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Business IB > 1.1 Introduction to business management > Flashcards

1.1 Introduction to business management Flashcards

1
Q

A business

A

Any organization set up to provide goods and/or services.

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2
Q

Factors of production

A

To produce goods and services, a business needs to cimbine human, physical, financial, and entrepreneurial resources.

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3
Q

Value added

A

The process of creating a product that is worth more than the cost of the inputs used to produce it.

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4
Q

Consumers

A

The people who use a good or service.

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5
Q

Human resources

A

Human resource management oversees staffing(personnel) within an organization.

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6
Q

Finance and accounts

A

The function of the finance department is to manage the organization’s money.

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7
Q

Marketing

A

The marketing department is responsible for identifying the needs and wants of its customers, and ensuring the organization’s goods and services meet these demands in a profitable way.

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8
Q

Operations

A

Operations, or productio, covers the process of making products from the available resources of the business.

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9
Q

The primary sector

A

The first stage of production.

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10
Q

The secondary sector

A

To businesses engaged in manufacturing and construction to create finished, unsable products.

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11
Q

The tertiary sector

A

To businesses that focus on providing a service to consumers and other businesses.

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12
Q

The quaternary sector

A

To businesses engaged in the creation or sharing of knowledge or imformation.

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13
Q

Entrepreneurship

A

The term for the activity undertaken by individuals who take calculated risks and initiative in the start-up og a new business or commercial project.

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14
Q

An entrepreneur

A

Someone who is willing to take financial risks investing in a business idea.

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15
Q

An intrapreneur

A

Someone who develops new products or services within an organization, usually a large one, for the benefit of the firm and its employers.

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16
Q

A business plan

A

A formal document that details how an orgazination intends to meet its objectives.

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17
Q

The private sector

A

The commercial sector of the economy, mainly owned and run by private individuals and organizations that typically strive for a profit.

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18
Q

Public sector

A

Controlled by regional and/or national governments.

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19
Q

Sole tranders

A

A commercial business owned by a single person

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20
Q

Unlimited liability

A

Means that the owner of a business is presonally liable for all of its debts.

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21
Q

Partnerships

A

A commercial business organization owned by two or more people.

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22
Q

Ordinary partnership

A

There are usually between 2 to 20 owners.

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23
Q

Deed of partnership

A

To prevent potential misunderstandings and conflict, most pratnerships draw up a legal contract between the partners.

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24
Q

Companies/corporations

A

Commercial businesses with limited liability and owned by their shareholders.

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25
Q

A stock exchange

A

The marketplace where people and business buy and sell second-hand company stocks and shares, e.g. the New York Stock Exchange.

26
Q

Cooperatives

A

Strive to provide a service and to create value for their members, rather than a financial return for their member-owners.

27
Q

Microfinance providers

A

Microfinence gives these people, women in particular, the opportunity to become self-sufficient by providing small loans, savings and other basic financial services.

28
Q

Public-private partnerships

A

Organizations jointly established by the government and at least one private sector organization.

29
Q

Social enterprises

A

Organizations that generate revenue but act with community objectives.

30
Q

Non- governmental organizations

A

A type of non-profit social enterprise that is neither part of s government nor a traditional for-profit business but run by voluntary groups.

31
Q

Charities

A

Not-for-profit organizations that operate in an altruistic way with the objectives of promoting a worthwhile cause.

32
Q

Aims

A

Long-term goals of an organization, formulated by the senior management team.

33
Q

Objectives

A

The targets an organization is trying to achieve.

34
Q

Strategies

A

How an organization intends to achieve its aims and strategic objectives.

35
Q

Tactics

A

Short-term, smaller-scale or routine decisions about how an organization intends to achieve its aims and objectives on a day-to-day basis.

36
Q

Internal factors

A

Those within the control of an organization.

37
Q

External factors

A

Those beyond the control of an organization.

38
Q

Corponate social responsibility

A

To refers to an organization’s duties to its internal and extrenal stakeholders by behaving in a way that positively impacts society as a whole.

39
Q

A SWOT analysis

A

Management tool to assess where a business is at the present time and how it is affected by the external business environment.

40
Q

The Ansoff Matrix

A

Management growth tool, first published in an article titled ‘Strategies for Diversification’.

41
Q

Market penetration

A

Market penetration focuses on existing markets and existing products.

42
Q

Market development

A

The growth strategy where a business sells its existing products into new markets.

43
Q

Product development

A

A growth strategy where a business introduces new products into existing markets.

44
Q

Diversification

A

Involves businesses marketing completely new products new products to new customers.

45
Q

Stakeholders

A

Individuals, organizations groups with a direct interest in the operations and perfomance of a particular business or organization.

46
Q

Internal stakeholders

A

Members of the organization, such as employees, managers, directors and shareholders.

47
Q

Employees

A

The people who work within an organization.

48
Q

Managers and directors

A

People hired to be in change of certain depaartments or operations within an organization.

49
Q

Shareholders

A

Individuals or organizations that buy shares in a company, thereby owning a part of the business.

50
Q

Customers

A

The clients of a business.

51
Q

Suppliers

A

Provide the goods and support services for other businesses.

52
Q

Competitors

A

The rivals of a particular business.

53
Q

The local community

A

Interested in businesses acting in a socially responsible way.

54
Q

Pressure groups

A

Organizations or groups of people who have a common interest.

55
Q

Financiers

A

Banks and other creditors that provide sources of finance for businesses.

56
Q

The government

A

A key external stakeholder of all the businesses.

57
Q

Stakeholders

A

The stakeholder groups with a high degree of power and insteret.

58
Q

Stakeholder mapping

A

A management tool used to determine the key stakeholders of an organization based on the varying degrees of power and interest of the various stakerholder groups.

59
Q

Conciliation

A

To align the conflicting interests of different stakeholder groups.

60
Q

Arbitrator

A

To assess the conflicting interests, with the stakeholder groups agreeing to accept the judgment of independer arbitrator.

61
Q

Financial rewards

A

To employee productivity gains.

Business IB (18 decks)

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