Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Bus-man > Ch1 > Flashcards

Ch1 Flashcards

1
Q

Define an organisation

A

Is two or more people working together to achieve an objective

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Define an LSO

A

Employs 200 or more people, Earns revenue in the millions, Has assets of more than $200 million

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Characteristics of large scale organisations

A

Large-scale organisations are characterized by a large number of employees, a large amount of assets and a large revenue

Large-scale organisations typically have management functions called; finance, human resources marketing and research & development

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Define multinational cooperation

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

How are LSO’s unique

A

They have a great deal of political power
• Some influence the economy more than the government
• The sales & revenues of some multinationals (e.g. Wal-Mart) are bigger than several economies of smaller countries
• LSO’s are able to produce goods and services in bulk at a low cost as they have the financial means to pay for required technology and a large staff base
• Owners have little to do with day to day operations thus left to managers
• Must satisfy a variety of interest of their shareholders
• Operate in many countries
• Undertake long-term planning in order to achieve cooperate objectives
• Group staff together into departments
• Have management structures

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Define a cooperation

A

is owned by shareholders and aims to make a profit and accumulate assets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Define a shareholder

A

is any person who owns shares in a company

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Define a GBE

A

an organisation that is government owned and operated

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

How are public and private companies different

A

Shares in public companies are usually traded on the Australian Securities exchange (ASX)
• Private cooperation’s are not listed on the ASX and have restrictions on who can buy their shares (they can have 1 shareholder being the director but no more than 50 shareholders)
• GBE’s carry gov’t policies and deliver community services e.g medibank, auspost & vicroads

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Define non for profit

A

Include charities and foundations. Their main purpose is to provide goods and services or funds to prevent particular social problems or to continue their work to benefit the community

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Characteristics of non for profit

A

They do not generate business through selling products or services for a profit, rather they produce services for free or at a subsided rate and rely on; volunteers, membership, subscriptions and donations to continue operations

• Despite the term “non-profit” many charities do make a profit – however all profits are used to expand the organisation and continue their operations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Define objective

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Define vision statement

A

States what the organisation aspires to become

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Define mission statement

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are organisational objectives

A

Organizational objectives:
• Profits are not the only objective as indicated by the vision and mission statements in the figure on the right

  • Many cooperation’s include; customer service, community involvement, the environment and concern for employees
  • GBE’s have objectives reflecting the provision of service to the community
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Define strategies

A

Are the actions that an organisation takes to achieve specific objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Importance of LSO’s

A
  • Assist in the development of new technology
  • Provide employment and income for employees
  • Pay taxes to Aus’t gov’t
  • Undertake investment which leads to increase economic growth
  • Produce a wide range of products giving customers greater choice
  • Improve our quality of life
  • Provide a training ground for future entrepreneurs
  • Create value which encourages economic growth
  • Encourage competition which results in cheaper products relatively
  • Provide income for owners
  • Encourage research & development into new and improved products (technology)
  • Help provide owners with challenges and rewards
  • Export products which generates income for Australians and help reduce our trade deficit
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

How do LSO’s contribute to the economy

A

Lso’s are able to produce huge amounts of goods and services, this contributes to economic growth which is measured by gross domestic product (GDP)
• The total output of a country’s diverse collection of LSO’s makes a significant contribution to the national economy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Define GDP

A

refers to the total monetary value of all the goods and service produced in a country over one year.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

How do LSO contribute to employment

A

Lso’s employ large numbers of people (200+)
• In an economic climate where there is low levels of unemployment and rising incomes, people tend to spend more, which increases the overall level of spending in the economy
• From this businesses expand as profits rise, employment rises as production rises and the wealth generated by this process generates greater living standards

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

How do LSo’s contribute to exports

A

Many Lso’s export their products overseas
• Exporting products overseas contributes to Australia’s balance of payments (BOP)
• A favorable BOP exists when there is more payments going out

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Define balance of payments

A

Is a record of a country’s trade and financial transactions with the rest of the world

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Balance of payments is split into 2 accounts

