2.1
what is P.O.L.C
planning, organising, leading, control
Guess the skill: 💪🅰️🅱️ility
Flexibility
Define goal
A desired outcome (target) that an individual or business intends to achieve within a certain time frame.
What is a service?
Something you pay someone else to do
what is the 4 P's?
price, product, place & promotion
Define what skill is
The ability that comes from knowledge, practice and talent to do something well
Profit = Revenue- Cost
Production Process: Input, Transformation, and ????
Production Process: Input, Transformation, and Output
define Organising
the structuring of the organisation to translate plans and goals into action.
List at least 3 common business goals
1. Profits
2. Market share
3. Growth
4. Share price
5. Social
What do Tangible and Intangible mean?
Tangible = Goods that can be touched
Intangible = Services that cannot be touched.
Gross profit = Revenue - ???
Gross profit = Revenue - COGS
Guess the skill: 🗣️👥🗣️
Communication
List at least one of the three Quality approaches
Quality assurance
Quality control
Quality improvement
What are the 4 key business functions?
Operations, Marketing, Finance, Human Resources
Define planning
the preparation of a predetermined course of action for a business. It refers to the process of setting objectives and deciding on the methods to achieve them.
Interpersonal, communication, strategic thinking, vision, problem solving, decision making, flexibility, adaptability to change, reconciling the conflicting interests of stakeholders
Define Acquire
One business purchases another business
Define Operations
Refers to the business processes involved in transforming inputs or, more generally, in production.
What does A = L + OE stand for?
Assets = Liabilities + Owner's Equity