Unit 1
This type of non-profit organization (NPO) operating in the private sector of the economy for the benefit of others in society (rather than for shareholders).
What is a Non-governmental organization
Also known as a performance review, this is the formal procedure of assessing the performance and effectiveness of an employee, in relation to his/her job description
What is an appraisal
This is a highly regulated marketplace where individuals and businesses can buy and sell shares in public limited companies.
What is the stock exchange
Intangible (non-physical) products, such as taxi rides, haircuts, visits to the cinema or theatre, and restaurants
What are services
The business function that combines inputs (such as human and financial resources) to produce outputs (goods and services).
What is operations management
This sector of business is involved with intellectual, knowledge-based activities that generate and share information, e.g. R&D.
What is the quarternary sector
Part of the process of innovation that involves creating a change/improvement in a product that already exists.
What is iteration
This is the sum of income received by a business from its trading activities. It is calculated using the formula: TR = P × Q, where P is price and Q is quantity sold.
What is total revenue
Goods or services that are perceived by customers to be of high quality and high price.
What are premium products
The routine process of an organization comparing its products, processes (operations) and performance to that of its competitors or its own historical standards.
What is benchmarking
This is a growth strategy in the Ansoff matrix that focuses on developing existing markets with existing products to increase sales revenue and market share
What is market penetration
Peter F. Drucker not advocate these actions as a functions of management
What are controlling and commanding people
This financial service allows customers to temporarily take out more money than is available in their bank account.
What are overdrafts
The average as measured by the number or value that occurs most frequently in a data set.
What is the modal average
Describes the businesses that need to be located near to the raw materials needed to produce a certain good, e.g. breweries should locate where there is a readily available supply of barley and water, as the weight of the final output is less than that of the raw materials.
What is bulk reducing industries
These are individuals who come together or organizations that are set up for a common concern. They aim to influence government and public opinion in order to create the desired social change.
What are pressure groups
According to Maslow's Heirarchy of needs, the needs that are essential for human survival are called what?
What are physiological needs
Total cash inflow - Total cash outflow is equal to what?
The range of above and below the line methods used to promote a product as part of a larger marketing mix.
Promotional mix
Legal protection for the owners of published works, including those of authors, artists, composers, journalists, musicians, photographers, and film directors.
What are copyrights
This is a visual management tool, illustrating the likely outcomes arising from various decisions that an organization can pursue.
What is a decision tree
This extreme form of industrial involves an outright refusal by employees to work, for a certain time period, thereby preventing the organization from continuing to operate. The aim is to pressure the employer to meet the workers’ demands.
What is strike action
A detailed financial plan for the future, usually involving the expected costs and revenues or a cash flow forecast, for a pre-determined period of time.
What is a budget
The online buying and selling of goods and services using devices linked to the internet, such as apps on smartphones, tablet computers or laptops.
What is e-commerce
The management process of responding to an actual crisis facing an organization.
What is crisis management