Organisation and Environment
A tool used to analyze the internal and external environment of a business. The basis for strategic planning.
What is SWOT analysis?
Leadership style that requires leaders to change and adapt their approach in response to different situations and circumstances.
What is situational management (leadership)?
Refers to the various available money that an organization has to fund its business activities.
What is finance?
Refers to the sales revenue that an organization accounts for within a given market or industry. It is measured by expressing the firm’s sales revenue as a percentage of the whole industry’s sales revenue.
DAILY DOUBLE!!!
What is market share?
Operations method that involves producing a set of identical products, with work on each being fully completed before production switches to another, which may have slightly different specifications.
What is batch production?
Land, Labour, Capital, and Enterprise.
What are the 4 factors of production?
Labour markets in which people are on short-term, impromptu, temporary contracts. This includes freelance worker and independent contractors.
What is the GIG economy?
refers to business spending on its everyday and regular operations. These expenses have to be paid in order to keep the business operational.
What is revenue expenditure?
A high price is charged to the customer because the business is positioned as exclusive or luxury.
What are premium pricing?
This is an extension of outsourcing but involves relocating part of or all of an organization’s functions and processes overseas.
What is off-shoring?
The process of taking inputs and turning them into outputs that will bring value to the consumer.
What is the transformation process?
The situation in an organization where decision-making authority is delegated throughout, rather from one authoritative group.
DAILY DOUBLE!!!
What is decentralization?
Costs that are clearly associated with the output or sale of a certain good, service or business operation, e.g. raw materials.
What are direct costs?
A form of secondary research that reveals the characteristics, trends, and outlook for a particular product or industry, such as market size, market share, and market growth rate.
What is a market analysis?
This occurs when a firm’s total costs are greater than its total revenues, i.e. the business is unprofitable.
What is loss?
When an individual or group of individuals is personally responsible for ALL the actions of the business. They keep the rewards AND are responsible for the losses.
What is unlimited liability?
An operational management technique and form of non-financial motivation that involves workers switching between jobs (tasks) for a period of time.
What is job rotation?
A debt owed by a business which will take longer than a year (from the balance sheet date) to repay.
What is long term-liabilites?
This involves forming small discussion groups to gain insight into the attitudes and behavior of respondents. The group is typically made up of participants who share a similar customer profile.
What is a focus group?
This refers to the total difference between a firm’s sales revenues and its total variable costs. The difference is then the total amount that help to paying a firm’s fixed costs.
What is total contribution?
The approach under which businesses consider the interests of all groups of society as a central part of their decision-making.
What is Corporate Social Responsibility (CSR)?
When employees are self-interested, have preference for their present situation, differ in their assessment of a situation, or have a misunderstanding and are upset.
What is resistance to change?
A visual marketing management tool used to analyze a firm’s product portfolio.
What is the Boston Consulting Group Matrix?
Pricing a product below its cost of production so as to attract customers to also buy other items (with a higher profit margin).
What is loss leader pricing?
A model that focuses on the long-term environmental consequences and sustainability matters related to business activities.
What is the circular business model?