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Business Studies > Assessment 2 definitions > Flashcards

Assessment 2 definitions Flashcards

1
Q

planning

A

Preparation of a predetermined course of action for a business

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2
Q

Organising

A

Structuring of the organisation to translate plans ad goals into actions

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3
Q

leading

A

Process of influencing or motivating people to work towards the achievement of the organisations objectives

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4
Q

controlling

A

Compares what was intended to happen with what has actually occurred

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5
Q

skill

A

Ability that comes from the knowledge, practice and talent to do something well

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6
Q

interpersonal skills

A

The skills needed to work and communicate with other people and understand their needs

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7
Q

communication

A

Exchange of information between people; the sending and receiving of messages

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8
Q

vision

A

Clear, shared sense of direction that allows people to attain a common goal

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9
Q

problem solving

A

Board set of activities involved in searching for, identifying and then implementing a course of action to correct unworkable situation

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10
Q

decision making

A

Process of identifying the options available and then choosing a specific course of action to solve a specific problem

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11
Q

stakeholder engagement

A

Refers to the businesses sharing information with and seeking input from stakeholders, and involving them in decision making

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12
Q

profit maximization

A

Occurs when there is a maximum difference between the total revenue coming into the business and total costs being paid out

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13
Q

market share

A

Refers to the business’s share of the total industry sales for a particular product

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14
Q

share

A

Part ownership of a public company

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15
Q

sustainable development

A

Occurs when the needs of the present population are met without endangering the ability of future generation to meet their own needs

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16
Q

staff involvement

A

Involving employees in the decision making process and giving the necessary skills and rewards

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17
Q

entrepreneurs

A

An individual who takes on the entrepreneurial roles within a business

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18
Q

motivation

A

Refers to the individual, internal process that directs, energises and sustains a person’s behaviour

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19
Q

mentoring

A

Process of developing another individual by offering tutoring, coaching and modelling acceptable behaviour

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20
Q

employee training

A

Refers to the process of teaching staff how to perform their job more efficiently and effectively by boosting their knowledge and skills

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21
Q

mass production

A

The process of manufacturing standardised goods on a huge scale by automation

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22
Q

classical approach

A

Stresses how best to manage and organise workers so as to improve productivity

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23
Q

scientific management

A

Approach that studies a job in great detail to discover the best way to perform it

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24
Q

bureaucracy

A

Set of rules and regulations that control a business

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25
Q

planning

A

Preparation of a predetermined course of action for a business

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26
Q

strategic planning

A

Planning for the following 3 – 5 years. This level of planning will assist in determining where in the market the business wants to be, and what the business wants to achieve in relation to its competitors

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27
Q

tactical planning

A

Flexible, adaptable planning, usually over one to two years, that assists in implementing the strategic plan

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28
Q

operational planning

A

Provides specific details about the way in which the business will operate in the short term

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29
Q

organising

A

The structuring of the organisation to translate plans and goals into action

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30
Q

controlling

A

The process of evaluating performance and taking corrective action to ensure that the set objectives are being achieved

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31
Q

control process

A

Establishing standards in line with the goals of the business, measuring the performance of the business against those standards or benchmarks, and making changes where necessary to ensure that the goals of the business have been met

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32
Q

management hierarchy

A

The arrangement that provides increasing authority at higher levels of hierarchy

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33
Q

autocratic leadership

A

Makes the decisions, dictates work methods, limits worker knowledge about what needs to be done to the next step to be performed, frequently checks employee performance and sometimes gives feedback

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34
Q

behavioural approach

A

Stresses that employees should be the main focus of the way in which the business is organised

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35
Q

leading

A

Process of influencing or motivating people to work towards the achievement of the business’s objectives

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36
Q

teamwork

A

People who interact regularly and coordinate their work towards a common goal

37
Q

flatter-organisational structure

A

Evolved due to a ‘de-layering’ of management structures resulting in the elimination of one or more management levels

38
Q

Participative /Democratic Leadership Style

A

Style where the manager consults with employees to ask their suggestions and then seriously considers those suggestions when making decisions.

