraisal or decision trees are supposed to avoid bias. In fact, the results they produce will depend upon the assumptions made, which may be biased.

3. Business cycle - the regular pattern of upturns and downturns in demand and output within the economy that tend to repeat themselves every five years or so.

4. Capacity utilisation is the extent to which the maximum capacity of the firm is being used, i.e. actual output as a percentage of maximum potential output.
FORMULA: (actual output per period/full capacity output per period)*100

5. Change - a constant feature of business activity. (ohh, there is a lot to retype.. uhh.. see page 33 in your A-Z BS books)

6. Corporate objectives - the goals of the whole enterprise. Among the most common corporate objectives are:
to ensure long-term, stable growth in real terms

  • to spread risk and achieve griwth through diversification
  • to concentrate upon the firm's core skills
  • to maximise market standing
  • to add value through continious technological innovation
  • to achieve profit maximisation in the short to medium term

7. Evaluate - this vital term means to weight up evidence in order to reac judgement. In the context of an essay, you will have to present that evidence (pros and cons, perhaps) before reaching a conclusion. As the term invites yout judgement, do be willing to state your opinion within the conclusion, e.g. "In my view..". It can be helpful to keep in mind the phrase 'to what extent...?' 

8. Market economy - an economy which allows markets to determine the allocation of resources through supply and demamd.

9. Marketing - the all-embracing function that links the company with customer tastes to get the right product to the right place at the right time. Marketing decisions are made through the marketing model, based on the findings of market research, and carried out through the marketing mix. At all stages in the marketing process, the firm needs to work closely with the production department and research and development, to ensure that what is promised is delivered. 

10. Marketing model - a framework for making marketing decisions in a scientific manner. It is derived from Taylor's method of basing decisions on scientifically gathered research evidence. The model has five stages:

1) Set the marketing objective (usually based on the company's objectives)

2) Gather data (quantative and qualitive data is required)

3) Form hypotheses, theories about how best to achieve the objective

4) Test the hypotheses (through market research or by test marketing). After results are evaluated, a decision can be reached on how to proceed 

5) Control and review (the means of implementation will be via the marketing mix)

11. Objectives - the medium to long-term targets that can give sense of direction to a managerm department or whole organisation. Objectives form the basis for decisions on strategy. 

12. Operational gearing - measures the extent to which a firm's costs are fixed in relation to output. If fixed costs form a high proportion of total costs, the firm has high operational gearing. This is risky because a fall in demand and therefore revenue will have little impact on costs. Therefore, profit can turn to loss quickly. 

13. Opportunity cost measures costs in terms of the next best highest-valued alternative foregone.  

14. Productivity is a measurement of the efficiency with which a firm turns production inputs into output. The most common measure is labour productivity, i.e. output per worker. This is important because output per worker has a direct effect in labour costs per unit. The higher the productivity, the lower the labour cost per unit.

15. Product life cycle - the theory that all  products follow a similar course of conception, birth, growth, maturity and decline, although products pass these stages at different speeds.

16. Short-termism - a phrase describing the state of mind of managers for whom rapid results are the top priority. Such an approach can be contrasted with the Japanese pursuit of long-term goals such as total quality and technological superiority. 

17. State your assumptions - in a numerical question, tell the examiner the decisions you have made when there has been some uncertainty about the correct figures. To gain a mark, your assumption must be based on uncertainty and must be logical. Do not confuse an assumption with a conclusion. 

18. Strategy - a medium- to long-term plan for how to achieve an objective. The plan itself would include not only what is to be done, but also the financial, production and personnel resources required.

19. Tactics - the measures adopted to deal with a short-term opprotunity or threat. Although managers would want to adopt tactics that fit in with the long-term strategy, there may be occasions when this is not possible. 

20. Uncertainty - the situation that underlies every business decision. This is because decision-making concerns changes that will have an effect in the future, and the future can never be predicted with certainty. An important issue is that stems from this is that uncertainty increases over time. In other words, a forecast of next year's sales or costs has a lower chance of accuracy than an estimate of the figures for next week. Therefore decisions that rely upon circumstances in the distant future are subject to very great uncertainty. Examples of this include commercial failures such as supersonic aircraft and nuclear power.

everything is taken from A-Z BS book. -__-

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