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Business Managmnet 3/4 > Important Definitions > Flashcards

Important Definitions Flashcards

1
Q

Marketing

A

The action or business promoting and selling products or services, including market research and advertising.

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2
Q

Research and development

A

Work directed towards the innovation, introduction and improvement of products and processes.

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3
Q

Finance

A

The management of large amounts of money, especially by governments or large companies.

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4
Q

Operations

A

In how the business operates and their objectives.

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5
Q

Objective

A

A goal that is set to be met in a short or long period of time.

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6
Q

Vision statement

A

A statement on where the business is heading.

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7
Q

Mission statement

A

Expresses why an organisation exists, it’s purpose and how it will operate.

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8
Q

Strategies

A

Are the actions that an organisation takes to achieve specific objectives.

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9
Q

Downsizing

A

When a business wants to downsize and have a smaller market and less employees and facilities.

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10
Q

Outsourcing

A

Is the contracting of some organisational operations to outside suppliers.

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11
Q

Internal environment

A

Includes all those things over which the organisation has some degree of control.

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12
Q

External environment

A

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

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13
Q

Operating environment

A

Refers to the outside factors with which the organisation directly interacts in the course of conducting its business.

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14
Q

Customers

A

Are the buyers or users of the product of a large scale organisation.

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15
Q

Suppliers

A

Are those organisations and individuals that supply resources to the organisation, allowing it to conduct its operations.

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16
Q

Competitors

A

Are other organisations that offer rival products or services.

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17
Q

Lobby groups

A

Are groups of people who attempt to directly influence or persuade an organisation to adopt particular policies.

18
Q

Macro environment

A

Is made up of the broad factors in the economy and society within which the organisation operates.

19
Q

Effectiveness

A

Is the degree to which an organisation has achieved its started objectives.

20
Q

Efficiency

A

Refers to how well an organisation uses resources to achieve objectives.

21
Q

Performance indicators

A

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

22
Q

Profitability

A

Is the ability of a business to make a profit.

23
Q

Number of sales

A

Measures the number of products sold.

24
Q

Percentage market share

A

Is the proportion of the total market that a business has, expressed as a percentage.

25
Q

Rate of productivity

A

Measures the change in productivity in one year compared to the previous year.

26
Q

Customer survey

A

Measures how satisfied the customers are with the organisations performance.

27
Q

Staff survey

A

Measures how satisfied the staff are within the organisation.

28
Q

Staff turnover

A

Measures the number of staff who are leaving the organisation.

29
Q

Customer complaints

A

Indicate whether or not customers are satisfied with the performance of the organisation.

30
Q

Level of wastage

A

Measures the amount of waste created by the production process.

31
Q

Number of workplace accidents

A

Indicates how safe the workplace is for employees.

32
Q

Benchmarking

A

Occurs when an organisation measures its performance against that of other leading organisations known for thief excellence.

33
Q

Stakeholders

A

Are groups and individuals who interact with the organisation and gave an interest in its activities.

34
Q

Social responsibility

A

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

35
Q

Ethical management

A

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

36
Q

Shareholders

A

Purchase shares in a company.

37
Q

Management

A

Management has the responsibility of running a profitable or successful organisation.

38
Q

Employees

A

Employees are vital to an organisation as they manufacture and produce the product that the organisation sells.

39
Q

Profit

A

Revenue - expenses. This is money the the business has made which indicates that the business isn’t going backwards.

40
Q

Human resources

A

The personnel of a business or organisation, regarded as a significant asset in terms of skills and abilities.

Business Managmnet 3/4 (3 decks)

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