Case study key words Flashcards
Accounts
A record of a business’s financial statement in order to have better financial control and planning.
Activists
An activist is a person who engages in activism - the practice of taking direct action to achieve goals
Board of trustees
The board of trustees is an elected group of individuals that take the responsibility of managing the business by making crucial decisions.
Budgets
A budget is a financial plan of expected revenue and expenditure for a department or an organization, for a given period of time.
Business Plan
Business Plan refers to the document that sets out the business idea, its goals and objectives and other details of how the business will operate in each department of marketing, operations and finance. It can be used to raise external sources of finance.
Carbon Footprint
Carbon footprint is the negative impact of business operations on the environment.
Cash-Flow
Cash flow is the movement of money in and out of an organization over a given period of time. Cash inflow is the money flow into the business (sales revenue) whereas cash outflow is the money flow of the business (expenditure and bills)
Company
A company or corporation refers to a business that is owned by shareholders and has a separate legal identity from its owners.
Complaints
Customer insights into the negative areas of the service production. A business needs to look into the issues and resolve them immediately in order to retain customers and prevent a negative reputation that could impact sales.
Corporate Social Responsibility
CSR
Corporate Social Responsibility is the conscious consideration of the ethical and environmental practices related to business activity. A business that adopts CSR acts morally towards its stakeholder groups and the wellbeing of society.
Day-to-Day issues
These are short-term problems faced by the business that interrupt the day-to-day running of the business. Examples include machine repairs, etc.
Director
Directors of a business organization are people that are responsible for controlling, managing, and directing the various functions and departments of a company or organization.
Dismissal
Dismissal is the termination of a worker’s employment due to employee incompetence (unsatisfactory performance) or breach of contract.
Economic Recession
Economic recession refers to a period in the business cycle involving a significant decline in economic activity, which thereby impacts the spending of customers. In this period, business activity also becomes less profitable.
Ecological sustainability
Also known as environmental sustainability, this refers to sustainable use of the planet’s natural resources so that the current level of consumption does not jeopardize the resources available for future generations.
Economically disadvantaged (students)
These are students that come from less-developed countries where there are fewer opportunities for education and jobs.
Electricity
Electricity is one of the variable costs for a business that adds to the expenses list.
Employees
Employees are the people that work for the organization in exchange for benefits such as wages or salaries, and other fringe benefits.
Employment Contracts
Employment contract is a signed agreement between the employer and the employee about the pay, benefits and employee rights. It also involves the role and responsibility of the employee. Any breach of the employment contract could lead to a dismissal.
Ethics
Ethics are the moral values and judgements that society believes businesses ought to consider in their decision making.
Expenses
Expenses or expenditure is the amount of money that the business spends in order to run the daily functions of the business.
Exploitation
Exploitation occurs when an employee or group of employees are treated unfairly in order for the business to benefit from their work.
External Environment
The external environment refers to the framework of the (STEEPLE) factors that are beyond the control of any individual organization, but which affect the business and its operations.
Fees
The price that a customer pays in exchange for the services provided.
Funding
Funding is when an external individual or organization invests in the business to help support the operations of the organization.
Government Grants
Grants are government financial gifts to support business activities and are not expected to be paid back. Governments usually give these grants to stimulate economic activity or to encourage certain business activities.
Growth
Growth is the expansion of a business, either internally or externally. Internal Growth occurs when a business uses its own resources and capabilities to increase the scale of its operations whereas external growth occurs when a business buys and merges with another firm.
Human Resource Management
Human Resource Management refers to the role of managers in planning and developing the organization’s people. This is done through inter-related functions such as recruitment, selection, dismissal, and training and development of employees.
Investment
Investment is the amount of money that is used to set up and run the business.
Job Vacancies
The available job positions in an organization.
Land
A factor of production where the production of the good or service occurs. It also refers to the natural resources used in production.
Least developed countries
The less-economically developed countries of the world where there are fewer business activities and opportunities.
Long-term plan
Long-term planning involves setting and working towards goals that take months or years to accomplish.
Management
Management is the process of dealing with and controlling the operations of the business to ensure everything is running smoothly.
Manufacturers
Producers in the secondary sector
Marketing
Marketing is the management process of predicting, identifying and meeting the needs and wants of customers in a profitable manner.
Marketing Strategies
Marketing strategies are the medium to long term plans to achieve an organization’s marketing objectives.
Mission Statement
A mission statement refers to the declaration of an organization’s overall purpose. It forms the foundation for setting goals and objectives for the business.
Morale
The confidence, enthusiasm, and discipline of a person or group at a particular time
Multinational company
An organization that operates in two or more countries.
Not-for-profit Business
Any organization that does not seek to make a surplus. It usually refers to charities and similar organizations that have social development aims other than profit-making.
Non-governmental organization [NGO]
Non-governmental Organizations are private-sector not-for-profit social enterprises that operate for the benefit of others rather than primarily aiming to make a profit.
Operating Costs
The costs of operating a business, which includes the set-up and daily running of the business.
Operations
The running of the business activity and production.
Opportunity
Opportunity is an external factor that affects business growth in a positive manner.
Outflow
Money that goes out of the business in the form of expenses such as rent, electricity, etc.
Over Pricing
Over-pricing is the act of charging extra for the services provided in order to increase profit margin.
Part-time Employment
Part-time employment is the process of recruiting employees that work for fewer hours. They are cheaper to hire and easy to replace.
Pay Structure
Pay Structure is a system that describes the role and pay of each employee in the organization.
Pressure Groups
A group that tries to influence public policy in the interest of a particular cause. “The activists want her removed from her role.” line 110
Price discrimination
Charging different consumers different amounts. Example - kids prices, senior prices
Primary Research
Primary Research involves going directly to the source, obtaining the information yourself.
Policy
Policy is a system of guidance that aids decision-making for any organization.
Promotion
Promotion is a component of the marketing mix that refers to the methods used to inform, persuade and remind people about a firm’s products and services.
Prototype
A test (or trial) version of a product to determine whether it addresses the unmet needs of customers, thereby gauging the chances of commercial success.
Quality
Quality means that a good or service must be fit for its purpose by meeting or exceeding the expectations of customers.
Redundancy
The process of laying off staff where job cuts need to be made. It may be either compulsory where workers are given their notice because there is no longer work for them or voluntary.
Resignation
Resignation is an act of voluntarily giving up a current position or office.
Resources
Resources, or factors of production, refer to the inputs to productive activity. They include land, labor, capital and enterprise.
Revenue
The total amount of income generated by the sale of goods or services related to the company’s primary operations.
Savings
Savings is the process of keeping some money aside for future expenses for the business.
Staff Morale
Staff Morale is defined as the attitude, satisfaction and overall outlook of employees during their association with the organization.
Staff Turnover
Staff or Labor turnover measures the number of workers who leave a firm as a percentage of the workforce, per year. It is often used to gauge the level of motivation in an organization. A high staff turnover rate means workers are less motivated to work in the organization.
Sustainability
Sustainability refers to the operation of the business without negatively harming the environment.
Survey
A data collection tool used to gather primary market research about individuals or their opinions, using a series of standardized questions.
Training
Training is the process of providing opportunities for workers to acquire employment-related skills and knowledge.
Trend
Trends involve analyzing the statistical figures of historical data of the organization in order to track progress and help predict future statistics. This helps managers make informed business decisions.
Wages
Type of financial reward payment system based on time and output. Wages are paid as time rate (hours) or piece rate (output)
