Chapter One - Introducing Business Flashcards
What is a business?
A business is an organisation that’s provides goods and or/services to consumers in order to make a profit
What are Finished goods?
Finished goods are those that are ready for customers to buy and use.
What is market share?
Market share refers to the business’s share of the total industry sales for a particular product.
What is a multinational corporation?
A multinational corporation is a company that branches in many different countries.
What is a objective?
An objective states what an organisation expects to achieve over a set period.
What is the return on investment?
The return on investment is a positive or negative percentage that relates the money gained or lost on an investment to the cost of that investment. It is usually taken to return on the investment occurs over a 12 month period.
What is economic growth?
Economic growth occurs when the real value of goods and services increases over a set period of time.
What is a business environment?
The business environment refers to the surrounding conditions in which the business operates. It can be divided into two board categories: internal and external.
What is an internal environment?
The internal environment, sometimes called the micro environment, includes those factors over which the business has some degree of control.
What is economy?
An economy is a system to set up to determine what to produce, how to produce and to whom production will be distributed.
What is external environment?
The external environment includes those factors over which the business has little control. It may be further divided into two categories: operating and macro.
What is corporate culture?
The corporate culture is a set of mostly unwritten or informal rules that spell out how people are to behave most of the time.
What is a policy?
A policy is a general guide to help employees deal with recurring situations.
What is a operating environment?
A business’s operating environment, sometimes called the task environment, refers to the specific outside stakeholders with whom the business interacts in conducting its business.
What is a stakeholder?
A stakeholder is any group or individual who has an interest in, or is affected by, the activities of a business.
What is a supplier?
A business’s suppliers are those organisations and individuals that supply the resources that the business needs to conduct its operations.
What is a business competition?
Competition is rivalry among businesses that seek to satisfy a market.
What are business competitors?
Competitors are businesses that offer rival products or services.
What is a sustainable competitive advantage?
A sustainable competitive advantage is the ability of a business to develop strategies that ensure it has an ‘edge’ over its competitors.
What are interest groups?
Interest groups are groups of people who attempt to directly influence or persuade an organisation to adopt particular policies.
What is a macro environment?
The macro environment is made up of the broad conditions and trends in the economy and society within which a business operates.
What is business free trade?
Free trade should take place without any restrictions such as tariffs.
What is a tariff?
A tariff is a tax imposed on imported goods, usually to protect locally produced suppliers of similar items.
What is workplace diversity?
Workplace diversity means the multitude of individual differences that exist among people in the workplace.
