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INTRODUCTION TO BUSINESS Flashcards

1
Q

needs

A

things that are essential for human survival
- water
- food
- shelter
- clothes

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2
Q

wants

A

things that arent essential to human survival
- cars
- electronics
- holidays
- fashion clothing

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3
Q

goods

A

tangible products

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4
Q

services

A

intangible products

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5
Q

capital intensive production

A

large proportions of land and machinery used

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6
Q

labour intensive production

A

large proportion of employees used

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7
Q

HR

A
  • recruits appropriate people
  • offer training
  • fire employees when necessary
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8
Q

marketing

A
  • use strategies to promote, pack, price and distribute goods
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9
Q

finance and accounts

A

ensure there are enough funds to make the service available and ensuring the businesses survival

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10
Q

operations

A

ensure appropriate processes are used to make the good or service

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11
Q

innovation

A

the commercially successful exploitation of ideas
- can come from both inside and outside the business

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12
Q

ethical considerations

A

employees right to being ethically treated in the workplace

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13
Q

primary sector

A

acquiring of raw materials

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14
Q

secondary sector

A

manufacturing and assembly of goods

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15
Q

tertiary sector

A

commercial services that support productive and distribution services

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16
Q

quaternary sector

A

information gathering, distribution and technology

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17
Q

public sector

A

companies owned by the government

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18
Q

private sector

A

companies not owned by the government with the goal of making profit

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19
Q

total revenue

A

all income received

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20
Q

total costs

A

all costs a company incurs

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21
Q

sole trader

A

one person with complete control

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22
Q

characteristics of sole trader

A
  • unlimited liability
  • finance is usually limited
  • business is closer to customer
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23
Q

partnership

A

owned by two and up to 20 people, who share decisions

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24
Q

characteristics of a partnership

A
  • more efficient
  • more access to finance
  • each partner has unlimited liability
  • better continuity
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25
corporation
business and owners are legally separated
26
characteristics of corporation
- multiple owners that own fraction of business in form of shares - shareholders receive a portion of the profits
27
privately held company
only sells shares within company privately
28
publicly held company
shares are offered publicly on major financial centres (stock exchanges)
29
mission statement
short sentence explaining the short term purpose of a businses
30
vision statement
aspirational description of what an organisation wants to achieve in the future
31
aims
future long term goals - vision statement is the summary
32
objectives
measurable targets - mission statement is summary
33
strategic objectives
medium to long term used to guide the company to achieve its aims
34
tactical objectives
medium to long term set by managers to achieve strategic objectives
35
operational
day to day set by managers and reach tactical objectives
36
SMART objectives
- specific - measurable - achievable - relevant - time specific
37
business strategy
plan of action to achieve strategic objectives of an organisation
38
business tactics
short term methods used to achieve an organisation tactical objectives
39
corporate social responsibility
an organisations moral obligation for decisions that affect society in a positive way
40
ethics
the moral principles and values that underpin human behaviour
41
STEEPLE
- social - technological - environmental - economic - political - legal - ethical
42
SWOT analysis
internal helpful - strengths external helpful - opportunities internal harmful - weaknesses external harmful - threats
43
internal stakeholders
members of an organisation
44
external stakeholders
not part of a business, but have a direct interest in the organisation
45
interests of government
ensure business acts in public interest
46
interests of suppliers
want to maintain a good relationship with business
47
interests of customers
get the best possible good or service
48
interests of local community
focus on the impact the business will have on their community
49
stakeholder analysis
process of identifying individuals or groups that would be affected by an action
50
economies of scale
a saving in costs gained through an increase in production
51
advantages of being a big business
- brand recognition - lower prices - higher status - economies of scale
52
advantages of being a small business
- lower financial risk - government aid - greater focus - more personalised service - greater motivation
53
internal growth
occurs when a business grows organically using its own capabilities and resources
54
external growth
faster way to grow and requires external funding
55
merging and acquisition
the integration of two businesses
56
horizontal integration
merge of firms in the same industry
57
backwards integration
when a business integrates with company early in the supply chain
58
forwards vertical integration
when a business integrates towards the end stage in chain of production
59
conglomeration
when two businesses from completely different markets merge to reduce corporate risk
60
joint venture
when two or more organisations share costs, risks, control and rewards of a new separate business
61
benefits of joint venture
- reduces risk - each partner benefits from the others experience
62
negatives of joint venture
- risk of clashes between businesses - imbalance in levels of investment or assets
63
strategic alliance
two or more businesses cooperate for mutual business - two organisations remain independent
64
franchises
person or business buys a license to trade using another firms name - franchisee pays royalty fee

Business Management (5 decks)

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