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VET Music Technical Production 3/4 for Loz > Business Unit 3 > Flashcards

Business Unit 3 Flashcards

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1
Q

Characterisation of LSOs

A

An organisation that employs 200 or more people, or has assets worth more than $200 million, they earn revenue in the millions

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2
Q

Classification of LSOs

A

Can be classified into two groups, the first being corporations, which are companies such as public companies, private companies and GBE.
The second being not-for-profit organisations which include charities and foundations

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3
Q

Multinational corporation

A

Is owned and based in one country and operates in many countries throughout the world

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4
Q

Corporation

A

Owned by shareholders and aims to make a profit

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5
Q

Shareholder

A

Is any person who owns shares in a company

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6
Q

Government Business Enterprise

A

Is government owned and operated

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7
Q

Objective

A

Is a desired goal or specific result that an organisation intends to achieve

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8
Q

Vision statement

A

States what the organisation aspires to become

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9
Q

Mission statement

A

Expresses why an organisation exists, its purpose and how it will operate

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10
Q

Strategies

A

Are the actions that an organisation takes to achieve specific objectives

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11
Q

Typical management functions

A 
Operations
Finance
Human resources 
Market 
Research and development
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12
Q

An Operations function

A

Is in charge and responsible for the production of the organisations product, it oversees the transformation of inputs into outputs

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13
Q

Finance functions

A

Is responsible for managing the financial aspects of the organisation, it can include financial policies, raising finance, budgeting, accounting and reporting, and cash control

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14
Q

Human resources function

A

Is responsible for coordinating all the activities involved from acquiring to terminating employees of the organisation

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15
Q

Marketing functions

A

Is responsible for the marketing mix, often referred to as product, price, promotion, place

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16
Q

Research and development functions

A

Is responsible for designing and developing new products

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17
Q

Operations strategies

A

Facilities design and layout, materials management, quality management and the use of technology

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18
Q

Finance strategies

A

Accounts will, for example, produce balance sheets that show the value of the organisations assets

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19
Q

Human resource strategies

A

They will focus on improving the motivation of employees and meeting their expectations

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20
Q

Marketing strategies

A

To determine the right price for their organisations product

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21
Q

LSO: contribution to economy

A

Contribute to employment by providing jobs for 2.9 million, where there are lower levels of unemployment and rising incomes, people tend to spend more which increases overall level of spending, businesses do well so they expand as their profits increase, employment rises, and so we create a higher standard of living

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22
Q

Environments of LSOs

A

The internal environment includes all those things over which an organisation has some degree of control

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23
Q

Gross domestic product

A

Refers to the total monetary value of all goods and services produced in a country over one year

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24
Q

Management structure

A

Is a term used to describe the ways in which the management, employees and resources of an organisation are formally arranged to achieve objectives

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25
Q

Management hierarchy

A

Is the arrangement that provides increasing authority at higher levels of the hierarchy

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26
Q

Chain of command/line of authority

A

Is a system that determines responsibility, supervision and accountability of members of the organisation

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27
Q

Span of control

A

Refers to the number of people for whom a manager is directly responsible

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28
Q

Unity of command

A

States that each employee within an organisation should report to only one supervisor

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29
Q

Invention

A

Is the development of something new

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30
Q

Innovation

A

Occurs when something already established is improved upon

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31
Q

Infrastructure

A

Refers to highways, railways, airports, communications systems, education and health facilities, water, gas and electricity supplies

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32
Q

Downsizing

A

Involves workplace staff reductions, with the elimination of jobs and positions

33
Q

Outsourcing

A

Is the contracting of some organisational operations to outside suppliers

34
Q

Internal environment

A

Includes all those things over which the organisation has some degree of control

35
Q

External environment

A

Includes those things over which the business has little control. It may be divided into an operating environment and a macro environment

36
Q

Operating environment

A

Refers to the outside factors with which the organisation directly interacts in the course of conducting its business

37
Q

Customers

A

The buyers or users of the products of a LSO

38
Q

Competitors

A

Are other organisations that offer rival products or services

39
Q

Lobby groups

A

Are groups of people who attempt to directly influence or persuade an organisation to adopt particular policies

40
Q

Common types of Lobby groups

A

Trade unions
Consumer groups
Specific issue groups

41
Q

Macro environment

A

Is made up of the broad factors in the economy and society within which the organisation operates

