U1 Business
This sector includes agriculture and fishing.
What is the primary sector?
The main function of this business department is deploying and developing people within an organization to meet its business objectives.
What is Human Resource Management?
This term refers to investment spending on fixed assets, such as the purchase of machinery, equipment, land and buildings.
What is capital expenditure?
This involves dividing a market into clearly identifiable segments having similar needs, wants, or demand characteristics.
What is market segmentation?
This function is concerned with providing the right goods and services in the right quantities and at the right quality in a cost-effective and timely manner.
What is operation management?
This type of company does not issue publicly traded shares.
What is a privately held company?
Because the term "company" is used for businesses that are owned by shareholders, so there can only be two types of companies: privately held companies and publicly held companies.
This term refers to the formal interrelationships and hierarchical arrangements of human resources within a business.
What is organizational structure?
Personal funds and retained earnings are examples of this.
What are internal sources of finance?
The 7 components of marketing strategy- also called the marketing mix
Product, Place, Price, Promotion, People, Physical evidence, Process
This department is typically responsible for innovating and improving products or processes.
What is Research and Development or R&D?
This term represents corporate initiatives aimed at benefiting society while improving brand image.
What is Corporate Social Responsibility or CSR?
This style involves leaders making decisions without much input from group members and simply tells others what to do.
What is autocratic leadership?
These costs do not vary with production or sales level.
What are fixed costs?
This is a unique characteristic of a product that sets it apart from its competitors.
What is a Unique Selling Proposition or USP?
Involves producing a set of identical products. Work on each ... is fully completed before production switches to another ....
What is Batch production
This occurs when different stakeholders have different interests that conflict.
What is stakeholder conflict?
This theory suggests that job satisfaction and dissatisfaction arise from two different sets of factors.
What is Herzberg’s Two-Factor Theory?
This reports the revenues and expenses of a business at the end of a specified accounting period.
What is the profit and loss account / Statement of profit and loss
This strategy focuses on a specific group of customers within a market rather than trying to target everyone.
What is niche marketing?
This approach aims to reduce waste in manufacturing. (HL Only)
What is Lean production?
One advantage is that it can bring technology and jobs to less developed countries.
What is a benefit/advantages of multinational companies?
This term refers to someone with decision-making authority within an organization and has responsibility for problem solving in order to achieve specific organizational goals.
What is a manager?
Sales minus Cost of gods sold
What is Gross profit
This marketing goal involves creating deep, committed, and emotional connections between the brand and the customer.
What is brand loyalty?
Producing an identical or homogeneous product in large quantities, such as printing a particular magazine, book or newspaper.
What is Standardization?
This person starts a new enterprise and accepts financial risks for it.
What is an entrepreneur?
Job enlargement and empowerment are examples of these incentives.
What are non-financial rewards?
A legal obligation of a business to repay its lenders or suppliers at a later date.
What is Liabilities
This research process involves gathering data firsthand for a specific marketing purpose.
What is primary market research?
This system ensures that a product or service is consistent in quality.
What is quality assurance?
These models focus on reusing, recycling, or repurposing resources to reduce waste.
What are circular business models?
This term describes the rate at which employees leave an organization.
What is labour turnover?
This methods of calculating depreciation allocates an equal amount of depreciation to each unit of output rendered by a non-current asset. (HL Only)
What is Units of production method?
Involves setting the price of a good or service below its costs of production.
What is Loss leader pricing
An inventory management system based on stocks being delivered as and when they are needed in the production process. (HL Only)
What is Just-in-Time production?
Mergers and acquisitions are examples of this type of business expansion.
What is external growth?
This comprehensive evaluation involves feedback from all directions, including peers and subordinates.
What is 360-degree feedback?
This ratio measures the ability of a company to meet its short-term debts with its short-term assets. (HL Only)
What is a liquidity ratio?
A promotion form that does not use paid-for mass media sources.
What is Below the line promotion (BTL)
Refers to a sustainable model of production based on natural processes, thus benefiting the environment. The underlying principle is that there is no waste in nature, making it sustainable.
What is Cradle to cradle (C2C)?
Flexibility, Control, High customization and Personal service are reasons some companies prefer this.
Reasons for businesses stay small?
Training programs and open communication channels can help alleviate this workplace issue.
What is resistance to change?
Gross profit margin
Profit margin
Return on capital employed (ROCE)
Current ratio
Acid-test ratio (Quick ratio)
Refers to the use of a range of channels to distribute a firm’s products.
What is amulti-channel distribution strategy?
This involves managing the entire process of producing and delivering a product.
What is supply chain management?
When a business amalgamates with a firm operating in an earlier stage of production, such as a car manufacturer taking over a supplier of tyres or other components.
What is backward vertical integration?
A payment system that rewards people who meet set targets over a period of time. The targets can be on an individual, team or organizational basis.
What is Performance-related pay (PRP)
This term refers to the amount of time needed for an investment project to earn enough profits to repay the initial cost of the investment.
What is Payback Period
The ways in which a service is provided or delivered, including payment systems, queuing times, aſter-sales care and delivery services.
What is Process
Term for a way to measures a firm’s existing level of output as a proportion of its potential output.
What is Capacity utilization?