definitions Flashcards
who is an entrepreneur
an entrepreneur is an individual who organizes and operates a business, taking on financial risks in hopes of generating profit
what is business growth
business growth is the expansion of a company/business organically (internally) or inorganically (externally)
what is inorganic growth
inorganic growth is the external expansion of a company/business through mergers, acquisitions, and/or takeovers
what is organic growth
organic growth is the internal expansion of a company/business through diversification of products, setting up more business locations, and investing in new technology and production systems to upgrade its existing line of products
another name for inorganic growth is what?
integration or growth by amalgamation
what is horizontal integration
horizontal integration is the amalgamation of two or more businesses/companies that are in the same industry at the same stage of production
what is vertical integration
vertical integration is the amalgamation of two or more businesses/companies that are in the same industry but at different stages of production
what are the two types of vertical integration
forward integration and backward integration
what is conglomerate integration
conglomerate integration is the amalgamation of two or more businesses/companies that are in two completely unrelated industries.
what is forward integration
forward integration is the type of vertical integration where the raw materials supplier/producer/processor gets closer to the consumer. this can be achieved by the raw materials producer/processor/supplier buying a retailer and the retailer selling the supplier’s products
what is backward integration
backward integration is the type of integration where the retailer moves closer to the raw materials producer/processor/supplier. this can be achieved by the retailer buying the raw materials producer/processor/supplier and getting their resources from them
what is a trade union
a.k.a labour union. a group of workers coming together to advocate for the protection of their interests and improvements of pay and/or working conditions
what is industrial action
industrial action is any measure taken by members of a trade union (or other organized labor groups) in an effort to slow down productivity in the workplace
what is collective bargaining
collective bargaining is the term used to refer to negotiations between employees and employers to establish conditions of employment, especially after any industrial action taken has garnered attention
name three examples of industrial action
go slow picketing work to rule non-cooperation strikes overtime bans
