Theme 3 Key words Flashcards

1
Q

What are Corporate Objectives?

A

Specific, measurable goals that a company aims to achieve, guiding its internal decision-making and strategy.

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2
Q

What is a Mission Statement?

A

A brief declaration that outlines a company’s purpose and core values, providing direction and inspiring stakeholders.

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3
Q

What is SWOT Analysis?

A

A strategic planning tool that evaluates a company’s internal Strengths and Weaknesses, and its external Opportunities and Threats.

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4
Q

What is PESTLE Analysis?

A

A framework used to analyze external factors affecting a business: Political, Economic, Social, Technological, Legal, and Environmental influences.

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5
Q

What is Porter’s Five Forces?

A

A model assessing the competitive forces within an industry: Threat of New Entrants, Bargaining Power of Suppliers, Bargaining Power of Buyers, Threat of Substitute Products or Services, and Industry Rivalry.

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6
Q

What are Economies of Scale?

A

Cost advantages that a business can achieve due to an increase in production, leading to a reduction in average costs per unit.

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7
Q

What are Diseconomies of Scale?

A

The point where a company grows so large that the costs per unit increase, leading to inefficiencies.

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8
Q

What is Organic Growth?

A

Expansion of a business through increasing output, customer base, or new product development, without mergers or acquisitions.

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9
Q

What is Inorganic Growth?

A

Business growth through mergers, acquisitions, or takeovers, rather than expanding existing operations.

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10
Q

What is Horizontal Integration?

A

The process of a company increasing production of goods or services at the same level of the supply chain, often through mergers or acquisitions.

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11
Q

What is Vertical Integration?

A

A company’s expansion into different stages of its supply chain, either backward (acquiring suppliers) or forward (acquiring distributors).

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12
Q

What is Diversification?

A

A strategy of increasing the range of products or markets served by a business to spread risk.

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13
Q

What is a Strategic Alliance?

A

An agreement between two or more companies to pursue a set of agreed objectives while remaining independent organizations.

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14
Q

What is Franchising?

A

A business model where a franchisor grants the rights to a franchisee to operate a business using the franchisor’s brand and business model.

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15
Q

What is Benchmarking?

A

The practice of comparing business processes and performance metrics to industry bests or best practices from other industries.

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16
Q

What is Critical Path Analysis (CPA)?

A

A project management tool that outlines the sequence of crucial steps or tasks necessary to complete a project, identifying the longest path and potential bottlenecks.

17
Q

What is Contingency Planning?

A

The process of preparing for unexpected events by developing plans to mitigate potential negative impacts on a business.

18
Q

What is Corporate Culture?

A

The shared values, beliefs, and norms that influence the behavior and practices of a company’s employees.

19
Q

Who are Stakeholders?

A

Individuals or groups that have an interest in the decisions and operations of a business, including employees, customers, suppliers, and shareholders.

20
Q

What is Corporate Social Responsibility (CSR)?

A

A business approach that involves taking responsibility for the company’s effects on environmental and social well-being.