Intro to Business Management
A tool used to identify factors of the external environment of a business.
What is STEEPLE analysis?
The process of making the most effective use of an organization's emploees.
What is Human Resource Management (HRM)?
An internal source of finance that comes from having a financial surplus. These funds are reinvested in the business, rather than being distributed to the owners (shareholders).
What is retained earnings?
Refers to the business with the largest market share in a given industry.
What is a market leader?
Describes an organization that relies more on labor to produce its output, rather than machinery and capital equipment
What is labor intensive?
A sector based on knowledge and skills of employees that provide information.
DAILY DOUBLE!!!
What is the Quaternary Sector?
Described as the values, attitudes, and beliefs of the people working within the business.
What is organizational culture?
items a business owns and uses for a period of more than 12 months, can be used repeatedly, and generates income for the organization.
What is a non-current assets?
This is an approach to marketing that focuses on making products a business knows how to make well, rather than primarily concentrating on the needs and desires of potential customers.
What is product orientation?
This includes location decisions and finding the right base for business operations, while considering issues such as cost and ease of access to suppliers.
What is land?
The sacrifice you make if you choose one course of action in terms of the next best alternative.
What is an opportunity cost?
Management style that involves centralized and quick decision-making, without input from others in the organization.
What is autocratic management (leadership)?
An internal source of finance that come from the savings of the business owner that are used to finance their start-up
What is personal funds?
A marketing approach that focuses on supplying to wide-ranging groups of customers in a market, without having split them into separate market segments.
What is a mass market?
Operations method that combines the benefits of mass production with the personalization of job production in order to meet the individual needs and preferences of customers.
What is mass customization?
An entity which provides the stock, fittings, uniforms, training, legal/financial help, advertising and promotions to another entity who then pays them a royalty.
What is a franchisor?
This involves redesigning employee jobs to allow for greater control over their working lives.
What is empowerment?
Costs that change with the level of output - they rise when output or sales increase, e.g. raw materials and packaging costs.
What are variable costs?
A strategy used by a business to provide uniqueness relative to its competition that is value by the customer to allow premium prices to be charged.
DAILY DOUBLE!!!
What is differentiation strategy?
This is the amount of profit that a firm aims to earn within a given time period.
What is target profit?
The set of skills that develops new ways of doing things or new things to do, the ability to create and innovate.
What is enterprise?
This theory suggests that two main sets of factors influence job satisfaction and dissatisfaction: motivators and hygiene factors.
What is Herzberg's Motivation-Hygiene theory ?
The fall in the value of a fixed asset over time, mainly due to wear and tear (usage) and obsolescence.
What is depreciation?
An exclusive feature or aspect of a business, its products or brands that makes it distinct from others in the same industry.
What is a Unique Selling Point (USP)?
The output of a customized good or service that meets the specific needs of a specific customer.
What is job production?