Business Activity
This document outlines a business’s objectives, strategies, and financial forecasts.
What is a business plan?
This refers to the rules and laws that businesses must follow to operate legally.
What is legislation?
This is the point at which total revenue equals total costs.
What is break-even output?
This is the process of attracting and choosing the best candidate for a job.
What is recruitment and selection?
These four elements—product, price, place, and promotion—make up this marketing concept.
What is the marketing mix?
This business ownership type has shareholders and limited liability but is not listed on the stock exchange.
What is a private limited company (Ltd)?
This factor affects how much consumers and businesses can borrow or save.
What is the interest rate?
This is the profit a business keeps after paying tax and dividends, often reinvested.
What is retained profit?
This document outlines the roles, responsibilities, and expectations for a job.
What is a job description?
This is the process of dividing a market into groups with similar needs or characteristics.
What is market segmentation?
This is the process of creating new products or services to meet changing customer needs or to gain a competitive edge.
What is innovation?
This term describes the ongoing changes in tastes and preferences that affect the demand for products.
What is consumer trends?
This term refers to the process of sourcing and purchasing materials a business needs.
What is procurement?
This type of training takes place within the business using its own resources.
What is on-the-job training?
This is a short-term incentive to encourage customers to buy a product, such as discounts or competitions.
What is a sales promotion?
This term describes the benefits lost when choosing one option over another.
What is opportunity cost?
This type of business activity considers the impact on people, animals, and the planet.
What is ethical business practice (or ethics)?
This stock control method means products arrive only when needed, reducing storage costs.
What is just-in-time (JIT)?
This term refers to the number of employees managed by one supervisor.
What is span of control?
This strategy makes a product stand out from its competitors.
What is product differentiation?
The 1st involves extracting natural resources, the 2nd involves manufacturing products, and the 3rd involves providing services.
What are the primary, secondary, and tertiary sectors?
This is a business strategy that involves considering environmental sustainability when making decisions, such as reducing waste and energy use.
What is environmental sustainability?
This method of production involves creating a unique, one-off item, often made to order.
What is job production?
This method of recruitment involves looking for candidates within the organization to fill a vacancy.
What is internal recruitment?
This type of pricing strategy involves setting the price of a product high initially, then lowering it over time.
What is price skimming?