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Busniess > Types of Organisations > Flashcards

Types of Organisations Flashcards

1
Q

What is a busniess

A

Organisation managed by 1 or more persons. Aims to meet people´s wants and needs.

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2
Q

Goods

A

Things you can see and touch

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3
Q

Durable

A

You can use it again and again
Computers and Cars

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4
Q

Non-Durable

A

Normally we just use 1 time

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5
Q

Services

A

Things which are done for use, the buyers do not take them physically home.

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6
Q

Needs

A

Essential for survival, things we cannot live without ( food, water )

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7
Q

Wants

A

Things we would like to want but are not essential for survival ( holidays and cars )

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8
Q

MULTINATIONAL companies

A

Aim to make a profit

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9
Q

Goverment owned enterprises

A

Social purposes ( help )

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10
Q

Human

A

The employees

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11
Q

Phyiscal

A

Materials ( Land, space)

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12
Q

Financial

A

Cash / Money

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13
Q

Enterprice

A

Entrepreneurship

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14
Q

Role of the HR department

A

Good management of the staff
Staff training
Motivating employees
Good working relationships

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15
Q

Role of the Marketing Department

A

Satisfy the costumers in order to make a profit
Carrying out research of what the costumer wants
Suitable prices
Effective promotion

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16
Q

Role of Operations Department

A

Manufacturing the products
Manage stock levels
Look for ways to produce more efficiently

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17
Q

Primary sector

A

Exploiting natural resources from earth ( farming, oil excavation)

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18
Q

Secondary

A

raw materials from the primary sector are processed by manufacturing

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19
Q

Tertiary

A

Provides a service

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20
Q

Quaternary

A

IT technology

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21
Q

Intrapreneur

A

Works for others.

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22
Q

Why do people start their own businesses?

A

Independence- Be their own boss
Rewards- Those who risk their own capital
Necessity
Challenge
Interest
Sharing an idea

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23
Q

Problems a new business may face

A

Lack of name recognition

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24
Q

Private sector

A

Driven by profit
financed by private money from shareholders and bank loans
Maximize profit
ZARA, PANDORA

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25
Q

Public Sector

A

Owned by the government. Provides goods and services to benefit the community
Public libraries, education

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26
Q

Third sector

A

Not- For- Profit
Runned by voluntary and trustees

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27
Q

Private advantages

A

Focus on profit so cost savings are made.
More innovation

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28
Q

Private disadvantages

A

Damaging the environment and the use of non-renewable resources

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29
Q

Public advantages

A

essential services are provided to people in need either for free or low cost
Sustain employment

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30
Q

Public disadvantage

A

Limited resources
Higher costs
No growth due to limited funds

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31
Q

Profit- Based Commerical organizations

A

Sole traders, Partnerships, Public Limited companies, Private Limited companies

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32
Q

PROFIT

A

= TOTAL SALES- TOTAL COSTS

33
Q

Total revenues are known as sales.

A

Total costs are all of the costs incurred by that business in the same period

34
Q

SOLE TRADER

A

A business that is owned and controlled by 1 person.
Most small local businesses are sole traders when starting a business.
Most people begin with a limited budget and this is the simplest form of business to organize,
Example ( Local cafe, corner store, hairdressers )

35
Q

Unlimited liability ( Sole traders, Partnerships )

A

PERSONALLY RESPONSIBLE

36
Q

Limited companies

A

Are owned by shareholders
Raise finance through issuing shares either privately or through the stock market

37
Q

Owners are known as shareholders

A

Shares represent small segments of the business.

38
Q

Most shareholders own a very small portion of the company

A

therefore have very little say in the decision-making.

39
Q

DIVIDENDS

A

SUM OF MONEY PAID QUATERNLY by a company to its shareholders.

40
Q

PRIVATE LIMITED COMPANY

A

a small company whose shares are owned privately
NOT AVAILABLE IN THE STOCK MARKET
Finance is raised through privately inviting others to become shareholders and all shareholders must agree on new owners
Shares are usually held by friends and family ( Family Business)

41
Q

SHAREHOLDERS

A

Limited liability
Busniess continues if owners dies

42
Q

Disadvantages Shareholders

A

Firms cannot sell shares to the public, restricting finance raised
Financial information can be inspected by the competitors
May take time to find a buyer for shares

43
Q

PUBLIC LIMITED COMPANIES

A

A large business whose shares are available for purchase ( Chipotle, Amazon )
Shares can be bought and sold on the stock exchange

44
Q

SHAREHOLDER

A

Owners of the business who have bought shares on the stock exchange

45
Q

ADVANTAGES

A

A huge amount of money can be raised
Production costs lower as large PLC may gain economies of scale (a proportionate saving in costs gained by an increased level of production.)
Shares can be given to employees to motivate them