A
  1. Current accounts – recording export and import transactions
  2. The capital and financial account – records borrowing, lending & investing
    o Historically Australia has a large CAD as they import more than they export thus making it a deficit – this makes Australia reliant on foreign investment
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Define research and development

A

refers to activities undertaken to; improve existing products and create new products

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Define invention

A

Is the development of something new

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Define innovation

A

Occurs when something already established is improved

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Define infrastructure

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

What are Negative contributions of large-scale organisations:

A

Outsourcing
Downsizing
Environmental damage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Define downsizing

A

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

30
Q

Define outsourcing

A

Is the contracting of some organizational operations to outside suppliers
o Many organisations outsource as they believe it can bring positive benefits such as cost savings, improvements to quality and access to operational expertise

31
Q

How can LSO’s have a negative impact on the environment

A

Can have an impact on the economy as there are costs needed to repair the environmental damage
• Agriculture, manufacturing, power generation and transportation all contribute to rising green house emissions

32
Q

Define the internal (micro) environment

A

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

33
Q

Define 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

34
Q

Define operating environment

A

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

35
Q

Examples of operating environments

A
  1. Customers
  2. Suppliers & creditors
  3. Competitors
  4. Lobby groups
36
Q

Define customers

A

The buyers or users of the product of a large-scale organisation

37
Q

How do customers affect a LSO

A

Customers have become more health and environmental conscious and this can force organisations to change their products or practices
o Organisations must respond to the needs of customers, making sure that the right product is delivered at the right time
o High level of customer service will result in improved customer satisfactio

38
Q

Define competitors

A

Are other organisations that offer rival products and services

39
Q

Define lobby groups

A

Are groups of people who attempt to directly influence of persuade an organisation to adopt particular polices.

40
Q

Types of lobby groups

A

Trade unions – Employees may choose to join a trade union in attempt to improve their pay and condtions

Consumer groups – These lobby groups such as Australian
Consumers Association (ACA) monitor a organisations performance in terms of product safety, packaging, pricing and advertising
LSO must ensure the Behave legally ethical and socially or risk exposure and damage

Specific issue groups – These groups combine to focus on one specific area, such as youth unemployment, civil liberties, anti – globalization or environmental protection. E.g mining activists

41
Q

Define macro environment

A

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

42
Q

Macro environment factors

A 
Factors that influence the operation and performance of an organisation over which they have no control, including:
Globalisation
Political influences
Technological developments
Economic influences
Social attitudes
Legal influences
43
Q

Define globalisation

A

Is 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

LSO must be willing with efficient processes minimising costs to better compete
Seen as both a challenge and opportunity

44
Q

Explain legal influences associated with macro environment

A

Orgs have to comply with legislation
Face environmental, consumer protection, privacy and oh and s laws
Brought to court could result in significant reputation damage

45
Q

Explain social attitudes associated with the macro environment

A

Constantly changing and ultimately affects the way Lso’s operate (equal opportunity for women)
Pressures from society has forced organisations to implement procedures to preserve and protect the natural environment
Social pressure include the need for an org to act in a manner that is accordance with changing moral beliefs of society
Society requires LSO to sell acceptable products, treat staff well, and provide positive benefits to communities
Society will boycott those companies that doe not act in an ethical manner

46
Q

Explain social attitudes associated with the macro environment

A

A

47
Q

Economic influences associated with macro environment

A

Performance of economy will reflect performance of org
Eg downturn less spending less bus revenue and sales

Eco pressure to adapt to inflation, employment, Aud and external stability changes

Eco pressure will result in an org needing to undertake strategic planning about
If to expand and invest
Adding new products to range
Increasing staffing needs

48
Q

Economic influences associated with macro environment

A

Performance of economy will reflect performance of org
Eg downturn less spending less bus revenue and sales

Eco pressure to adapt to inflation, employment, Aud and external stability changes

