Module 1 Flashcards
Define Business
The organized effort of individuals to produce goods and services to meet the needs of society
State the different Business Activities and their overall characteristics
- Innovation
-Operations
-Marketing
-HR Management
-Finance & Accounting
Characteristics:
- Activities interact with eachother
-Activities are shaped by the context in which they operate
Describe the Business Context at strategic level
Main concern with those management decisions, and the influences on those decisions, that determine the direction of business activites
Define Strategy
Comprises a set of objectives and methods of achieving those objectives
- normally formulated by top management
comes from anaysis of and it’s shaped by:
- environment
- organization
- negotiations with stakeholders
- personal preferences of the managers
Describe the Business Context at Organizational Level
Main concern with goals, structure, ownership, size and culture
Define Organization
refers to the way in which people are grouped and the way in which they operate to carry out the activities of the business
Describe the Business Context at Environmental Level
The factors operaiting at this level are:
- Economy
- State
- Technology
- Labour
-Cultural and institutional differences
Describe the System Approach
Assumes all organizations are made up of interdependent parts which can only be understood by reference to the whole
The system approach suggests that businesses can be analysed in terms of:
- Inputs
- Processes
- Outputs
Describe the contingency Approach
Focus on the relationship between the organization and its environment
!!! The way businesses are organized is a product of the environment in which they operate!!!
Most successful businesses are organized to take advantage of the prevailing environmental influences