Organisations
What does “sole trader” mean?
A business owned and run by one person.
What does the “P” in PESTLE stand for?
Political
What is a stakeholder?
Any individual or group affected by or interested in a business’s activities.
The two types of negotiation styles are soft and ... what?
Hard
What is the main role of leadership?
To inspire, motivate, and guide people towards a vision or goal.
What is the difference between the public and private sector?
Public sector is government‑owned; private sector is privately owned.
What is inflation?
The general rise in prices over time.
Give three examples of an external stakeholder.
Customers, suppliers, government, media, competitors, auditors, trade unions, pressure groups
What is negotiation?
A process where two or more parties discuss to reach an agreement.
Name one leadership style, other than 'autocratic'
Democratic, laissez-faire
Give me 2 facts about 'tall structures'
Many levels of hierarchy, slower to make decisions, longer lines of communication, strong managerial control, excessive rules and procedures can reduce flexibility
Why might a government reduce taxes for businesses?
To encourage investment, growth, and job creation.
What is the main interest of shareholders in a business?
Profit and return on investment.
What is a “win‑win” negotiation outcome?
An agreement where all parties benefit.
What does “influencing” mean in a business context?
Persuading others to support or adopt ideas.
What does the tertiary sector provide?
Services (e.g., retail, banking, healthcare).
What is the labour market?
The supply of workers and demand for labour in an economy.
What is stakeholder mapping used for?
To identify and prioritise stakeholders based on their power and interest.
Give 2 things that businesses might negotiate with suppliers.
Better prices, terms, or delivery schedules.
In Maslow’s hierarchy, what is the most basic level of need?
Physiological needs (food, water, shelter).
What is meant by these terms?
SPAN OF CONTROL
AUTONOMY
Span of control - refers to how many direct reports a manager oversees
Autonomy - the level of freedom employees have in their role
Explain how tariffs can protect domestic industries but harm consumers.
They make imports more expensive, helping local producers, but raise prices for consumers.
Finish this stakeholder management principle
"Listen and ..."
Communicate
What is this type of conflict management style, represented by a shark.
C _ M _ E _ I _ G
Competing
Evaluate one benefit and one drawback of autocratic leadership.
Benefit: Quick decisions.
Drawback: Can demotivate employees.