Concepts
vital for a business to remained innovative, relevant, and competitive.
creativity
give a precise meaning of a word, phrase, concept, or physical quantity.
define
framework for strategic analysis to allow managers to assess the current situation facing an organization
swot analysis
The numerical difference between the cost of factor inputs in the production process and the price that the final output is sold for.
value added
This is an organization’s decisions and actions that impact society in a positive way.
csr
moral codes of conduct that drive business behaviour.
ethics
give a judgement or opinion based on a given statement or result of a calculation,
comment
official document with details of an organization and the proposals for reaching its aims and objectives
business plan
The long-term goals of a business, which could include profit maximization, growth, and increased market share.
strategic objectives
The individuals, organizations, or groups with a vested interest in the actions and outcomes of a specific organization. They are directly affected by the performance of the business.
stakeholders
meeting the needs of the present without compromising the ability of future generations to meet their own needs"
sustainability
make an appraisal by weighing up the strengths and limitations of something
evaluate
situational and planning tool used to study the factors in the external business environment that impact on its operations
steeple analysis
This legal status of a business enables its shareholders (business owners) not to be liable for more than the original amount of money invested in the business.
limited liability
Method of stakeholder conflict resolution which aims to align the incompatible interests of different stakeholder groups by helping different parties to better understand each other’s interests.
conciliation
mention the aspects of triple bottom line
people, planet, profit
skill of obtaining the only possible answer in a question
determine
strategic decision-making tool, used to devise product and market growth strategies for an organization.
ansoff matrix
These organizations are revenue-generating businesses with community (social) objectives at the core of their operations in order to benefit the general public, rather than private shareholders.
social enterprises
These are cost-saving benefits enjoyed by a business as it increases the size of its operations
economies of scale
modification or transformation in the way business is conducted as a response to factors, It can often be disruptive and unsettling, so the process must be managed carefully.
change
requires students to present an advisable course of action with appropriate supporting evidence / justified reasoning in relation to a given situation, problem, or issue.
recommend
tools used in Business to summarize and present statistical data in a user-friendly way.
descriptive statistics
These are measures imposed by a country to reduce the competitiveness of imports, such as tariffs (import taxes), quotas, and restrictive trade practices.
Protectionist policies
A method of external growth that involves a company buying another company that is further away from the consumer in the chain of production.
Backwards vertical integration