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ib exams Flashcards

1
Q

BUSINESS FUNCTION: Human resources

A

Handles all aspects related to the workforce. In charge of recruitment, training, promotion, dismissal of staff, etc.

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2
Q

BUSINESS FUNCTION: Finance and accounts

A

Ensures the business has sufficient funds in order to conduct its daily operations

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3
Q

BUSINESS FUNCTION: Marketing

A

Identifies the needs and wants of the customers and provides ways to meet those requirements

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4
Q

BUSINESS FUNCTION: Operations management

A

Makes the goods and provides the services from their resources. In charge of ensuring that they meet production targets, deadlines, and quality standards.

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5
Q

Primary sector

A

The business sector involved with extracting natural resources (farming, fishing, mining)

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6
Q

Secondary sector

A

The business sector involved with the manufacturing or construction of finished products (construction, engineering, food processing)

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7
Q

Tertiary sector

A

The business sector involved with providing services to customers (banking, retail, health care)

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8
Q

Quaternary sector

A

The business activity involved with the creation or sharing of knowledge and information using digital technologies

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9
Q

Entrepreneurs

A

Own their own business, able to take risks

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10
Q

Intrapreneurs

A

Take the initiative on implementing new ideas in order for the business to thrive and remain competitive

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11
Q

Private sector

A

Businesses owned by private individuals/organizations that aim to earn a profit (sole traders, partnerships, limited liability companies)

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12
Q

Public sector

A

Businesses controlled by the government aiming to provide resources/services to the general public (education, emergency services, health care services)

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13
Q

SMART

A

Specific, measurable, achievable, realistic and tactics

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14
Q

SWOT

A

SWOT: Strengths, weaknesses, opportunities, and threats. Advantages: helps develop a better understanding of an organization’s position in the market. Disadvantages: SWOT does not guarantee the strategy will be successful, only provides a snapshot of the current situation for an organization.

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15
Q

ANSOFF’S MATRIX: Market penetration

A

Existing market, existing products

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16
Q

ANSOFF’S MATRIX: Market development

A

Existing products, new market

17
Q

ANSOFF’S MATRIX: Product development

A

New products, existing market

18
Q

ANSOFF’S MATRIX: Diversification

A

New products, new market

19
Q

Internal stakeholder types

A

Employees, managers, shareholders

20
Q

External stakeholder types

A

Customers, suppliers, local community, pressure groups, the government

21
Q

STEEPLE/PESTLE

A

Social, technological, economic, ethical, political, legal, environmental. Advantages: helps managers plan more strategically, enables the business to identify opportunities and threats.

22
Q

Economies of scale

A

Enables a business to benefit from lower average costs (the cost per unit) by increasing the size of its operations

23
Q

Diseconomies of scale

A

Causes the firm’s average costs of production to rise, occurs if the firm grows beyond its ability to operate efficiently

24
Q

Marketing mix

A

Product, price, promotion, place

25
Q

Types of pricing strategies

A

Psychological pricing, price discrimination, price leadership, loss leader

26
Q

The product life cycle (PLC)

A

PLC is the stages a product goes through - research & development, launch, growth, maturity, decline

27
Q

Internal (organic) vs external (inorganic) growth

A

Internal: growing w/o help of an external partner. External: organization needs help from a partner organization to grow.

28
Q

Co-operative

A

For-profit social enterprise owned/managed by its members

29
Q

Capital expenditure

A

Purchase of fixed assets that will generate revenue over a longer period of time

30
Q

Revenue expenditure

A

Short-term expenses running daily operations

31
Q

Below/Above the line promotion

A

Below does not use external media agents, above does use external media agents

32
Q

Cost-plus pricing

A

Determining the price of a product based on the business’ unit costs

33
Q

Limited liability/Unlimited liability

A

Limited: shareholders are not liable for more than original amount of money invested. Unlimited: owners of business are responsible for debts even if it comes from personal assets.

34
Q

Liquidity

A

How easily a business can convert assets into cash

35
Q

Return on capital employed (ROCE)

A

Profitability ratio that measures a firm’s efficiency/profitability in relation to its size

36
Q

Social enterprises

A

Revenue generating businesses with community benefiting objectives

37
Q

Supply chain

A

Managing sequence of activities from production to being delivered to customer

38
Q

Zero-channel distribution network

A

Sells directly to consumer

ib business (4 decks)

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