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Business definition > Business definition > Flashcards

Business definition Flashcards

1
Q

Market research

A

the process of gathering and analyzing information from customers and competitors using secondary and primary data

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2
Q

business activity

A

the process of producing goods and services to satisfy consumer’d demand

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3
Q

Economic problem

A

unlimited wants cannot be met as there are limited numbers of factors of production

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4
Q

Pest analysis

A

business must be proactive and try to anticipate changes in the business
( political, economic, social, technology )

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5
Q

Triple bottom line

A

A business concept that assumes the business cares about social and environmental impact and not just about generating profit, broken down into 3 Ps (Profit, Planet, People)

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6
Q

Liquidation

A

When a firm ceases trading and its assets are sold for cash to pay suppliers and other trade payables

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7
Q

Unique selling point

A

special features of a product that differentiates it from a competitors product

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8
Q

Income statement

A

an income statement records the revenue, cost and profit or loss of a business over a given period of time

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9
Q

JIT just in time

A

inventory control method, aims to avoid holding inventories by requiring supply to arrive just as they are needed in production and completed products are produced to order

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10
Q

buffer inventory

A

minimum amount of inventory that should be held to ensure that production could still take place should a delay in delivery occur or if there’s a rise is production rate

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11
Q

Efficiency

A

producing product at minimal cost (number of output / number of worker)

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12
Q

Effectiveness

A

the capability of management meeting the target / objective of a business in a specified time at a specified cost

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13
Q

Human Resource Management

A

Strategic approach to effective management of the organizations worker so that the business objectives are achieved

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14
Q

Contracts of employment

A

A legal documents that sets out the terms and conditions governing a worker’s job

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15
Q

Strategy

A

Plan of action designed to achieve long term objectives

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16
Q

Operations planning

A

preparing input resources to supply products to meet demands

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17
Q

Operational flexibility

A

the ability for a business to vary both the level of production and the range of products following changes in customer demands

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18
Q

Operations management

A

Concerned with the use of resources (FOPs) to provide output in the form of goods and services

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19
Q

Vroom’s Expectancy theory

A

beliefs that employees are prepared to work hard if they feel like they will be rewarded
(Instrumentality, Expectancy, Valance)

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20
Q

CSR corporate social responsibility

A

applies to those businesses that consider the interest of society by taking responsibility for the impact of their decision and activities on customer, employee and the environment.

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21
Q

Mission statement

A

a statement of the business core aims phrased in a way to motivate employees and to stimulate interest by outside groups

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22
Q

Mayo’s theory

A

the view that employees aren’t motivated by financial rewards but rather relational factors are more important

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23
Q

Fringe benefit

A

Non-cash form of benefits

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24
Q

Co-operatives

A

A business jointly owned and run by its member, could be its employees, customers or a group (ex local farmer, producer)

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25
Q

Equality policy

A

Aimed at achieving a fair organizations where everyone is treated the same way and has the opportunity to fulfill their potential

26
Q

Diversity policy

A

Aimed at creating a mixed workforce and placing positive value on diversity in the workplace. (ex gender, religions, age, ethnicity)

27
Q

Joint Ventures

A

occurs when 2 or more business joins together to pursue a common goal, usually a separate division is created to do this

28
Q

Intellectual capital

A

Intangible capital such as human capital, structural capital and relational capital
(well trained employees, advance data system and information systems, brands networks suppliers connections)

29
Q

productivity

A

Ratio of output to inputs during production

30
Q

Commission

A

payment made to salesperson for each sales made

31
Q

Statement of Financial Position

A

An accounting statement that records the business’s assets, liabilities and owner’s equity at one point in time

32
Q

Liquidity ratio

A

The ability for a firm to pay its short time debt

33
Q

Window dressing

A

Making a business appear better than it is using financial accounts

34
Q

Cashflow forecast

A

Cash flow forecast is an estimate / prediction of a firm’s future cash inflow and outflows

35
Q

Internal growth

A

Expansion of a business by means of opening new branches, shops or franchise using the business’s own capital

36
Q

McClelland’s human motivation thory

A

Achievement - the need to meet given goals
Authority - The need the have power or influence over actions of others
Affiliation - The need to be liked by and to work in a supportive environment

37
Q

Process theorists

A

Describe and analyse how an employee’s behavior affects motivation based on expectations, goals and perception of equity

38
Q

Content Theorist

A

Identify the specific needs that motivate employees and why these changes over time

39
Q

Price elasticity of demand

A

measures the responsiveness of demand following a change in price

40
Q

startup capital

A

Initial investment required to fund a new business and used to purchase machinery or premises

41
Q

Capital Expenditure

A

purchase of assets that are expected to last for more than one year such as a building and machinery

42
Q

Revenue Expenditure

A

spending on all costs and asset, other non-current assets

43
Q

Break even

A

The level of output at which total costs equal total revenue - neither making a profit nor a loss

44
Q

Workforce planning

A

Analysing and forecasting the numbers of worker and the skills of those workers that will be required by the organization to achieve its objectives

45
Q

overdraft

A

an agreement with the bank which allow the business to spend more money in its account up to an agreed limit

46
Q

Leasing

A

obtaining the use of equipment or vehicles and paying rental or leasing charge over a fixed period of time

47
Q

Hire Purchasing

A

An asset is sold to a company that agrees to pay fixed repayments over an agreed time period

48
Q

Bank loan

A

Provision of finance by a bank which the business will repay with interest over an agreed period of time

49
Q

Debentures

A

bonds issued by companies to raise debt finance, often with a fixed rate of interest

50
Q

Taylor economics man

A

the view that employees are motivated by money

51
Q

mcgregor

A

Theory X and theory Y
Theory X - Negatives view of employees, dont want to work, leadership style should be autocratic
Theory Y - Positive view of employees, democratic leadership

52
Q

Mass Marketing

A

Selling the same products to the whole market with no attempt to target groups within it

53
Q

Niche Marketing

A

Identifying and exploiting a small segment of a larger market by developing products to suit it

54
Q

Market segmentation

A

Identifying different segments within a market and targeting different products or services to them

55
Q

Venture capital

A

an external sources of finance that risks investing capital into startups or expanding small business that have a good profitable potential but do not find it easy to gain finance from other sources (sharktank)

56
Q

Equity finance

A

permanent finance provided by the owner of a limited company

57
Q

Grant

A

the government of many countries support businesses, in their country, by providing grants and other financial assistance to encourage new business start-ups, or to assist business growth and development

58
Q

Contribution

A

selling price per unit - variable price per unit = C

59
Q

Contribution

A

selling price per unit - variable price per unit = C

60
Q

Break even point

A

Fixed cost / contribution

61
Q

Gross profit

A

Revenue - costs of sales

Business definition (1 decks)

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