Unit 1 Intro
This outlines a business's long-term aspirations and what it wants to become in the future.
What is a vision statement
This leadership style is characterized by a "hands-off" approach where employees make most decisions.
What is Laissez-faire?
These are the two primary types of business expenditure: one for daily operations and one for long-term assets.
What are Revenue and Capital expenditure?
These are the "7 Ps" of the marketing mix, which include the original 4 plus three specifically for services.
What are Product, Price, Place, Promotion, People, Processes, and Physical Evidence?
This production method involves producing a single unique product at a time to meet a specific order.
What is Job Production?
A legal structure protecting business owners (shareholders or members) from personal responsibility for company debts or lawsuits beyond their initial investment.
What is limited liability?
This motivational theorist proposed a "Hierarchy of Needs," starting with physiological requirements.
Who is Abraham Maslow?
This financial statement shows a business's assets, liabilities, and equity at a specific point in time.
What is a Balance Sheet/Statement of Financial Position?
This term refers to a business's portion of the total sales in a specific market.
What is Market Share?
This specific point is reached when a business's total revenue exactly equals its total costs.
What is the Break-even Point?
This type of for-profit social enterprise is owned and run by its members, such as employees or customers.
What is a Cooperative?
This organizational structure involves workers having more than one person to report to for different projects.
What is a Matrix Structure?
This refers to the difference between a business's total revenue and its total costs.
What is Profit?
These four stages represent the typical life cycle of a product from its launch to its withdrawal.
What are Introduction, Growth, Maturity, and Decline?
This production method involves producing a limited number of identical products in distinct groups. Once one group is finished, the machinery is adjusted or cleaned before the next group begins.
What is Batch Production?
These are the two types of integration (growth methods) that occur when two firms in the same or different industries combine.
What are Mergers and Acquisitions (M&As)?
This term describes the process of removing layers from a hierarchy to create a flatter structure.
What is Delayering?
This ratio measures a firm's ability to pay its short-term debts using its most liquid assets, excluding stock.
What is the Acid Test (Quick) Ratio?
This promotional strategy focuses on traditional mass media, such as television and newspapers.
What is "Above the Line" (ATL) promotion?
This term refers to the cost advantages that a business can achieve as its scale of production increases, leading to a lower average cost per unit.
What is Economies of Scale
This situational analysis tool helps a business identify its internal strengths and weaknesses and external opportunities and threats.
What is a SWOT Analysis?
This term describes the span of control and the layers of management in a business where there are many levels of hierarchy and each manager has only a few subordinates reporting to them.
What is a Tall Organizational Structure?
This is a document used to predict the future cash inflows and outflows of a business over a set period.
What is a Cash Flow Forecast?
This tool helps a business plan its product growth strategies based on new or existing products and markets.
What is the Ansoff Matrix?
This comprehensive approach to operations management—originally developed by Toyota—focuses on the continuous elimination of waste in the production process. It aims to use fewer resources (less space, less inventory, and less time) while maintaining high quality and flexibility.
What is Lean Production