Unit 1. Intro to business
An organisation's statement of an ideal world that the organisation is planning to grow into.
What is Vision?
the department responsible for employment-related matters, such as the hiring process, payroll, benefits, and labor relations
What is HR?
Cash held at the end of the month becomes next month's opening balance
What is closing balance?
The management process responsible for identifying, anticipating and satisfying customers' requirements profitably.
What is Marketing?
a group of identical products is made together, passing through each stage of production together.
What is batch production?
Reductions in a firm's unit (average) costs of production that result from an increase in the scale of operations
What are economies of scale?
Organizations hire external organizations to complete certain business processes.
What is outsourcing?
Cost of producing or acquiring goods sold within reporting period
What is COGS?
Is a matrix which categorizes growth strategies as Market Penetration, Market Development, Product Development or Diversification
What is Ansoff Matrix?
The sellers of products to the general public (i.e. final consumers)
What are Retailers?
Relates to the social, ethical, and environmental responsibilities identified by businesses & the strategies that they adopt to meet them.
What is CSR?
Two or more individuals conducting business activities, with responsibilities and profits shared between partners.
What is partnership?
The ability of a firm to be able to pay its short-term debts
What is liquidity?
An identifying symbol, name, image or trademark that distinguishes a product from its competitors
What is a brand?
Production of customized products in a flow production line, often using advanced technology.
What is Mass customization?
A company where the owners and the company are separate legal entities; the owners are not responsible for the companies liabilities.
What is a limited liability company LLC?
Any individual, group or organisation that is directly or indirectly affected by the operations of a business.
What is Stakeholder?
Tangible or intangible property with a monetary value owned by an organization
What are assets?
Product, Price, Place, Promotion
What are the 4Ps of marketing?
The level of output at which total costs equal total revenue
What is break even?
The portion of the economy concerned with the direct extraction of materials from Earth's surface, generally through agriculture, although sometimes by mining, fishing, and forestry.
What is the Primary Sector?
The number of employees who report directly to a manager
What is span of control?
Money earned by providing goods and/or services
What is revenue?
The chain of intermediaries a product passes through from producer to consumer
What is Chain of distribution?
Method of production where small improvements are made regularly as opposed to random one-off improvements.
What is Kaizen?