Unit 1
a business with mainly social objectives that reinvests most of its profits into benefiting society rather than maximising returns to owners
social enterprise
responsible for setting objectives, organising resources and motivating staff so that the orgainisations aims are met
manager
The management task that links the business to the customers by identifying and meeting the needs of consumers profitably. It does this by getting the right product to the right place at the right time
marketing
preparing input resources to supply products to meet expected demand
Operation Planning
capital needed by an entrepreneur to set up a business
start up capital
the three objectives of social enterprises; economic, social, and environmental
triple bottom line
the art of motivating a group of people towards achieving a common objective
leadership
An outward looking approach basing product decisions on consumer demand, as established by market research
market orientation
the use of computer programs to creates two or three dimensional graphical representations of physical objects
CAD (Computer Aided Design)
when a firm ceases trading and its assets are sold for cash to pay suppliers and other creditors
liquidation
economic resources owned planned and controlled by the state
command economy
sense of self fulfilment reached by feeling enriched and developed by what one has learned and achived
self actualization
The market price that equates supply and demand for a product
equilibrium price
the relocation of a business process done in one country to the same or another company in another country
Offshoring
obtaining the use of equipment or vehicles and paying a rental or leasing charge over a fixed period.
leasing
small to medium sized business that is owned by shareholders who are often members of the same family. this company cannot sell shares to the general public
private limited company
payment to a worker for each unit produced
Making a product distinctive so that it stands out from competitors' products in consumers' perception
Product Differentiation
reductions in a firm's unit costs of production that result from an increase in the scale of operations
Economies of Scale
the sum of cash payments to a business less the sum of cash payments
cash flow
a statement of the business's core aims, phrased in a way to motivate employees and to stimulate interest by outside groupscorporate social responsibilityconcept applies to those buisnesses that consider the interests of society by taking responsibility for the impact of their decisions and activities on customers employees, communities and the environment
corporate social responsibility
employment contract that lasts for a fixed time period
temporary employment contract
Using one or a number of specific groups to draw samples from and not selecting from the whole population
output/capital employed
Capital Productivity Equation
selling price less variable cost per unit
contribution per unit