Business Basics
A management tool used to set and achieve the priorites of the business for the future.
What is a strategic plan?
Factors that directly influence the success of the operations inside the business.
What is the internal environment?
Involves planning, organising, leading, and controlling of all resources to make goods and services.
What is operations management?
A small section of a larger market segment.
What is a niche market?
To breakdown or investigate the factors through the use of a tool such as a SWOT.
What is analysis?
A part owner of a business
The elements of the internal environment. (Who)
Who are owners/managers, employees, structure, culture?
Recruitment, training and development of staff to achieve organisational goals.
What is Human Resource management?
What are marketing objectives?
Identify at least three key factors or features of a strategy, concept of process.
The businesses's share of total industry sales for a product or service - often shown as a percent
What is market share?
Factors that directly influence the operations of a business.
What are the external operating environment?
Sourcing and management of fund and costs to efficiently and effectively create a profit.
What is finance management?
A key factor that differentiates one product from another.
What is a unique selling proposition USP?
To connect relationships, influences, patterns, trends and draw a conclusion.
What is interpret? (Synthesis)
A system of shared beliefs and values that establish the environment of a business.
What is organisational culture?
The stakeholders in the external environment.
Who are customers, competitors, suppliers, and interest groups?
Strategies to reach key customers.
What is marketing?
The name, term, symbol or design that uniquely identifies a product from competition.
What is brand?
Apply criteria (competitiveness, stakeholder satisfaction, effectiveness, efficiency) to make judgments about strategies, processes, or practices and make recommendations.
What is evaluate?
How to reach a business goal
What is a strategy?
STEEPLE is the acronym for this factor.
What is the macro environment?
Making the right decision and choosing the right approach and style of leadership to suit a situation.
The tangible and intangible attributes and benefits that make up the total product.
What is total product concept?
The degree to which the business has achieved goals or objectives and solved a targeted problem.
What is effectiveness?