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Nature of Business Activity
Types of Organizations/ Organizational Objectives
External Environment
Org. Planning Tools/ Growth & Evolution
Stakeholders/ Globalization
100
A decision making organization involved in the process of using inputs to produce goods and/or services to satisfy customers needs and wants.
What is a business?
100
the general long-term goals of an organizations & the short term more specific goals of an organization.
What are aims & objectives?
100
Political, Economic, Social, and Technological.
What does PEST stand for?
100
the lowest risk strategy in the Ansoff matrix?
What is market penetration?
100
any person or organization that has a direct interest in and is affected by the performance of a business.
What is a stakeholder?
200
the best alternative that is forgone when making a decision.
What is opportunity cost?
200
Sole traders (proprietor), partnerships, and companies (corporations).
What are the three main types of profit-based organizations?
200
External factors that can harm a business.
What are threats?
200
A decision making tool that analyzes an organization's strengths (internal), weaknesses (internal), opportunities (external), and threats (external).
What is a SWOT analysis?
200
___________are members of the organization (employees, shareholders, managers).___________ do not form part of the business (customers, suppliers, govt)
Internal and external stakeholders.
300
Primary production ->Manufacturing ->Tertiary production -> Consumers
What are the four stages in the chain of production?
300
Growth, Earnings, Transfer and Inheritance, Challenge, Autonomy, Security, and Hobbies.
What are the reasons for starting up a business (GET CASH)?
300
Brainstorm, Discuss, and Summarize.
What are the three steps needed to carry out a PEST analysis?
300
the lower average costs of production as a firm operates on a larger scale due to productive efficiency.
What are economies of scale?
300
competition, customer expectations and needs, economies of scale, choice of location, mergers/acquisitions/joint ventures, and increased customer base.
What are the effects of globalization?
400
Production, Marketing, Finance, & HR.
What are the four business functions?
400
Businesses that are owned by share holders and have limited liability.
What are companies (corporations)?
400
Inflation, Unemployment, Recession
What are some examples of an economic threats?
400
occurs when a business grows internally, using it's own resources to increase the scale of its operations and sales revenue.
What is organic (internal) growth?
400
a business organization that operates in two or more countries.
What is a multinational corporation?
500
Land, Labor, Capital, & Enterprise.
What are the four factors of production?
500
Adv - few legal formalities, profits, beings your own boss, personalized service, privacy. Disadv - unlimited liability, limited sources of finance, high risk, stress, lack of continuity, higher cost of production.
What are the advantages and disadvantages of a sole trader?
500
_______ refers to the use of govt. taxation and govt. expenditure policies to influence the economy. _______ is designed to control the amount of spending and investment in an economy by altering interest rates to affect the money supply and exchange rates.
Fiscal Policy & Monetary Policy
500
a form of business ownership where a person or bsuienss buys a license to trade using another firms name.
What is a franchise?
500
owners of private or public limited companies.
What are shareholders?