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Business Management > Unit 3 Outcome 1 > Flashcards

Unit 3 Outcome 1 Flashcards

1
Q

Organisation

A

Two or more people working together to achieve an objective

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2
Q

Large-scale organisations

A

Employs 200 or more people, earns revenue in the millions or has assets of more than $200 million

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3
Q

Multinational corporation

A

Is owned and based in one country and operates in many countries throughout the world.

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4
Q

Revenue

A

Money after taxes

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5
Q

Assets

A

Things the company owns

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6
Q

Management functions

A

Operations, finance, human resources, marketing, research and development. (Grouping employees together according to the tasks they perform)

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7
Q

Market share

A

How much of the market they own/control

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8
Q

Public corporations

A

A public corporation has shareholders on the ASX and aim to make a profit

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9
Q

Private Corporations

A

Have only one to 50 shareholders

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10
Q

Shareholder

A

Someone who owns part of a company via stock exchange

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11
Q

GBE

A

A Government Business Enterprise is a corporation that is owned by the government eg Australia post

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12
Q

For–Profit

A

Goal is to make money

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13
Q

Not-for-Profit

A

All profits made are used to expand the organisation and to continue the work of preventing problems or helping those in need.

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14
Q

GDP

A

Gross domestic product refers to the total monetary value of all goods and services produced in a country over one year.

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15
Q

Employment

A

The hiring of a staff member

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16
Q

Exports

A

Something being shipped out of the country

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17
Q

Research and development

A

Refers to activities undertaken to improve existing products and create new products.

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18
Q

Infrastructure

A

Refers to highways, railways, airports, communications systems, education and health facilities, water, gas and electricity supplies.

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19
Q

Downsizing

A

Involves workplace staff reductions, with the elimination of jobs and positions.

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20
Q

Outsourcing

A

The contracting of some organisational operations to outside suppliers.

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21
Q

Offshore

A

In another country

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22
Q

Globalisation

A

The movement towards the expansion of economic and social ties between countries through the spread of corporate institutions and the capitalist philosophy that leads to the shrinking of the world in economic terms.

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23
Q

Unions

A

Support employees

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24
Q

Suppliers

A

The organisations and individuals that supply resources to the organisation, allowing it to conduct its operations.

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25
Q

Customers

A

The buyers or users of the products of a large-scale organisation

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26
Q

Benchmarking

A

Occurs when an organisation measures its performance against that of other leading organisations known for their excellence.

27
Q

Corporation

A

Owned by shareholders and aims to make a profit.

28
Q

Objective

A

A desired goal, outcome or specific result that an organisation intends to achieve.

29
Q

Vision statement

A

States what the organisation aspires to become.

30
Q

Mission statement

A

Expresses why an organisation exists, its purpose and how it will operate.

31
Q

Strategies

A

The actions that an organisation takes to achieve specific objectives.

32
Q

Balance of payments

A

A record of a country’s trade and financial transactions with the rest of the world.

33
Q

Invention

A

The development of something new.

34
Q

Innovation

A

Occurs when something already established is improved upon.

35
Q

Internal environment

A

o The internal environment includes all things over which the organisation has some control. E.g. Management policies and processes.

36
Q

External environment

A

o The external environment includes things which the business has little control. It is broken up into operating and macro.

37
Q

Operating environment

A

The operating environment refers to outside stakeholders the organisation comes into direct contact with. E.g. customers, suppliers, creditors, competitors and lobby groups.

38
Q

Competitors

A

Other organisations that offer rival products or services.

39
Q

Lobby groups

A

Groups of people who attempt to directly influence or persuade an organisation to adopt particular policies.

40
Q

Macro environment

A

o The macro environment is made up of the broad factors in the economy and society within which the organisation operates.

41
Q

Effectiveness

A

The degree to which an organisation has achieved its stated objectives.

42
Q

Efficiency

A

Refers to how well an organisation uses resources to achieve objectives.

43
Q

Key performance indicators

A

Specific criteria used to measure the efficiency and effectiveness of the organisation’s performance.

44
Q

Profitability

A

Measures the earning performance of the organisation.

45
Q

Number of sales

A

Measures the number of products sold.

46
Q

Percentage of market share

A

The proportion of the total market that a business has, expressed as a percentage.

47
Q

Rate of productivity growth

A

Measures the change in efficiency of how well inputs are turned into outputs in one year compared to a previous year

48
Q

Public companies

A

Have shares usually traded on the ASX which the public can buy or sell (usually have millions)

49
Q

Private companies

A

No more than 50 shareholders- not listed on the ASX and have restrictions. E.g. Ripcurl, 7 eleven.

50
Q

Results of a customer satisfaction survey

A

A customer survey measures how satisfied customers are with the organisation’s performance.

51
Q

Results of a staff satisfaction survey

A

A staff survey measures how satisfied staff are within the organisation.

52
Q

Staff turnover

A

Staff turnover measures the number of staff who are leaving the organisation.

53
Q

Customer complaints

A

Customer complaints indicate whether or not customers are satisfied with the performance of the organisation.

54
Q

Level of wastage

A

The level of wastage measures the amount of waste created by the production process.

55
Q

Number of workplace accidents

A

The number of workplace accidents indicates how safe the workplace is for employees.

56
Q

Stakeholders

A

Groups and individuals who interact with and have a vested interest in an organisation.

57
Q

Social responsibility

A

is the obligations a business has over and above its legal responsibilities to the wellbeing of employees and customers, shareholders and the community as well as the environment.

58
Q

Ethical management

A

Ethical management refers to the process of abiding by moral standards and doing the ‘right’ thing in the interests of all stakeholders.

59
Q

Tripple bottom line

A

The triple bottom line refers to the economic, social and environmental performance of an organisation.

60
Q

Human Resources Management Function

A
  • The Human Resource management function deals with the formal relationship between the employer and employees
  • It is concerned with all the activities associated with acquiring, developing, maintaining and terminating employees. Human resources aims to maintain good employee relations for optimal productivity.
61
Q

Marketing Management Function

A

• The marketing management function deals with communicating the value of a good or service to customers, for the purpose of selling the good or service

62
Q

Finance Management Function

A
  • Finance management involves recording and reporting of financial transactions, managing revenues, expenses, cash flow and budgets.
  • The finance function strives to accurately assess financial performance and will conduct financial audits at given periods of time.
63
Q

Operations Management Function

A
  • Operations management involves managing the activities associated with the production of the good or service. It is concerned with planning, organising, leading and controlling the transformational process which takes inputs and produces outputs.
  • A priority of the operations function is efficiency to increase business competitiveness.
64
Q

Research and Development

A
  • The research and development function is responsible for improving existing products (innovation) and develop new ones (invention).
  • Research and development intends to improve overall the product quality and design to maximise revenue.

Business Management (6 decks)

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