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Business Management > INTRODUCTION TO BUSINESS > Flashcards

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
Q

corporation

A

business and owners are legally separated

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26
Q

characteristics of corporation

A
  • multiple owners that own fraction of business in form of shares
  • shareholders receive a portion of the profits
27
Q

privately held company

A

only sells shares within company privately

28
Q

publicly held company

A

shares are offered publicly on major financial centres (stock exchanges)

29
Q

mission statement

A

short sentence explaining the short term purpose of a businses

30
Q

vision statement

A

aspirational description of what an organisation wants to achieve in the future

31
Q

aims

A

future long term goals - vision statement is the summary

32
Q

objectives

A

measurable targets - mission statement is summary

33
Q

strategic objectives

A

medium to long term used to guide the company to achieve its aims

34
Q

tactical objectives

A

medium to long term set by managers to achieve strategic objectives

35
Q

operational

A

day to day set by managers and reach tactical objectives

36
Q

SMART objectives

A
  • specific
  • measurable
  • achievable
  • relevant
  • time specific
37
Q

business strategy

A

plan of action to achieve strategic objectives of an organisation

38
Q

business tactics

A

short term methods used to achieve an organisation tactical objectives

39
Q

corporate social responsibility

A

an organisations moral obligation for decisions that affect society in a positive way

40
Q

ethics

A

the moral principles and values that underpin human behaviour

41
Q

STEEPLE

A
  • social
  • technological
  • environmental
  • economic
  • political
  • legal
  • ethical
42
Q

SWOT analysis

A

internal helpful - strengths
external helpful - opportunities
internal harmful - weaknesses
external harmful - threats

43
Q

internal stakeholders

A

members of an organisation

44
Q

external stakeholders

A

not part of a business, but have a direct interest in the organisation

45
Q

interests of government

A

ensure business acts in public interest

46
Q

interests of suppliers

A

want to maintain a good relationship with business

47
Q

interests of customers

A

get the best possible good or service

48
Q

interests of local community

A

focus on the impact the business will have on their community

49
Q

stakeholder analysis

A

process of identifying individuals or groups that would be affected by an action

50
Q

economies of scale

A

a saving in costs gained through an increase in production

51
Q

advantages of being a big business

A
  • brand recognition
  • lower prices
  • higher status
  • economies of scale
52
Q

advantages of being a small business

A
  • lower financial risk
  • government aid
  • greater focus
  • more personalised service
  • greater motivation
53
Q

internal growth

A

occurs when a business grows organically using its own capabilities and resources

54
Q

external growth

A

faster way to grow and requires external funding

55
Q

merging and acquisition

A

the integration of two businesses

56
Q

horizontal integration

A

merge of firms in the same industry

57
Q

backwards integration

A

when a business integrates with company early in the supply chain

58
Q

forwards vertical integration

A

when a business integrates towards the end stage in chain of production

59
Q

conglomeration

A

when two businesses from completely different markets merge to reduce corporate risk

60
Q

joint venture

A

when two or more organisations share costs, risks, control and rewards of a new separate business

61
Q

benefits of joint venture

A
  • reduces risk
  • each partner benefits from the others experience
62
Q

negatives of joint venture

A
  • risk of clashes between businesses
  • imbalance in levels of investment or assets
63
Q

strategic alliance

A

two or more businesses cooperate for mutual business
- two organisations remain independent

64
Q

franchises

A

person or business buys a license to trade using another firms name
- franchisee pays royalty fee

Business Management (5 decks)

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