2 Influnces On Business Flashcards
Information and communications technology (ICT)
The computing and communication systems that a business might use to exchange information with stakeholders.
Stakeholders
Are individuals and organisations that are affected by, and effect, the activities of a business
Intranets
Communications networks which can only be accessed by an organisation’s employee.
Extranets
Communication networks which can be accessed by an organisations employee but can also be accessed by other organisations such as suppliers.
Software robots
Advanced computer programs that can operate a range of administative activities previously carried out by employees.
Cloud computing
A general term for the delivery of specialist computing services, such as the storage of very large amounts of data, provided by businesses using the internet.
E-commerce
The act of buying or selling a product using an electronic system such as the internet.
M-commerce
The buying and selling of products through wireless hand-held devices such as smartphones.
Digital communication
The transmission of information electronically between computing devices.
Webchat
A simple means of communicating in real time using only web browsers such as firefox or internet explorer.
Apps
Are peices of software designed for a specific purpose and for use on smartphones and tablets.
Social media
Methods of online communication such as websites and applications. They share information and help to develop social and professional contact.
Ethics
Refers to whether a business decision is morally right or wrong. An ethical decision is made on the basis of what is judged to be morally right.
Profit
Measures the difference between values of a business’s revenue and its total costs.
Fair trade products
those for which customers pay higher prices and offer better trading terms, such as payments with orders.The aim is to improve the Living standards of people in poorer countries where the products are produced.
Social responsibility
An approach to managing businesses in which the interest of all groups in society are taken into account when making decisions.
Legislation
A set of rules that governs the way society operates. It is another term for ‘laws’.
The national living wage
Is an hourly rate of pay set by the government. All employees must recieve at least this rate of pay.
Discrimination
Is treating one person differently from anohter without having good reason to do so.
A part time employee
Someone who works for a proportion of the working week. For example 3 days rather than 5.
A trade union
A group of workers who act togwther to improve their pay and working conditions.
A contract of employment
A legal document stating the hours, rates of pay, duties and other conditions under which a person is employed.
Motivation
Refers to the range of factors which influence the way a person behaves at work.
What are markets?
Markets exist where there are buyers and sellers.
What is competition?
Competition exists when more that one business is attempting to attract the same customers.
What is a monopoly?
A monopoly exists when a business does not face any competition in a particular market.
What is market share?
Market share is the percentage of sales in a particular market recorded by a business.
What is an uncertainy?
An uncertainty occurs where there is a lack of information about a situation. This means that the outcome or consequences are very difficult to predict.
What is a risk?
A risk is the possibility of something going wrong.
What is a business plan?
A business plan is a document setting out what a business does and what it hopes to achieve in the future.
What is diversification?
Diversification occurs when a business starts selling new products in new markets.
What is a recession?
A recession occurs when the values of an economy’s output of goods and services falls for 6 months or longer.
What is an entrepreneur?
An entrepreneur is someone who is willing to take the risks involved in starting a new business.
