What is a Business? 1.1
What are the four sectors in business?
Primary, Secondary, Tertiary, Quaternary
What is the formula for profits of a business?
Profits = Total Revenues - Total Costs
What is the formula for total cost?
Total Cost = Fixed Cost + Variable Cost
What does JIT stand for in business?
Just In Time
Does Crisis Management occur before or after a crisis?
After
What is the role of marketing in a business?
To identify customer needs and promote products or services that meet those needs.
What is the public sector?
Parts of the economy controlled by the government.
What is the formula for average cost?
Average Cost = Total Cost / Quantity Produced
What is quality management?
A systematic approach to overseeing all activities and tasks within an organization to ensure consistent excellence in products and services, as well as the means used to deliver them.
What are the four factors of contingency planning?
Cost, Time, Risks, and Safety
What way are the four sectors of business typically linked?
Production Chain / Chain of Production
What's a private sector?
Parts of the economy not controlled by the government.
What does PEST stand for?
Political, Economic, Social, and Technological
What is lean production?
A philosophy and approach to production that focuses on eliminating waste, maximizing efficiency, and continuously improving processes.
What is Crisis Management?
The systematic steps and efforts by an organization to limit the damage from a sudden crisis.
What are the 4 business functions of small and large businesses?
HR, Finance and Accounts, Operations, and Marketing
What is a publicly held company?
Public companies sell shares on the stock market and have many shareholders.
What does PESTLE stand for?
Political, Economic, Social, and Technological, Legal, and Ecological
What are the three methods of managing quality?
Quality Circle, Benchmarking, Total Quality Management
What is Contingency Planning?
An organization’s attempts to put in place procedures to deal with a crisis, anticipating it through scenario planning, modeling and simulation.
What are the steps to starting a business?
1. Organizing the basics
2. Refining the business idea through market research
3. Planning the business
4. Establishing legal requirements
5. Raising the finance
6. Testing the market
What is a privately held company?
Private companies are owned by individuals or a small group and do not sell shares to the public.
What does STEEPLE stand for?
Sociocultural, Technological, Economic, Environmental, Political, Legal, and Ethical
This is the definition to what term:
An approach to sustainable design that aims to design products and materials so that they can be reused or recycled and waste is avoided.
Cradle to Cradle
What are four related factors after crisis management?
Transparency, Communication, Speed, and Control