Business Entities
An organization which is owned by a single entrepreneur who has exclusive responsibility for the running of the business.
What is a Sole Trader?
What a business wants to be in the future. It sets out the hopes and ambitions of the business.
What is a Vision Statement?
Individuals who have a direct interest in a business because the actions of the business will affect them directly.
What is a Stakeholder?
Occurs when the cost of producing a unit falls as the firm increases its scale of production.
What are Economies of Scales?
A business that operates in two or more countries or is legally registered in two or more countries. (Not abreviated)
What is an Multinational Company?
A business alliance that typically consists of between 2+ individual owners who are jointly responsible for the business.
DAILY DOUBLE!!!!
What is a Partnership?
The targets based on moral principles and values that underpin human behaviour in an organization, country, or region.
What are Ethical Objectives?
Individuals or groups that work within the business. CEO, employees, managers, etc.
What are Internal Stakeholders?
A Business management tool used to analyze the internal environment of a business.
What is SWOT?
•Provides economic growth and employment opportunities
•Brings new ideas and techniques
•Provides development infrastructure
•Provides products and services that may not be present in host country
What are Advantages of MNCs to Host countries?
A business owned and run by private individuals and organizations that usually, but not always, aim to earn a profit.
What is a Private Sector company?
A set of actions that a company will take to help make the world a better place.
What is CSR?
A model that shows a map to view different stakeholders based on Power and Level of interest.
DAILY DOUBLE!!!!
What is the Power-Interest Model?
Communication, Motivation, Coordination and Control
What are the 3 types of Diseconomies of scale?
Some of these have a role in managing and regulating MNCs, charging them taxes, as well as being their customers.
What are Governments?
A company that reuses any financial surplus to achieve its organizational goals, rather than distributing the surplus (profit) as dividends to its owners.
What is a Non-profit Organization (NPO) or a Non-government Organization (NGO)?
An acronym for how business objectives should be organized.
What is a SMART goal/objective?
These are the owners of a limited liability company. Their interests are financial, i.e., regular dividends and a higher share price.
What are Shareholders?
The 5 internal economies of Scale?
What are Technical, Purchasing, Marketing, Managerial, and Financial economies?
A tool used to scan the external Macro-environment.
What is the STEEPLE Analysis?
A company that sells shares of its company on the stock market.
What is a Publicly Held company?
An approach focusing on long term growth through specific initiatives.
What is Strategic Growth?
The 4 inputs into a business and what they are called. (Unit 1.1)
What are the 4 Factors or Production?
LAND, LABOR, CAPITAL, ENTERPRISE
An external growth strategy that involves two or more organizations agreeing to create a new business entity together.
DAILY DOUBLE!!!!
What is a Joint Venture?
The STEEPLE analysis
What is Social, Technological, Economic, Environmental, Political, Legal, and Ethical?