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Buisness Management > Chapter 1 > Flashcards

Chapter 1 Flashcards

0
Q

Define an organisation

A

Two or more people working together to achieve an objective.

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1
Q

What is the internal environment?

A

Includes all those things which the organisation has some degree power of

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2
Q

What is a large-scale organisation ?

A

A large-scale organisation employs 299 or more people, earnes revenue in the millions, or has assets of more than 200$ million.

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3
Q

What is a multinational corporation?

A

A multinational corporation is owned and based in one country, and operates internationally.

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4
Q

What is a corporation?

A

A corporation is owned by shareholders and aims to make profit.

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5
Q

What is a shareholder?

A

A shareholder is any person who owns shares in a company.

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6
Q

What is a government business enterprise?

A

A government business enterprise is government owned and operated.

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7
Q

What is an objective?

A

An objective is a desired goal, outcome or specific result that an organisation intends to achieve.

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8
Q

What is vision statement?

A

A vision statement states what the organisation aspires to become.

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9
Q

What is a mission statement?

A

A mission statement expresses why an organisation exists, it’s purpose and how it will operate.

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10
Q

What are strategies?

A

Strategies are the actions that an organisation takes to achieve specie objectives.

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11
Q

Define Gross Domestic product.

A

Domestic product refers to the total monetary value of goods and services produced in a country over one year.

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12
Q

What is the balance of payments?

A

The balance of payments is a record of a country’s trade and financial transactions with the rest of the world.

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13
Q

Define research and development.

A

Research and development refers to actives undertaken to:

  • Improve existing products.
  • Create new products.
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14
Q

Define invention.

A

An invention is the development of something new.

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15
Q

Define innovation?

A

Innovation occurs when something already established is improved upon.

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16
Q

What is the infrastructure?

A

Infrastructure refers to highways, railways, airports, communication systems, education, health, water, gas and electricity supplies.

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17
Q

Explain downsizing?

A

Downsizing involves workplace staff reductions, with the elimination of jobs and positions.

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18
Q

Explain outsourcing?

A

Outsourcing is the contraction of some organisational operations to the outside suppliers.

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19
Q

What is the internal environment?

A

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

20
Q

What is the external environment?

A

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

21
Q

Define operating environment.

A

An organisations operating environment refers to outside factors with which the organisation directly interacts in the course of conducting its buisness.

22
Q

What are customers?

A

Customers are buyers or users of the products of a large-scale organisation.

23
Q

What are competitiors?

A

Competitors are other organisations that offer rival products or services.

24
Q

What are lobby groups?

A

Lobby groups are groups who attempt to directly influence or persuade an organisation to adopt particular policies.

25
Q

What is the macro environment?

A

The macro environment is made up from the broad factors in the economy and society within which the organisation operates.

26
Q

What is globalisation?

A

Globalisation 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.

27
Q

What is effectiveness?

A

Effectiveness is the degree to which an organisation has achieved its states objectives.

28
Q

What is efficiency?

A

Efficiency refers to how well an organisation uses resources to achieve objectivise.

29
Q

Define key performance indicators.

A

Key performance indicators are specific criteria used to measure the efficiency and effectiveness of the organisations performance.

30
Q

What is profitabillity?

A

Profitability measures the earning performance of the organisation.

31
Q

Define number of sales as performance indicator.

A

Number of sales measures the number of products sold.

32
Q

Define the percentage of market share?

A

Market share is the proportion of the total market that a business has, expressed as a percentage.

33
Q

Define the rate of productivity growth.

A

The rate of productivity growth measures the change in productivity in one year compared to the previous year.

34
Q

Define customer survey.

A

Customer survey measures how satisfied customers are with the organisations performance.

35
Q

Define staff survey.

A

A staff survey measures how satisfied staff are within the organisation.

36
Q

Define staff turnover.

A

Staff turnover measures the number of staff who are leaving the organisation.

37
Q

Define customer complaints.

A

Customer complaints indicate whether or not customers are satisfied with the performance of the organisation.

38
Q

Define level of wastage.

A

Level of wastage measures the amount of waste created by the production process.

39
Q

Define number of workplace accidents.

A

The number of workplace accidents indicates how safe the workplace is for employees.

40
Q

What is benchmarking.

A

Benchmarking occurs when an organisation measures it’s performance against that of other leading organisations known for their excellence.

41
Q

What is a corporate culture?

A

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

42
Q

What is Ethical management?

A

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

43
Q

What is Social responsibility?

A

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

44
Q

What is Leadership?

A

Leading is the process of influencing or motivating people to work towards the achievement of the organisations objectives. Effective leaders typically display following qualities: interpersonal, informational and decision making.

45
Q

What are Employee relations?

A

Refers to the total interaction that occurs between an employer and the employee in regard to the establishment of conditions of employment.

46
Q

What are is Stakeholder(s)?

A

Groups or individuals who interact with the organisation and have an interests in its activities.

47
Q

Performance indicatior?

A

Specific criteria used to measure the efficiency and effectiveness of the organisations performance.

48
Q

What is a terrif?

A

In simplest terms, a tariff is a tax. It adds to the cost of imported goods and is one of several trade policies that a country can enact.

Buisness Management (4 decks)

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