42
Q

Globalisation

A

The effect of hi-tech communications, lower transport costs and unrestricted trade and financial flows turning the whole world into a single market, producing a more integrated global economic system

43
Q

Effectiveness

A

Is the degree to which an organisation has achieved its stated objectives

44
Q

Efficiency

A

Refers to how well an organisation uses its resources to achieve objectives

45
Q

Performance indicators

A

Are specific criteria used to measure the efficiency and effectiveness of the organisations performance

46
Q

Net profit

A

Is what remains when expenses are deducted from the revenue earned

47
Q

Number of sales

A

Measures the number of products sold

48
Q

Percentage of market share

A

Is the proportion of the total market that a business has, expressed as a percentage

49
Q

Rate of productivity growth

A

Measures the change in productivity in one year compared to the previous year

50
Q

Customer survey

A

Measures how satisfied customers are with the organisations performance

51
Q

Staff survey

A

Measures how satisfied staff are within the organisation

52
Q

Staff turnover

A

Measures the number of staff who are leaving the organisation

53
Q

Benchmarking

A

Occurs when an organisation measures its performance against that of other leading organisations known for their excellence

54
Q

Stakeholders

A

Are groups and individuals who interact with the organisation and have an interest in its activities

55
Q

Social responsibility

A

The obligations a business has over and above its legal responsibilities to the wellbeing of employees and customers, shareholders and the community as well as the environment.

56
Q

Ethical management

A

Refers to the process of abiding by moral standards and doing the ‘right’ thing in the interests of all stakeholders

57
Q

Unique nature of LSOs

A

Because of their size, LSOs have a great deal of political power. Some are so large that they have more influence on the economy than the government in power. Must attempt to satisfy the varying interests of the many stakeholders

58
Q

Management structure

A

Is a term used to describe the ways in which the management, employees and resources of an organisation are formally arranged to achieve objectives

59
Q

Management hierarchy

A

Is the arrangement that provides increasing authority at higher levels of the hierarchy

60
Q

Chain of command/line authority

A

Is a system that determines responsibility, supervision and accountability of members of the organisation

61
Q

Unity of command

A

States that each employee within an organisation should report to only one supervisor

62
Q

Span of control

A

Refers to the number of people for whom a manager is directly responsible

63
Q

Functional structure

A

Involves grouping employees together according to the tasks or jobs they will perform

64
Q

Divisional structure

A

Groups employees together according to divisions that may be geographical, or customer, product or process focused

65
Q

Matrix structure

A

Involves bringing together specialists from different parts of the organisation to solve specific problems or to undertake specific projects in teams

66
Q

Corporate culture

A

Refers to the values, ideas, expectations and beliefs shared by members of the organisation

67
Q

Elements of corporate culture

A

Values and practices
Symbols
Rituals, rites and celebrations
Heroes

68
Q

Values and practices in corporate culture

A

The way things are done in the organisation e.g. Honesty, hard work, teamwork, quality customer service, employee participation and innovation

69
Q

Symbols in corporate culture

A

The events or objects that are established to represent something the organisation believes to be important e.g. Offer employees the opportunity to participate in training and development programs

70
Q

Rituals, rites and celebrations in corporate culture

A

The routine behavioural patterns in an organisations everyday life. E.g regular social gatherings can be held to help develop a sense of belonging among employees who work in small teams during the week

71
Q

Heroes in corporate culture

A

Heroes or champions, are the organisations successful employees who reflect its values and, therefore act as an example for others

72
Q

Developing a positive corporate culture

A

A positive corporate culture can affect motivation, loyalty and efficiency and so it is crucial for a manager to understand the corporate culture as it impacts directly on the achievement of objectives

73
Q

Planning

A

Is the process of setting objectives and deciding on the methods to achieve them

74
Q

Strategic planning

A

Is long term planning, usually over two five years

75
Q

Tactical planning

A

Is flexible, adaptable, medium-term planning, usually over one two years, which assists in implementing the strategic plan

76
Q

Operational planning

A

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

77
Q

SWOT analysis

A

Involves the identification and analysis of the internal strengths and weaknesses of the organisation, and the opportunities in, and threats from, the external environment

78
Q

Organising

A

Is the process of arranging resources and tasks to achieve objectives

VET Music Technical Production 3/4 for Loz (5 decks)

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