BMT
Changes in minimum wage legislation, data protection regulations, and health and safety acts fall under this letter in the STEEPLE analysis.
Legal
This type of business ownership is owned and operated by a single individual who bears unlimited liability for all business debts.
Sole Trader
State 2 common business objectives.
Any 2 of growth, profit, protecting shareholder value, ethical objectives.
Employees, managers, and shareholders belong to this primary group of stakeholders.
Internal stakeholders
When a business expands using its own re-invested profits to expand rather than acquiring rivals, it is pursuing this growth method.
Internal Growth
This document outlines a business's goals, operational plans, marketing strategies, and financial forecasts, and is essential when applying for external loans.
Business Plan
This type not-for-profit social enterprise operates for the benefit of others rather than primarily aiming to earn a profit.
Non-governmental Organization (NGO)
This business approach commits a firm to acting ethically and taking responsibility for its impact on employees, local communities, and the environment.
Corporate Social Responsibility (CSR)
State 4 external stakeholders, not including customers.
Any 4 of suppliers, local communities, government, financiers, pressure groups, competitors.
When a expanding manufacturing firm buys raw materials in massive quantities and secures volume discounts that lower its average cost per unit, it is benefiting from this specific economy of scale.
Purchasing EoS
According to the Ansoff Matrix, introducing an existing product into a brand new geographical or demographic market is known as this strategy.
Market development
This form of social enterprise is democratically owned and run by its members (such as workers, consumers, or farmers), who share in its profits equally.
Cooperative
In setting business objectives, this acronym is used as a framework.
S.M.A.R.T
When employees demand wage increases to combat inflation, but shareholders want higher dividend payouts, this common situation arises.
Stakeholder conflict
When a business becomes too large and complex, leading to tall hierarchies, slow decision-making, worker alienation, and ultimately rising average costs per unit, it is experiencing this phenomenon.
Bureaucracy
In Force Field Analysis, forces that push an organization toward a strategic change are balanced against these forces that resist change.
Restraining forces
The process that makes the publicly held company be registered on the public stock exchange.
Initial public offering (IPO)
These are short and medium term plans of action serve to match business purposes.
Strategies and Tactics
A common conflict management tool that assesses the relative interest of stakeholders and their relative influence on an organization.
Stakeholder mapping
This external growth strategy occurs when one company purchases a controlling interest in another business, which can be executed through a friendly agreement.
Acquisition
According the Porter's Generic Strategies, this strategy is used to help businesses gain competitive advantage in specialized markets that are highly unique.
Differentiation focus
State 3 advantages of being a limited liability company.
Any 3 of raises large amounts of finance, shareholders have limited liability, continuity, benefit from economies of scale, higher productivity
Mission statement; Vision statement
Powerful stakeholders who currently have low interest must be treated with this strategy to prevent them from blocking business activities.
Keep satisfied.
When a company acquires or merges with another business operating at similar operations but do not directly compete with each other.
Lateral integration