Unit 1
Refers to the document that sets out the business idea, its goals and objectives and other details of how the business will operate in each department of marketing, operations and finance.
What is a Business Plan?
The people that work for the organization in exchange for benefits such as wages or salaries and other benefits.
Who are employees?
The name for the records of a business’s financial statement. They offer improved control of financial planning.
What are accounts?
This is the management process of predicting, identifying and meeting the needs and wants of customers in a profitable manner.
What is Marketing?
This refers to the running of the business activity and production.
What is Operations?
The declaration of an organisation’s overall purpose.
What is a mission statement?
This is the process of recruiting employees that work for fewer hours and are cheaper to hire and easy to replace.
What is part time employment?
This is the total amount of income generated by the sale of goods or services related to the company’s primary operations.
What is revenue?
A component of the marketing mix that refers to the methods used to inform, persuade and remind people about a firm's products and services.
What is promotion?
The costs of running a business, which includes the set-up and daily costs.
What are operating costs?
The name which refers to the negative impact of business operations on the environment.
What is a carbon footprint?
This refers to an act of voluntarily giving up of current position.
What is resignation?
This refers to cash that goes out of the business in the form of expenses such as rent, electricity, etc.
What are outflows?
Refers to the delivery of products across electronic and internet based services.
What is e-commerce?
This term refers to the degree of which a good or service is fit for its purpose by meeting or exceeding the expectations of customers.
What is Quality?
This occurs when a business uses its own resources and capabilities to increase the scale of its operations
What is internal growth?
The process of organizing resources. This may involve planning, organizing and coordinating all the resources available for a particular task.
What is management?
This refers to the inability to pay debts resulting from a negative cash flow forecast.
What is insolvent?
This refers to a shift in the fundamental business dynamics within an industry.
What is a trend?
This is a factor of production where the production of the good or service occurs.
What is Land?
This is a private-sector not-for-profit social enterprises that operate for the benefit of others rather than primarily aiming to make a profit.
What is a non-governmental organization (NGO)?
This measures the number of workers who leave a firm as a percentage of the workforce, per year. It is often used to gauge the level of motivation in an organization.
What is staff turnover?
This is the formula one would use to calculate how soon PU would be paid back their original investment for a new university site.
What is the amount left pay pay in the year before paying back, divided by the net cash flow in the year of paying back x 12.
This might be another name for PU's unique new Medicine program or AI uses.
What is a Unique Selling Proposition (USP)?
This measures the percentage of an organization's potential output that is actually being realized (HL)
What is capacity utilization?