Business Foundations
This type of business structure is owned by one person who makes all the decisions and keeps all the profits.
What is a sole trader?
This term refers to the internal drive that inspires a person to work towards a goal.
What is motivation?
This area of management is responsible for transforming inputs into finished goods or services.
What is operations management?
This is a measurable criterion that can be used to assess how well a business is achieving its objectives.
What is a key performance indicator (KPI)?
This term describes the shared values, ideas, and behaviours that shape how people within a business interact.
What is corporate culture?
This form of business ownership allows 2–20 people to share responsibility and profits, but also creates unlimited liability.
What is a partnership?
According to Maslow’s hierarchy, the need for safety and security comes after this level of need.
What are physiological needs?
Robotics, CAD and CAM are all examples of this development in operations management.
What is technology?
The number of customer complaints and level of staff turnover are both examples of this.
What are KPIs?
This type of strategy to reduce resistance includes communication, empowerment, support and incentives.
What are low-risk strategies?
These two groups in a public listed company differ: one makes strategic decisions, the other provides capital through share ownership.
Who are directors and shareholders?
One theory focuses on a hierarchy of needs, while another emphasises goal-setting with clarity, challenge, and feedback.
What are Maslow’s hierarchy of needs and Locke and Latham’s goal-setting theory?
This quality strategy checks outputs for errors, while this one involves external certification to meet set standards.
What are quality control and quality assurance?
This type of change involves anticipating and planning for the future, while this type occurs as a reaction to events.
What are proactive change and reactive change?
This model of change includes the steps of unfreezing, changing, and refreezing.
What is Lewin’s Three-Step Change Model?
A business may pursue this set of objectives to demonstrate accountability to stakeholders beyond just financial performance.
What are corporate social responsibility (CSR) objectives?
This motivation strategy provides financial reward based on performance but may create unhealthy competition among staff.
What is performance-related pay?
This inventory management strategy reduces waste and storage costs but can cause delays if suppliers fail to deliver on time.
What is just-in-time (JIT)?
A business may use this process to measure its performance against industry leaders to identify areas for improvement.
What is benchmarking?
These principles include systems thinking, personal mastery, team learning, shared vision and mental models.
What are Senge’s principles of the Learning Organisation?
This type of company can raise capital by selling shares on the stock exchange, while this other type cannot.
What is a public listed company and a private limited company?
This strategy increases employee skills and confidence, while this other strategy provides care and counselling — both can be used to motivate staff.
What are investment in training and support?
This operations approach aims to reduce waste and improve value to the customer, and can also improve CSR performance.
What is lean management?
This performance measurement tool provides data, but may not capture employee morale or culture, which are also critical for change.
What are KPIs?
One set of strategies uses threats and manipulation, while the other set relies on support and communication.
What are high-risk strategies and low-risk strategies?