Unit 1- Intro to BM
This sector is commonly called the 'Service' Sector. For BM, it is called this.
What is the Tertiary Sector?
When a manager gives a task to someone lower in the hierarchy, this is called this.
What is delegation?
Copyrights are categorized as what type of asset?
What are intangible assets?
When your product/service has a special feature that no one else in the market offers, it is called, this.
What is a USP (unique selling point)?
This BM Tool, commonly used in Ops Management, has the features a Square, Circle, and Two Rejection Lines.
What is a Decision Tree?
When a government group and a business work together, it is called this.
What is a Public-Private Partnership?
When the HRM division looks at people currently leaving or staying within the next year, this is what type of HRM planning?
What is Overdraft?
This BM Marketing tool measures Market Share and Market Growth to see where your products/services reside.
What is a BCG Matrix ?
Contribution is called using these two numbers?
What are Price and Variable Costs?
This broadly worded statement lets all stakeholders know where the business wants to be in the future.
What is a Vision Statement?
This leadership style is good for companies that have little to no hierarchy or organizational structure.
What is the laissez-faire leadership style?
This Investment Appraisal technique focuses on the time frame for potential returns.
What is Payback Period (PBP)?
This Pricing Strategy losses a business money but the difference is made up with other benefits, such as raising awareness or customers paying for other proximity products.
What is Loss Leader Pricing?
An operation that requires a lot of workers is considered to have this type of intensive process.
What is Labour Intensive?
This external stakeholder is most strongly affected by a business's ability to pay its bills on time.
What are Suppliers?
The type of financial reward where employees are paid a percentage of their sales is called this.
What is Commission?
Consolidating short-term debts into long-term debts will improve what Financial Ratio?
What is Current Ratio?
Quick/Acid Test Ratio is also acceptable.
An employee's appearance and uniform fall under which of the 7Ps?
What is People?
This type of Production has the lowest capital costs.
What is Job Production?
High Rent, Traffic Congestion, and Many Competitors in the local area are examples of what?
What are External Diseconomies of Scale?
According to Herzberg, these needs must be met, or employees will be dissatisfied.
What are Hygiene Needs?
These three areas are commonly found in Cash Outflows on a Cash Flow Forecast.
What are Creditors, Salary/Wages/ and Inventory/Stock?
This method of market research sampling is done when researchers simply gain data from customers near the business.
What is Convenience Sampling?
This Insourcing Method is used if a specific task is required for a short-period of time.
What is subcontracting?