Buffer stock definition
the minimum level of stock that is held in reserve to protect against surges in demand or late delivery by suppliers
Inventory definition
the raw materials/work in progress held by a business
Just in time (JIT) definition
involves holding no buffer stock with supplies arriving just before they are required
Lean production definition
a production method that involves using as few resources as possible in the production of a good or service
can include concepts such as waste minimisation just in time and total quality management
Reorder level definition
the level of current stock when new orders are placed
Reorder quantity definition
the amount of stock ordered when a order is placed
Stock definition
items held by the business for future sales/processing such as raw materials/work in progress/finished products
Stock control definition
the optimum quantity of goods/components a business holds for te purpose of resale/production
Stock control diagram definition
shows details of inventory movements such as minimum and maximum inventory levels reorder level and quantity and lead times
Stock rotation definition
the flow of stock into and out of storage
Waste minimisation definition
producing goods and services at a given quality using as few resources as possible/identification of an impact of waste minimisation
Work in progress definition
partially finished goods
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Exam Techniques6
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Formulas27
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The Market(1.1.1)31
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Key terms (1.1.1)18
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Market Research(1.1.2)32
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Key terms (1.1.2)25
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Market Positioning(1.1.3)15
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Key terms (1.1.3)6
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Demand(1.2.1)12
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Key terms (1.2.1)7
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Supply(1.2.2)12
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Key terms (1.2.2)3
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Markets(1.2.3)1
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Key terms (1.2.3)4
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Price Elasticity of Demand-PED(1.2.4)16
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Key terms (1.2.4)5
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Income Elasticity of Demand-YED(1.2.5)15
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Key terms (1.2.5)2
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Product or Service Design(1.3.1)18
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Key terms(1.3.1)12
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Branding and Promotion(1.3.2)23
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Key terms(1.3.2)16
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Pricing Strategies(1.3.3)31
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Key terms(1.3.3)8
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Distribution(1.3.4)26
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Key terms(1.3.4)11
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Marketing startegy(1.3.5)31
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Key terms(1.3.5)10
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Approaches to staffing(1.4.1)28
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Key terms(1.4.1)11
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Recruitment selection and training(1.4.2)27
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Key terms(1.4.2)7
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Organisational design(1.4.3)20
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Key terms(1.4.3)9
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Motivation and theory in practice(1.4.4)15
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Key terms(1.4.4)22
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Leadership(1.4.5)20
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Key terms(1.4.5)6
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Role of an entrepreneur(1.5.1)10
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Key terms(1.5.1)4
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Entrepreneurial motives and characteristics(1.5.2)9
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Key terms(1.5.2)7
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Business objectives(1.5.3)10
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Key terms(1.5.3)9
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Forms of business(1.5.4)24
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Key terms(1.5.4)9
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Business choices(1.5.5)5
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Key terms(1.5.5)2
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Entrepreneur to leader(1.5.6)10
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Key terms(1.5.6)1
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Internal finance(2.1.1)15
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Key terms(2.1.1)5
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External finance(2.1.2)44
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Key terms(2.1.2)12
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Liability(2.1.3)7
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Key terms(2.1.3)3
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Planning(2.1.4)10
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Key terms(2.1.4)8
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Sales forecasting(2.2.1)16
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Key terms(2.2.1)3
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Sales revenue and costs(2.2.2)14
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Key terms(2.2.2)6
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Break even(2.2.3)7
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Key terms(2.2.3)3
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Budgeting(2.2.4)18
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Key terms (2.2.4)6
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Profit (2.3.1)26
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Key terms (2.3.1)12
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Liquidity(2.3.2)15
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Key terms(2.3.2)15
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Business failure(2.3.3)15
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Key terms (2.3.3)5
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Production and productivity(2.4.1)38
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Key terms(2.4.1)9
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Capacity utilisation(2.4.2)10
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Key terms(2.4.2)5
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Stock control(2.4.3)20
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Key terms(2.4.3)12
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Quality management(2.4.4)16
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Key terms(2.4.4)7
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Economic influences(2.5.1)34
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Key terms(2.5.1)16
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Legislation(2.5.2)21
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Key terms(2.5.2)8
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Competitive environment(2.5.3)4
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Key terms(2.5.3)1
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Corporate objectives (3.1.1)8
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Key terms (3.1.1)4
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Theories of corporate strategy (3.1.2)25
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Key terms (3.1.2)12
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SWOT analysis (3.1.3)4
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Key terms (3.1.3)1
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Impact of external influences (3.1.4)37
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Key terms (3.1.4)6
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Growth (3.2.1)28
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Key terms (3.2.1)10
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Mergers and takeovers (3.2.2)29
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Key terms (3.2.2)4
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Organic growth (3.2.3)15
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Key terms (3.2.3)2
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Reasons for staying small (3.2.4)12
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Key terms (3.2.4)1
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Quantitative sales forecasting (3.3.1)24
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Key terms (3.3.1)7
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Investment appraisal (3.3.2)29
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Key terms (3.3.2)5
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Decision trees (3.3.3)7
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Key terms (3.3.3)3
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Critical path analysis (3.3.4)9
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Key terms (3.3.4)6
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Corporate influences (3.4.1)24
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Key terms (3.4.1)4
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Corporate culture (3.4.2)3
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Key terms (3.4.2)0
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Shareholders vs stakeholders (3.4.3)10
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Key terms (3.4.3)0
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Business ethics (3.4.4)12
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Key terms (3.4.4)0
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Interpretation of financial statements (3.5.1)9
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Key terms (3.5.1)0
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Ratio Analysis (3.5.2)12
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Key terms (3.5.2)0
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Human resources (3.5.3)0
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Key terms (3.5.3)0
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Causes and effects of change (3.6.1)0
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Key terms (3.6.1)0
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Key factors in change (3.6.2)0
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Scenario planning (3.6.3)0
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Key terms (3.6.3)0
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Growing economies (4.1.1)0
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Key terms (4.1.1)0
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International trade and business growth (4.1.2)0
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Key terms (4.1.2)0
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Factors contributing to increased globalisation (4.1.3)0
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Key terms (4.1.3)0
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Protectionism (4.1.4)0
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Key terms (4.1.4)0
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Trading blocs (4.1.5)0
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Key terms (4.1.5)0
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Conditions that prompt trade (4.2.1)0
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Key terms (4.2.1)0
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Assessment of a country as a market (4.2.2)0
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Key terms (4.2.2)0
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Assessment of a country as a production location (4.2.3)0
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Key terms (4.2.3)0
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Reasons for global mergers or joint ventures (4.2.4)0
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Key terms (4.2.4)0
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Global competitiveness (4.2.5)16
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Key terms (4.2.5)0
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Marketing (4.3.1)0
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Key terms (4.3.1)0
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Niche markets (4.3.2)0
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Key terms (4.3.2)0
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Cultural/social factors (4.3.3)1
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Key terms (4.3.3)0
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The impact of MNCs (4.4.1)0
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Key terms (4.4.1)0
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Ethics (4.4.2)0
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Key terms (4.4.2)0
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Controlling MNCs (4.4.3)0
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Key terms (4.4.3)0
