Mrs Berry Flashcards
what is market development?
following trends and adapting to/changing your products in order to meet a different market’s wants.
what is the formula for percentage change
change in value / original value x100
what is leadership?
leadership is deciding on a direction for a company in relation to its objectives and inspiring staff to achieve those objectives
what is management?
management is the process through which company resources are used and decisions made in order to meet the objectives of the firm
what is an autocratic leadership style?
leader makes all of the decisions and business is dependent on them
what is a democratic leadership style?
encourages decision making from different viewpoints, allows all employees to contribute.
what is a laissez-faire leadership style?
‘let it be’, the responsibilities are shared by all.
what is a paternalistic leadership style?
employees are consulted but the leader makes all of the decisions.
what is decision making?
when businesses make decisions, they will be made using either data or based on intuition
what are stakeholders?
stakeholders are anyone who has an interest in the actions of the business.
what are examples of internal stakeholders?
employees, CEO, investors
what are external stakeholders?
customers, government, pressure groups - unions, suppliers.
what are primary stakeholders?
primary stakeholders have a direct relationship with the business
what are secondary stakeholders?
are affected by the actions of the business but are not directly related to the business.
what is stakeholder mapping used for?
stakeholder mapping is used to measure stakeholder relationships.
