Module 1 Flashcards

1
Q

Define Business

A

The organized effort of individuals to produce goods and services to meet the needs of society

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2
Q

State the different Business Activities and their overall characteristics

A
  • Innovation
    -Operations
    -Marketing
    -HR Management
    -Finance & Accounting

Characteristics:
- Activities interact with eachother
-Activities are shaped by the context in which they operate

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3
Q

Describe the Business Context at strategic level

A

Main concern with those management decisions, and the influences on those decisions, that determine the direction of business activites

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4
Q

Define Strategy

A

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

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5
Q

Describe the Business Context at Organizational Level

A

Main concern with goals, structure, ownership, size and culture

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6
Q

Define Organization

A

refers to the way in which people are grouped and the way in which they operate to carry out the activities of the business

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7
Q

Describe the Business Context at Environmental Level

A

The factors operaiting at this level are:
- Economy
- State
- Technology
- Labour
-Cultural and institutional differences

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8
Q

Describe the System Approach

A

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

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9
Q

Describe the contingency Approach

A

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

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