Business Org
What starting up a business? List three reasons
In order to make profit/ personal interest / social change/ fame
Management of workers to help business achieve its objectives
Human Resource Management (HRM)
Define segmentation
Dividing a market into distinct groups of consumers who share common tastes and requirements
what is capital expenditure
Finance spent on fixed resources
Ex: land transportation etc
Optimal location
Distinguish entrepreneurship and Intrapreneurship
entrepreneurship: The people who start up the business who willing to take risk and make innovative thoughts.
Intrapreneurship :a relatively recent concept that focuses on employees of a company that have many of the attributes of entrepreneurship.
A type of tangible rewards that may not be a form of cash. (It is a form of financial rewards)
Examples: employees rewarded with cars, tablets, etc.
fringe benefits
What are the main elements of a marketing plan?
Details of the company's marketing objectives
Sales forecasts to allow the progress of the plan to be monitored
Marketing budget - how much finance is planned to be spent and how it is to be allocated
How to calculate net profit margin and gross profit margin
gross profit/ sales revenue x100
net profit/ sales revenue x100
Process that requires dedication of all employee to commit to achieve quality standards and minimizing waste and defects
Total quality management (TQM)
Evaluate private limited company
Pros: 1.limited liability 2.higher capital , they can choose who they wan to sell shares to
Cons :
More legal formalities
Corporate taxes are higher
Difficult to raise capital to public limited company
A measure of the rate employees leaves an organization
Labor turnover
a factor that differentiates a product from its competitors, such as the lowest cost, the highest quality or the first ever product of its kind; 'what you have that competitors don't'
a Unique Selling Point (USP)
Purpose of final accounts
Maintain order and growth of business and meet legal requirements
A capacity of ecosystems to maintain their essential functions and processes, and retain their biodiversity in full measure over the long-term
Ecological sustainability
Explain mission statement in three sentences.
Establish core value
Identify the purpose of the business
Set objectives for business to achieve
It’s the process of reaching the vision statement
Help business to the right direction
What is matrix structure?
An alternative type of organizational structure that focuses and creates project teams
When to use the Boston Consulting Group Matrix (BCG)
Analyzing the performance and current position of existing products
Planning action to be taken with existing products
Planning the introduction of new products
List 1 benefits and 1 limitation of break-even charts
Benefits:
Useful for predict for profit
Very useful when selling one product
Production based on prediction
Limitations:
Assume the cost is linear
Assume all outputs to be sold
Hard to develop with numbers of products under one firm
Bad research is not going to be accurate
Producing standardized goods typically in bulk quantities, by using a continues input of raw materials and other resources
Process production
Why business need to good CSR
CSR refers to the concept when the company consider social interest and take responsibilities on the impact of company’s activities.
Benefits :
Better employee recruitment
Boost brand’s image
Customer loyalty
A model that classifies the organizational structure into core workers, outsourced workers, and flexible workers.
Handy Shamrock's Organizational Structure
What is Guerrilla marketing
an unconventional way of performing market activities on a low budget
Discuss the value of Profitability and liquidity ratio.
Benefits:
Employees can know chances of raises/bonuses.
Managers can know the progress/chances of promotion.
Trade creditors know the chances of being repaid.
Shareholders can compare this return on investment to others.
Financers can decide whether or not to invest/loan.
Limitations:
Employees can know chances of raises/bonuses.
Managers can know the progress/chances of promotion.
Trade creditors know the chances of being repaid.
Shareholders can compare this return on investment to others.
Financers can decide whether or not to invest/loan.
A manufacturing principle that seeks to create production techniques that are not just efficient but are essentially waste-free and truly sustainable
cradle to cradle