What is a business
exist to satisfy the needs and wants of their customers by selling goods and services, usually in return for profit.
What is a business?
This refers to any business organisation that is owned by its shareholders, who have limited liability. They comprise of privately held companies and publicly held companies.
What is a company?
An inspiring declaration of what an organization ultimately strives to be, or to achieve, in the distant future.
What is a vision statement?
Refers to differences in the varying needs, perspectives, and priorities of the numerous stakeholder groups of an organization.
What are stakeholder conflicts?
These are cost-saving benefits enjoyed by a business as it increases the size of its operations, i.e. lower average costs (the cost per unit).
What is a economies of scale?
The individuals who take risks in overseeing a business organization or business venture, usually in pursuit of profit.
What is an entrepreneur?
The people or organization that use the product
What is a consumer
This is an organization’s decisions and actions that impact society in a positive way.
What is CSR?
Directors, employees, managers, shareholders
What is an internal stakeholder?
A method of external growth that involves one company buying a majority stake in another company with the agreement and approval of the target company’s Board of Directors.
WHat is a acquisition
These are physical (tangible) products, such as cars, clothes, flowers, food, furniture, smartphones, and toys.
WHat are goods?
Businesses in this section of the economy are run and owned by the government in order to provide essential services for society as a whole, e.g., education and healthcare services.
What is a public sector?
A business that operates in two or more countries or is legally registered in more than one country.
What is a MNC
These are the firm’s rivals, which operate in the same industry and contest for the same customers.
this takes place when an organization expands without the help of an external partner firm.
Busines activity involved with the extraction of naturl resources
What is a primary sector?
An organization which is owned by a single entrepreneur who has exclusive responsibility for the running of the business.
What is a sole trader
This is any nation that allows a multinational company to set up in its country.
What is a host natoin?
The ruling authority within a state or nation. interested in businesses complying with the laws of the country, such as employment legislation.
What is a government?
occurs when a company buys a controlling interest in another firm without the prior agreement or approval of the target company’s Board of Directors.
What is a takeover?
The numerical difference between the cost of factor inputs in the production process and the price that the final output is sold for.
What is value added?
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.
What is limited liability
These are moral guidelines or codes of practice which govern good organizational behaviour.
What are ethics
institutions and individual investors who provide source of finance for businesses. They are interested in the organization’s ability to generate profits and to repay debts.
What are financiers?
A growth method that involves two parties, with the franchisor giving the licensing rights to a franchisee to sell goods and services using the franchisor’s brands and products.
What is a franchising?