Business organization & environment
Non-profit social enterprises that provide voluntary support for good causes such as protection of children, animals and the natural environment.
What are charities?
The practice of using external providers for certain non-core business activities. The external provider is able to carry out work for less than the business would be able to.
What is outsourcing?
Government financial gifts to support business activities. They are not expected to be repaid.
What are grants?
A marketing approach adopted by a business that is outward looking and focused on making products that they can sell, rather than on selling products that they can make.
What is market orientation?
The resources needed to produce a good or service. Namely land, labor, capital and enterprise.
What are factors of production?
When a business sells all or part of its shares on a stock market for the first time.
What is an initial public offering (IPO)?
The official administrative and formal rules of an organization that govern business activity. It involves prescribed rules and policies, standardized procedures and formal hierarchical structures.
What is bureaucracy?
Finance that allows a business to 'buy now and pay later' . The credit provider does not receive any cash from the buyer until a later date(usually between 30-60 days).
What is trade credit?
Marketing that targets a specific and well defined market segment.
What is niche marketing?
The manufacturing of a product that relies heavily on machinery and equipment.
What is capital intensive?
The conscientious consideration of ethical and environmental practices related to business activity. The business acts morally towards its various stakeholder groups and the well-being of society as a whole.
What is corporate social responsibility (CSR)?
Leaders who take into account the views of others when making decisions. The decision making is decentralized.
What is democratic leadership?
Costs specifically attributed to the production or sale of a particular good or service. These costs can be traced back to a product or cost center.
What are direct costs?
Research that involves getting non-numerical answers and opinions from respondents. The main purpose is to understand the behavior, attitudes and perceptions of customers.
What is qualitative market research?
Producing an identical or homogeneous product in large quantities, such as printing the same book.
What is standardization?
The value of a country's currency in terms of other currencies.
What is exchange rate?
Theory that suggests that people in modern societies are motivated by three key factors: autonomy, mastery and purpose.
Daniel Pink's drive theory.
The management tool used to calculate the level of sales needed to cover all costs of production. Thereafter, further sales generate profit for a business.
What is break even analysis?
Spreading of marketing messages about an organization and the quality of its products or customer service(often by customers). Perhaps the most cost-effective form of promotion.
What is word of mouth (WOM)?
The term used to describe the transportation, communication and support networks in a certain area.
What is infrastructure?
Cost disadvantages of growth where costs rise as a firm grows due to lack of control, coordination and communication.
What are diseconomies of scale?
Theory that suggests that people make comparisons of perceived fairness in the workplace based on the ratio of their input(effort) to output(rewards).
What is Adams equity theory?
The financial information on an organizations assets, liabilities, and the capital invested by the owners. This is a 'snapshot' of the firms financial situation.
What is balance sheet?
A promotional technique that relies on the use of online social networks, such as email, blogs, Twitter and YouTube.
What is viral marketing?
Manufacturing a unique product. It can be completed by one person or a team of people.
What is job production?