business management Flashcards
reasons to start a business
Personal independence- be your own boss
financial independence- stop relying on employer for income
make profit-
fulfill a market need-
fulfill a social need
Competitive advantages
producing goods and services that are better than rival/competitors
how to Lower prices
Introduce money saving tech, finding cheaper supplier, accept lower profit margin
how to Market
websites, social media, print, tv, billboards, product placement
Market segmentation
Business divide their customers into different groups to target their needs and appeal to specific groups
Innovation
a new idea or effective process that makes a product better than it was
Entrepreneurs?
creative and daring person who sets up business
CSR acronym
Corporate social responsibility
CSR social responsibility
doing whats right for society without expecting return
forms of CSR
donations, reduce environmental impacts, sponsorships
benefits of CSR
Improves reputation, employee moral and loyalty, drivers of change
automation
performing tasks with technology with little to no human assistance
fair work
a commission that helps workers that have had negative experiences in the work place, like unfair dismissal
Unfair dissimissal
harsh: extreme response to a situation or would have negative impact on the employee
Unjust: Employee is not responsible for the issue that have been dismissed for
Unreasonable: The evidence does not support a dismissal
workplace bullying
targeted insulting and aggression in the workplace
