Business Management Flashcards
Staff Planning
Development of strategies to meet the business’s future human resource need.
Job Analysis
The systematic study of each employee’s duties, tasks and work environment.
Job Description
Is a written statement describing the employee’s duties, tasks and responsibilities associated with the job.
Job Specification
Is a list of the key qualifications needed to perform a particular job in terms of education, skills and experience.
Profit Organisation
Aim to increase sales revenue and cover costs of production.
Not-For-Profit Organisation
Raise funds to achieve their objectives. Objectives include achieving a social mission by providing social, educational or religious benefits.
Market Share
Refers to the business portion of total industry sales for a particular product.
Multinational Corporation
A corporation that has locations in at least one country other than its home country.
Objective
An aim of where the business wants to go in the future. Something to set to increase chances of success.
Business Ethics
The application of moral standards to business behaviour. Acceptable behaviour- right or wrong.
Socially Responsible Management
Managing an organisation in such a way that the broader social welfare of the community is taken into consideration when making business decisions.
Business
An organisation that provides goods and/or services to consumers to make a profit.
Economic Growth
Occurs when the real value of goods and services increases over a set period of time.
Internal Environment
Includes those factors which the business has some degree of control.
External Environment
Includes the factors over which the business has little control. It may be further divided into two categories: Macro and Operating.
Business Environment
Refers to the surrounding conditions in which the business operates –> Internal or External.
Corporate Culture
A set of mostly unwritten or informal rules that spell out how people are to behave most of the time.
Policy
A general guide to help employees deal with recurring situations.
Stakeholder
Any group or individual who has an interest in, or is affected by the activities of a business.
Operating Environment
The ‘task’ environment. The stakeholders with whom the business interacts in conducting its business.
Suppliers
Those organisations and individuals that supply the resources that the business needs to conduct its operations.
Interest Groups
Groups of people who attempt to directly influence or persuade an organisation to adopt particular policies.
Macro Environment
The wider environment in which the organisation operates. It is made up of the broad conditions and trends in the economy and society within which a business operates.
Workplace Diversity
Means the multitude of individual differences that exist among people in the workplace.
Market Research
Is a process of systematically collecting, recording and analysing information concerning a specific market.
Business Concept Development
A business concept can be an original idea or an adaption of an idea already existing in the marketplace.
Gap in the Market
A demand not currently being satisfied.
Innovation
Is either creating a new product, service or process, or significantly improving an existing one.
Research & Development
A set of activities undertaken to: improve existing products, create new products and improve production.
Entrepreneurship
The ability and willingness to start, operate and assume the risk of a business venture in the hope of making a profit.
Sole Trader
A sole trader business is a business owned and operated by one person.
Partnership
Is an unincorporated legal business structure with a minimum of 2 and maximum of 20 owners.
Incorporation
Is the process that businesses go through to become a registered company and a separate legal entity.
Public Company
The business is listed on the ASEX and the general public may buy and sell shares in the company.
Franchise
Means buying the rights from another business to distribute its products under its name..
Goodwill
Is the monetary value attached to the reputation of a particular business.
Zoning
Is a means by which local councils allocate land for different uses, such as residential, commercial, recreational and industrial.
Complementary Businesses
Offer products or services that are related to a different business and that may be of use to the customers of that business.
Effectiveness
Is the degree to which a business has achieved its objectives.
Efficiency
Refers to ‘how well’ a business uses resources to achieve objectives.
Performance Indicators
Are found in the accounting records and are expressed in dollar terms.
Establishment Costs
Include those costs involved in setting up the business.
Operating Costs
Include those costs involved in the ordinary day-to-day running of the business.
Human Resource Management
Is the effective management of the formal relationship between the employer and employees, and involves the recruitment, selection, training, development, appraisal and dismissal of staff.
Recruitment
Is the process of attracting qualified job applicants and then selecting the most appropriate person for the job.
Internal Recruitment
Involves filling job vacancies with present employees, rather than looking for new ones.
External Recruitment
Involves filling job vacancies with people from outside the business.
Employee Selection
Involves gathering information about each applicant for a position, then using that information to choose the most appropriate applicant.
Structured Interview
The interviewer asks a series of prepared questions based on the job specification.
Unstructured Interview
The interviewer does not have a set of prepared questions and the interviewee does most of the talking.
Occupational Health & Safety
A requirement by law for all employers to maintain a workplace which is safe for all employees, and for any visitors who enter the workplace.
Equal Employment Opportunity
Ensures that the best person for the job is chosen so the organisation gains the person with the skills and abilities most needed. No discrimination against beliefs, status or characteristics.
Unlawful Termination
Occurs when an employee is dismissed for discriminatory reasons.
Affirmative Action
Refers to measures taken to eliminate discrimination and to implement positive steps to overcome current and historical lack of equal opportunity.
Staff Management
Using employees to achieve organisational goals by getting them to perform specific duties and actions
