Intro to Business Management
A business that operates in two or more countries or is legally registered in two or more countries. It has established a physical presence, such as offices, factories, or subsidiaries, in those countries. It is distinguished from businesses that simply export goods or services without having a local base of operations.
What are MNC (Multinational Companies)?
The final part of the HR plan.
What is termination, dismissal and redundancy?
A banking service that enables customers (personal and business customers) to withdraw more money from their account than exists in the account.
What is an overdraft?
The percentage change in the total market size over a period of time.
What is market growth?
A method of production which is focused on quality and affordability, with customized products from standardized options.
What is batch production?
Stakeholder groups that are not directly involved in the running of an organization but have a direct interest in its operations.
What are external stakeholders?
Measures the extent to which workers have the ability and willingness to move between geographical locations and/or occupations for their employment.
What is Labour mobility?
The difference between the break-even level of output and the actual level of output.
What is Margin of Safety?
Segmentation that involves characterising consumers according to people’s lifestyle choices and personal values.
What is Psychographic segmentation?
The practice of bringing back business functions to the domestic country from overseas.
What is reshoring?
When an organization sells all or part of its business to shareholders on a public stock exchange for the first time. This changes the legal status of the business to a publicly held company.
What is an IPO?
Refers to how many workers are directly accountable to (or under the authority of) a particular line manager.
What is Span of Control?
This shows the records of income and expenditure flows of a business over a given time period.
What is the profit and loss account?
This involves using a certain number of people from different market segments for primary market research purposes.
What is quota sampling?
This is the point where the firm’s total costs equal its total revenue, shown by the intersection of the TR and TC curves.
What is the break-even point?
These are for-profit social enterprises owned and run by their members (usually employees, managers or customers). Their primary goal is to create value for their member-owners.
What is a cooperative?
A hands-off approach to leadership by devolving decision-making power to the workforce.
What is Laissez-faire leadership (management)?
Also known as the quick ratio, this short-term liquidity ratio measures an organization’s ability to pay its short-term debts without having to sell any stock (inventories).
What is the acid test ratio?
Form of promotion that refers to all forms of advertising or promotion that do not use external media but rather market direct to consumer.
What is below the line promotion (BTL)?
This refers to the financial difference between a firm’s selling price and its direct or variable costs.
What is the contribution?
Examples of these include Shareholders, CEO, Senior Managers, Middle Managers, Employees and Unions.
What is an internal stakeholder?
A theory of motivation that people are motivated by different levels of needs: physiological, safety, social (love and beginning), esteem and self-actualization.
What are Maslow's Hierarchy of Needs?
A business organization’s spending on the purchase or acquisition of fixed assets, e.g. spending on buildings (premises), machinery, equipment and tools.
What is Capital expenditure?
Academic journals and Government publications are examples of these.
What are secondary market research techniques?
This key concept refers to the production methods used to provide goods and services for today’s customers without compromising the provision of products for customers in the future.
What is sustainability?