Paper 1 Quick revision Flashcards
Delayering
Removing one or more levels of hierarchy from the organisational structure.
Planned strategy
The intended strategy, influenced by specific corporate objectives (formal)
Emergent strategy
It is the strategy that actually happens
Responds to events as they arise
Contingency planning
Planning business continuity in the event of an unexpected outcome
Retrenchment
A term used to describe when a business decides to significantly cut or scale-back its activities.
Economies of scale
This is when the average unit cost of a product falls.
Synergy
When the value of two businesses brought together is higher than the sum of the value of the two individual businesses. 1+1=3
Overtrading
When a business expands too quickly without having the financial resources to support such a quick expansion.
Intrapreneurship
An employee who takes direct responsibility for turning an idea into a new product or service.
Benchmarking
Understand and evaluate the current position of a business or organisation in relation to best practice
Off shoring
The relocation of business activities from the home country to a different international location.
Reshoring
A business returning production or operations to the host country that had previously been moved to a different international location.
Big data
The process of collecting and analysing large data sets from traditional and digital sources to identify trends and patterns that can be used in decision-making.
Data mining
The process of analysing big data to extract information not offered by the raw data alone
Enterprise resource planning
A software system that a system that helps businesses integrate and manage their often complex financial, supply chain, manufacturing, operations, reporting, and human resource systems.
