Chapter One Intro To Bus Man Flashcards
What is business
Is a organisation that provides goods or services to customers in order to make a profit
What is profit
When income earned ( revenue ) is greater than the costs of production (costs)
What is finished goods
Good that are ready to buy and use
What is non-for profit
Not-for-profit organisations operate to provide social, educational, religious or other benefits rather than the soul pursuit or objective to make a profit.
What is for-profit
It’s soul purpose is to make a profit
What is market share
Refers to the business’s share of total industry sales for a particular product
What is Multinational
A compony that branches out to many different country’s
What is an objective
A statement of what an organisation expects to achieve over a set period of time
What is Social objective
Working with in the community to provide jobs, social justice etc
What’s a financial objective
Wanting to make more money by increasing sales, market share and increasing the business.
What’s personal objectives
Something a business manager wants to do to make their business in their eyes or improve themselves.
Economy is
A system to set up and determine what to produce, how to produce and and whom the production will be distributed to
Economic growth is
When the real value of goods and services increases over a set period of time.
Business environment
Refers to the surrounding conditions in which the business operates this can be divided in to two parts internal and external
Internal environment
These are the factors that the business can control
External environment
These are the factors that the business has little control over can be separated into two sectors operating and micro
Corporate culture is
Unwritten or informal rules which people are to abide by most of the time.
Policy is
The general guide to help employees deal with reoccurring situations.
Operating environment is
Is sometimes called task environment refers to the specific outside stakeholders with whom the business interacts in conducting its business
A stakeholder is
Any group or individual who has an interest in or is affect by the activities of the group
Suppliers are
Supply the the resources that the business needs to conduct its operations
Competition is
Rivalry among businesses that seek to satisfy a market
Competitors are
Businesses that offer rival products or services
Interest groups are
Are groups of people who attempt to directly influence or persuade an organisation to adopt particular polices
Sustainable competitive advantage is
the ability of a business to develop strategies that ensure it has an edge over its competitors
Macro environment is
Made up of a board of conditions and trends in the economy and society with in a business operates
Work place diversity
Means the multitude of individual differences that exist amount people in the workplace
Business ethics is
The application of moral standards to business behaviour
Socially responsible management is
Managing an organisation is such away that the broader social welfare of the community is taken into consideration when making business decisions
Stakeholders are
Individuals or groups with an interest in the success of the business
Conflict of interest occurs when
A person takes advantage of a situation or piece of information for his or her advantage rather than for the employers interest
Corruption is
A lack of honestly or integrity, using a position of trust or authority to receive favours, often financial bribes
Code of conduct is
A set of ethical standards by which managers and employees should abide
Export is
Sending goods to other places or out of the country
Import is
Receiving goods from other places or country’s
