Business and its environment
what is a partnership?
a style of leadership that keeps all decision-making at the center of the organization
what is autocratic leadership?
the quantity of a product that consumers are willing and able to buy at a given price in a time period
what is demand?
a business location that gives the best combination of quantitative and qualitative factors
what is optimal location?
the capital needed by an entrepreneur to set up a business
what is start-up capital?
what is internal growth?
a sense of self fulfilment reached by feeling enriched and developed by what one has learned and achieved
what is self-actualization?
identifying and exploiting a small segment of a larger market by developing products to suit it
what is niche marketing?
preparing input resources to supply products to meet expected demand
what is operations planning?
the extra cost of producing one more unit of output
what is marginal costs?
a statement of the business's core aims, phrased in a way to motivate employees and to stimulate interest by outside groups
what is a mission statement?
ending a worker's employment contract for a reason that the law regards as being unfair
what is unfair dismissal?
subjective opinions of customers about a product that cannot be measured or compared easily
what is intangible attributes of a product
output/capital employed
what is the equation for capital productivity?
arises when a business is valued at or sold for more than the balance-sheet value of its assets
what is goodwill?
the total value of all long-term finance invested in the business
what is capital employed?
an organizational structure that creates project teams that cut across traditional functional departments
what is matrix structure?
when the population has been stratified and the interviewer selects an appropriate number of respondents from each stratum
what is quota sampling?
Japanese term meaning continuous improvement
what is Kaizen?
the profit left after all deductions, including dividends, haven been made, this is 'ploughed back' into the company as a source of finance.
total sales of a business/total sales of industry x 100
what is the equation for market share?
managers who have direct authority over people, decisions, and resources within the hierarchy of an organization
what is line managers?
uses the specialists within a business to make forecasts for the future
what is jury of experts?
splitting flow production into self-contained groups that are responsible for whole work units
what is cell production
the minimum levels (maximum for payback period) set by management for investment-appraisal results for a project to be accepted
what is criterion rates or levels?