| Advertising Standards Authority
|
the body that regulates advertising in the UK
and ensure that it is truthful, honest and decent |
| Barriers to entry |
strategies that businesses use to limit the
entry of new competitors to the market place |
| Branding |
the process of establishing an identity for a product that
the consumer can identify with |
| Business cycle
|
the movement in cycles of the economy from economic peaks
to troughs |
| Competition Commission
|
a government body that investigates cases of unfair
competition within the UK economy |
| Copyrights
|
rights that authors of creative works have over their work |
| Diseconomies of scale
|
inefficiencies that arise in large organisations |
| Economies of scale |
lower unit costs of production that come from larger firms
being able to purchase inputs at lower prices due to bulk discounts for example
and being able to spread the cost of fixed overheads over more units of
production |
| Ethical issues
|
issues that involve a moral judgement |
| Exchange rates
|
one currency's value expressed in terms of another
currency, or the value at which one can exchange one currency for another |
| External factors
|
factors outside the control of a business |
| Fast-moving consumer goods
|
goods that move very quickly from retail stores shelves eg
baked beans |
| Patents
|
new inventions/discoveries that are registered with the
Patent's Office and cannot be used without the permission of the holder of the
patent |
| Pressure groups
|
organisations that lobby government and business for changes |
| Stakeholder group |
any group of people who have an interest in the activities of a business, eg employers, suppliers, shareholders, customers, environmentalists |
| Total quality management |
the process of making quality central to the whole business and ensuring that all staff regard quality as their responsibility |
| Trade marks
|
distinctive logos and names associated with a product |