46
Q

DISADVANTAGES

A

Take a huge amount of time and money
No control over who buys the shares

47
Q

COOPERATIVES

A

A cooperative is an association of persons (organization) that is owned and controlled by the people to meet their common economic, social, and/or cultural needs and aspirations through a jointly-owned and democratically controlled business

48
Q

MICRO-FINANCIERS

A

Low-income economies
Provide small amounts of finance to those who typically do not get access to it
Low-income individuals, families in rural communities
Money is lent with specified conditions for use and scheduled payments

49
Q

PUBLIC-PRIVATE PARTNERSHIPS

A

Created between the private and the public sector
Construction of a facility with a social aim ( health care or education)
The public sector gives finance
Private gives the skills

50
Q

COMMON FEATURES

A

Collaboration between the business and the local community
Greater democracy in the business

51
Q

ADVANTAGES PUBLIC-PRIVATE PARTNERSHIPS

A

There is a strong communal identity and employees are highly motivated to work with wider stakeholders to work together toward a common purpose

52
Q

DISADVANTAGES PPP

A

Time-consuming

53
Q

Vision statement:

A

To be the most successful and respected car company in America

54
Q

Mission statement:

A

To attract and attain customers with high-valued products and services and the most satisfying ownership experience in America

55
Q

STRATEGIC DECISIONS

A

Long term decisions
Made by owners

56
Q

TACTICAL DECISIONS

A

Medium-term to short-term decisions
Made by middle management
Outcome more predictable

57
Q

OPERATIONAL DECISIONS

A

Day to day
Made by junior managers
Lower level decisions

58
Q

Benefits of SWOT analysis

A

Enables a better strategic planning
Enables a company to mitigate risks
No rash decisions are made as time is taken to gather information and analyze it
Identifies both internal and external factors
It is a proactive approach, not reactive
The logical, structured process

59
Q

Ansoff Matrix

A

Market development
Market penetration
Diversification
Product development

60
Q

Market Penetration

A

Business grows through its increasing its market share, and selling more existing products in the same market.
Safest option
The growth potential of the market

61
Q

Market Development

A

Expanding the market by looking for new markets of for new market segments
Riskier

62
Q

Diversification

A

Introducing a new product to a new market
New product has not been tested

63
Q

Product development

A

Tries to create new products and services targeted at its existing market to achieve growth

64
Q

STAKEHOLDERS

A

Individuals or groups who have a direct interest in a business because the actions of the business will affect them directly
Interest in the business
Directly financial

65
Q

INTERNAL STAKEHOLDERS

A

Are individuals or groups within a business and have a direct monetary stake in its succes ( owners and workers)

66
Q

EXTERNAL STAKEHOLDERS

A

Are groups outside a business are have a less direct stake in the business but have an interest in how or what the business does? ( customers)

67
Q

Shareholders

A

interested in maximized profits so they will receive a high money
A high value of their shares

68
Q

STEEPLE

A

Social, Technological, Environmental, Ethical, Political, Legal and Economic

69
Q

Boom period

A

an upturn in the economy as GDP continues to rise. Businesses produce more goods and services. The economy is working at full, or near full capacity.

70
Q

LABOUR TURNOVER

A

Measures the rate at which employees are leaving an organization. It is measured by:

Number of employees leaving in 1 year * 100 / Average number of people employed

71
Q

STAFF APPRAISAL

A

SUMMATIVE= AGREED ON TARGETS BY BOTH
FORMATIVE= RECIPROCAL FEEDBACK
360= FROM EVERYONE
SELF-APRRASIAL= PERSONAL

72
Q

CHAIN OF COMMAND

A

Shows that eBay instructions and authority are passed down vertically.
The system is used to ensure that each individual receives instructions for a. particular task from only one supervisor.
Decisions making SLOW

73
Q

SPAN OF CONTROL

A

The number of employees a manager has responsibility for
A span of control depends on:
The capability of subordinates
The projects being undertaken
Organizational procedures

74
Q

DELAYERING

A

Reducing staff levels though cutting to the level of managing
“ Flattening to the structure”

75
Q

BUREAUCRACY

A

Decisions made by officials

76
Q

Centralized Structures

A

All control and decision-making lies with senior management in the office
Procedures are standardizes thought the entire organization

77
Q

Autocratic Style

A

Leaders tell each employee what to do and how it should be done
Feedback or suggestions are not encouraged or used
Decisions making is quick

78
Q

Theories of Motivation

A

Frederick Taylor= Achieve efficiency and discipline
Paid workers according to productivity

Abraham Maslow= a theory of motivation states that five categories of human needs dictate an individual’s behavior.

Frederick Herzberg= employee satisfaction has two dimensions: “hygiene” and motivation.

John Adams = REWARDS

Daniel Pink= basically motivated.

Busniess (2 decks)

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