Eco pressure will result in an org needing to undertake stretgic pla

49
Q

Define efficiency

A

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

50
Q

Define kpi’s

A

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

KPI’s draw on info taken from a variety of sources such as; accounting reports, statistics, data gathered from customer or employee feedback, or from observation

51
Q

Define profitability

A

Measures the earning performance of an organisation

52
Q

Define staff survey

A

Measures how satisfied staff are with the organisation

53
Q

Define number of sales

A

“Measures the number of products sold

Service will allow an organisation to determine if it’s meeting sales forecasts or if it needs to increase sales.
(e.g. Marketing manager wants to check percentage of company sales in market place)”

54
Q

Define kpi’s

A

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

KPI’s draw on info taken from a variety of sources such as; accounting reports, statistics, data gathered from customer or employee feedback, or from observation

55
Q

Define profitability

A

Measures the earning performance of an organisation

56
Q

Define staff survey

A

Measures how satisfied staff are with the organisation

57
Q

Define percentage of market share

A

“A proportion or amount of the total market that a business has, expressed as a %.

If market share increases, the organisation has a greater percentage of the market and sales.
(e.g. Marketing manager wants to check percentage of company sales in market place)”

58
Q

Define net profit figures

A

“Profit is the difference between revenue and expenses.

Successful organisations make a profit.
Different levels of profit will be determined as acceptable by different organisation (in terms of objectives, investors etc.)
(e.g. Marketing manager wants to check percentage of company sales in market place)”

59
Q

Define net profit figures

A

A

60
Q

Define level of staff turnover

A

“This measures the number of staff who are leaving the organisation.

High turnover may indicate dissatisfaction of the workplace. This results in a cost for recruiting/training new employees and is a loss of organisational knowledge the employee has.
(e.g. HR manager concerned about number of employees leaving)”

61
Q

Define level of job satisfaction

A

“The level of happiness felt by employees.
High more productive employees. Low organisation needs to improve performance and satisfaction. Providing feedback from staff is a method of gaining a view of how employees feel.
(e.g. shareholders want to know how an organisation is performing)”

62
Q

Define customer survey

A

“Measures how satisfied customers are with the organisations performance

The numbers of customer complaints per month indicate whether customers are happy with the organisation. Decrease positive indicator of performance. Provides organisations with valuable knowledge about target audience and can help improve areas or concern.
(E.g. Market manager wants to know about customer satisfaction.)”

63
Q

Define workplace accidents

A

“Indicates how safe the workplace is for employees

The rate and number of workplace accidents. Reduced accidents employees less likely to be injured, safer environment, better training for employees.
(e.g. Manager concerned about high number of workplace accidents)”

64
Q

Define level of wastage

A

“Measures the amount of waste created in the production process.
Reducing waste reduced cost with producing a product, positive community impact.
(e.g. operations manager wants to know if resources are being used properly)”

65
Q

Define workplace accidents

A

“Indicates how safe the workplace is for employees

The rate and number of workplace accidents. Reduced accidents employees less likely to be injured, safer environment, better training for employees.
(e.g. Manager concerned about high number of workplace accidents)”

66
Q

Define number of customer complaints

A

“Indicate whether or not customers are satisfied with the performance of the organisation

This is a good comparative PI against competitors. Increase Need for further training of employees, products may not be made to a standard.
(E.g. Market manager wants to know about customer satisfaction.)”

67
Q

Define benchmarking

A

Occurs when an organisation measures and evaluates it’s performance against that of other leading organisations known for their excellence
Benchmarking allows for a comparison to be made for a more accurate evaluation

68
Q

Define stake holders

A

Are groups of individuals who interact with the organisation and have a vested interest in it’s activities

69
Q

Define social responsibility

A

Is the obligations a business has over and above it’s legal responsibilities to the wellbeing of employees and customers, shareholders and the community as well as the environment

70
Q

Define ethical management

A

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

71
Q

Define social responsibility

A

Is the obligations a business has over and above it’s legal responsibilities to the wellbeing of employees and customers, shareholders and the community as well as the environment

72
Q

Define ethical management

A

A

Bus-man (10 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions