1.1
Non-tangible products that are sold to the public.
Consumer service
A sector that comprises of businesses owned and controlled by individuals or groups on individuals
What is the private sector?
A report on the impact a business can have on society
What is a social audit?
A stakeholder group that includes customers, suppliers, and the government.
What are external stakeholders?
Human, physical, and financial resources needed by a business to produce goods or services.
What are business inputs?
The sale of public sector organizations to the private sector
What is privatization?
A form of strategic analysis that analyzes strengths, weaknesses, opportunities, and threats to a business
What is SWOT analysis?
A conflict resolution method where a third party listens to both sides of an argument and then suggest a solution.
What is arbitration?
The business function's whose responsibility is to monitor the flow of money in and out of the company.
What is finance and accounts?
A business in which one person provides permanent finance and has full control of business
What is a sole trader?
An Ansoff's matrix strategy of achieving higher market shares in existing markets
What is market penetration?
The view that businesses an mangers have responsibilities to a wide range of groups.
What is the stakeholder concept?
A business sector dedicated to service
What is tertiary business sector
A business formed by two or more people
What is a partnership?
An acronym that dictates what qualities a business objective should have.
What is a SMART goal?
A stakeholder group whose interests include value for m one, product quality, service levels, and rewards for their loyalty.
What are customers?
Someone who takes financial risks of starting anew venture
What is an entrepreneur
A business with mainly social objectives
People who are affected by and have an interest in an organization.
What are stakeholders?
A stakeholder group who values the creation of jobs, taxes paid, value added to GDP, and impact on wider society.
What is the government?