TQM
The process of checking products or services to ensure they meet required standards.
Quality Control
The process of guiding and supporting individuals and organisations through transitions within the business.
Change Management
The legal ownership of creations of the mind, such as inventions, designs, or artistic works.
Intellectual Property
Why is innovation important for a business?
Options include: It helps businesses stay competitive, attract customers, and grow in changing markets
Guiding a team, making decisions, inspiring and motivating, supporting and development.
These are an example of what?
Leadership
What is the main goal of TQM?
Options include: achieve long-term customer satisfaction/loyalty; build a reputation for quality; consistent quality improvement
A term which measures how well resources are used to produce a product?
Efficency
What does a Copyright do?
Legally protect an original creative work from being copied or used without permission. I.e. books, music, or art.
What can help to support and encourage innovation to within a business?
Options for answers can include: supportive leadership, skilled and creative staff, positive business culture, financial resources, effective communication.
What is revenue?
Revenue is the total amount of money a business earns from selling its goods or services.
Small groups of employees who meet regularly to solve work-related quality problems.
Quality Circles
The drive that encourages employees to perform well and achieve goals at work.
Motivation
What doe Trademarking do?
Legally protect a company’s brand identity or products, I.e. a symbol, word, or logo, new/innovative product.
What does it mean when a business needs 'financial resources' for innovation?
Sufficient funds allow investment in research, new technology, and training needed for innovation.
How does increasing sales help a business GROW?
Options include: It provides extra money that can be used to expand, purchase new equipment, hire more staff, or develop new products.
The continuous, small-step approach to improving processes and efficiency.
Kaizen
A term measures how much work is produced in a given time.
Productivity
The legal right granted to an inventor to exclusively make, use, or sell an invention for a certain period of time.
What characteristics do employees need to improve innovation? One is relevant KNOWLEDGE, give 2x more.
Relevant experience, skills, creativity. Your teacher can decide whether any other answers are plausible.
What is the Global Market?
A worldwide system where goods, services, and capital are traded across countries.
The continuous process where everyone in an organisation works to improve quality and customer satisfaction.
Total Quality Management
When employees oppose or struggle to accept changes in the workplace.
Staff resistance
How does IP protection help a business compete globally?
It allows the business to safely sell products in international markets without others (competitors) stealing or imitating them.
What is innovation in business?
Innovation is the process of creating new ideas, products, or ways of doing things that improve a business.
A company’s ability to operate profitably over the long term while managing resources responsibly.
Sustainability / Economic Sustainability