39
Q

contingency approach

A

Stresses the need for flexibility and adaptation of management practices and ideas to suit changing circumstances

40
Q

operations

A

Refers to the business processes that involve transformation or more generally production

41
Q

operations management

A

Consists of all the activities in which managers engage to produce a good or service

42
Q

tangibles

A

Goods that can be touched

43
Q

intangibles

A

services that cannot be touched

44
Q

inputs

A

The resources used in the transformation process

45
Q

transformed resources

A

Those inputs that are changed or converted in the operations process

46
Q

transforming resources

A

Those inputs that carry out the transformation process

47
Q

transformation

A

The conversion of inputs (resources) into outputs (goods or services)

48
Q

outputs

A

Refer to the end result of a business’s efforts – the service or product that is delivered or provided to the consumer

49
Q

quality management

A

The strategy which a business uses to make sure that its products meet customer expectations

50
Q

quality

A

Refers to the degree of excellence of goods or service and its fitness for a stated purpose

51
Q

quality control

A

Involves the use of inspections in the production process to check for problems and defects

52
Q

quality assurance

A

Involves the use of a system so that a business achieves set standards in production

53
Q

total quality management

A

An ongoing, business-wide commitment to excellence that is applied to every aspect of the business’s operation

54
Q

quality circles

A

Groups of workers who meet to solve problems relating to quality

55
Q

continuous improvement

A

Involves an ongoing commitment to achieving perfection

56
Q

marketing

A

Process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organisational objectives

57
Q

target market

A

A group of customers with similar characteristics who presently, or who many in the future purchase the product

58
Q

market segmentation

A

Occurs when the total market is subdivided into groups of people who share one or more common characteristics

59
Q

consumer buying behaviour

A

Refers to the decisions and actions of consumers when they purchase goods and services for personal household use

60
Q

primary target market

A

The market segment at which most of the marketing resources are directed

61
Q

secondary target market

A

Usually a smaller and less important market segment

62
Q

niche market

A

Narrowly selected target market segment

63
Q

marketing strategies

A

The actions undertaken to achieve the business’s marketing goals

64
Q

marketing mix

A

Refers to the combination of the four elements of marketing, the four Ps that makeup the marketing strategy

65
Q

product life cycle

A

Describes the life of a product over four stages, introduction, growth, maturity and decline

66
Q

brand

A

A name, term, symbol or design that identifies a specific product and distinguishes it from its competitor

67
Q

promotion

A

Refers to the methods used by a business to inform, persuade and remind customers about its products

68
Q

place/distribution

A

Activities that make the products available to customers when and where they want to purchase them

69
Q

distribution channels

A

Ways of getting the product to the customer

70
Q

contingencies

A

Unanticipated events that can lead to financial difficulty. For a business to be well managed, it needs to have saved money for such events

71
Q

accounting

A

A managerial and administrative tool for recording financial transactions, so that a summary of what has happened to business money can be traced

72
Q

accountability

A

Occurs when a business acts in the best and highest interests of its owners. Full and complete ‘disclosure’, which means to be open and not hide the truth, ensures that the books of account are kept accurately and that the information reflected in them and which is summarised in reports is based on the true and actual transactions. AKA Stewardship

73
Q

finance

A

Refers to how a business funds its activities– for instance where it gets the money to trade, why it chooses to use certain lenders – as well as costs, risks and benefits of different types of borrowing

74
Q

financial statements

A

Reports that summaries transactions over a period of time

75
Q

cash flow statement

A

A Financial statement that indicates the movement of cash receipts and cash payments resulting from transactions over a period of time

76
Q

liquidity

A

Refers to the amount of cash a business has access to and how readily it can convert its assets into cash so that debt can be paid

77
Q

Income Statement / statement of financial performance

A

A summary of the income earned and the expenses incurred over a period of trading. It helps users of information see exacrlt how much money has come into the business as revenue, how much has gone out as expenditure and how much has been derived as profit

78
Q

gross profit

A

Term given to the sales less COGS

79
Q

COGS

A

The value of stock that a business has sold to its customers

80
Q

opening stock

A

The value of stock that the business has at the start of the financial year

81
Q

closing stock

A

The value of stock on hand at the end of the financial year

82
Q

expenses

A

The costs incurred in the process of acquiring or manufacturing a good or service to sell and the costs

83
Q

net profit

A

The difference between the gross profit and operating and non-operating expenses

84
Q

balance sheet

A

Represents a business’s assets and liabilities at a particular point in time, expressed in money terms and represents the net worth of the business

85
Q

assets

A

Items of value owned by the business that can be given a monetary value

86
Q

liabilities

A

Items of debt owed to other organisations (e.g banks) and include loans, accounts to be paid by the business, mortgages, cred card debt and accumulated expenses

87
Q

owners equity

A

Funds contributed by the owner to establish and build the business. AKA Capital

88
Q

human resources management

A

The effective management of the formal relationship between the employer and the employees

89
Q

human resource/employment cycle

A

Covers all stages in the process of employing staff, from initial planning through to recruitment, selection, induction, training and development, performance management and eventual separation of employment

Business Studies (4 decks)

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