Unit 1
Business organisation that is owned by its shareholders, who have limited liability.
Company
Driving force that inspires individuals or teams to take action and achieve a desired outcome. It can be internal or external, and is essential to maintaining high levels of performance and job satisfaction.
Motivation
Total expenditure incurred by a company to produce, store, and sell one unit of a particular product or service. Unit costs are synonymous with cost of goods sold (COGS).
Unit cost
Methods and procedures companies employ to determine the rates charged for their goods and services.
Pricing strategies.
As the production output of an enterprise increases, the cost per unit decreases, as fixed costs are spread out over more units of output.
Economies of scale
An inspiring or aspirational declaration of what an organization ultimately strives to be, or wants to achieve, in the distant future. This usually includes, or at least indicates, the organisation’s core values.
Vision statement
The type of leadership that will depend on the situation.
Situational leadership style.
Money that is earned in trade or business after paying the costs of producing and selling goods and services.
Profits
Employees who have been with a company for a significant amount of time, often many years. These employees can bring valuable experience, knowledge, and stability to an organization.
Long-serving employees
The business function that combines inputs (such as human and financial resources) to produce outputs (goods and services).
Operations
Primary, secondary, tertiary & quaternary sectors
Business sectors
Makes all the decisions and prefers not to delegate any responsibility. Instead, the autocratic leader (or the authoritarian) simply tells subordinates what to do.
Autocratic leadership style.
The payments from a company’s profit (after interest and tax) paid to the shareholders (owners) of the company.
Dividends.
Market structure that consists of only one seller or producer
Monopoly
An intangible service that satisfies the needs or wants of the customer.
Service
Overall management of an organization's workforce, e.g. attracting, selecting, training, assessing, rewarding and retaining workers.
Human resources management.
Measure of the size of the business in comparison to others in the same industry calculating its proportion of the total value of sales revenue in the industry.
Market share.
Group of factor or conditions that are outside the organization but affect it in some extract.
External environment
What was Sheldon's team name for the Physics Bowl?
Army Ants, AA.
Outline two types of recruitment.
Internal recruitment – hiring people from within the firm to fill a new position.
External recruitment – the process of hiring people from outside the organization.
The cost of operations that a company incurs to generate revenue. Common expenses include payments to suppliers, employee wages, factory leases, and equipment depreciation.
Expenses
Variations of a single product that are made in order to create similar yet distinctly different products. Each version of the product is designed to attract a different market segment with the intention of maximizing sales and building the customer base
Product range.