Key terms Flashcards
Organisation
Two or more people working together to achieve an objective.
Large Scale Organisation
Employs 200 or more employees, earns revenue in the millions and Hassett of more than $200 million.
Multinational organisation
Owned n operated in one country but operates in many countries throughout the world.
Corporation
Owned by shareholders and aims to make profit
Shareholder
Person who owns shares within the company
Government based enterprise
Government owned and operated
Objective
A goal or specific outcome an granulation hopes to achieve.
Vision statement
States what the organisation aspires to become.
Mission statement
Expresses why an organisation exists and how it will operate.
Gross domestic product
Value of goods or services produced in a year.
Balance of payments
Is a record of the countries trade and financial transactions with the rest of the world.
Research and development
Activities taken to improve existing products or create new products.
Invention
Is the development of something new
Innovation
Occurs when something already established is improved.
Downsizing
Involves work place staff reductions with the elimination of jobs and positions.
Outsourcing
Is the contracting of some organisational operations to outside suppliers.
Internal environment
All those things in which the organisation has some degree of control over.
External environment
Includes those things in which the organisation has little to no control over. Divided into operating and macro environment.
Operating environment
Refers to the outside factors with which the organisation directly interacts in the course if conducting its business.
Customers
Are the buyers or users of the product in an LSO.
Suppliers
Those that supply resources to the organisation.
Competitions
Other organisation stations that offer rival products or services in direct completion selling similar items.
Macro environment
Is made up broad factors in the economy and society within which the organisation operates.
Globalisation
Is the effect of hi tech communications, lower transport coasts and unrestricted trade and financial flows turning the whole world into a single market, producing a more integrated global economy economic system.
Effectiveness
Is the degree of which a business has achieved its chosen objectives.
Efficiency
How well an organising uses resources to achieve objectives.
Performance indicators
Are specific criteria used to measure efficiency and effectiveness of the organisations performance.
Rate of productivity growth
Measure the change in productivity in a particular year.
Percentage of market share
Is the proportion of the total market that a business has expressed as percentage.
Customer survey
Measures how satisfied customers are with the organisations performance.
