Business Activity
This occurs when a business must choose between alternatives.
What is opportunity cost?
This non-financial aim focuses on ensuring customers feel satisfied with their experience.
What is customer satisfaction?
Owners who buy a percentage of a company through shares are known as these.
What are shareholders?
This process ensures the finished product meets the required standard before reaching customers.
What is quality control?
This documents the skills, qualifications, and experience required for a job.
What is a person specification?
Land, Labour, Capital and Enterprise what a business needs to produce goods or services.
What are the factors of production.
Businesses often set this objective to increase the proportion of an industry they control.
What is increasing market share?
A company inviting outsiders (from anywhere) to buy shares would need to convert to this structure.
What is a public limited company (Plc)?
Goods that are bought to be used up in production, such as flour for a bakery, are known as this type of stock.
What are raw materials?
When two employees share the hours and responsibilities of one role, it is known as this.
What is job sharing?
This type of market research involves collecting existing data such as reports or statistics.
What is secondary research?
A business aiming to minimise its impact on the planet is focusing on this type of objective.
What are environmental or sustainability objectives?
Growth that involves expanding within the same industry is known as this type of growth.
What is horizontal growth?
This type of stock kept by businesses like ABC Ltd helps manage unpredictable demand peaks.
What is buffer stock?
A tall organisational structure often suffers from this communication problem.
What is slow or poor communication?
Customers’ desire and willingness to buy a product together describe this concept.
What is demand?
This type of aim relates to supporting local groups, charities, or communities.
What is a social aim?
This term describes the cost advantages a business gains as it increases its scale.
What are economies of scale?
This measure divides total costs by units produced, as seen in the average cost formula.
What are average unit costs?
Delegating tasks to employees helps improve this motivational factor by increasing responsibility.
What is job motivation?
This strategy involves focusing on a smaller part of a market with specific customer characteristics.
What is market segmentation?
When a business changes its goals due to growth, competition, or technology, it is adjusting these.
What are business aims and objectives?
Expanding by launching new products into an existing market is an example of this strategy.
What is diversification?
A system where stock is delivered only when needed reduces storage costs and is called this.
What is Just-in-Time (JIT)?
When employees are encouraged to share ideas and take part in decisions, the business is using this style of management.
What is democratic leadership?