Operations
What is automation?
The use of automated systems and technology to increase production efficiency and reduce labour costs.
What are external influences on financial management?
These external factors, such as the global economy and market conditions, influence a company’s financial decisions.
What is the marketing concept?
This concept ensures that the business focuses on satisfying the needs and wants of customers.
What is human resource management?
The process of hiring, training, and developing employees to achieve organizational goals.
What are trade barriers?
Tariffs, quotas, and subsidies are examples of these restrictions on international trade.
What are the operations processes?
The three stages of operations: inputs, transformation, and outputs.
What is financial monitoring and controlling?
The process of comparing actual financial performance with planned performance to control business finances.
What is premium pricing?
A strategy that sets a high price to create a perception of quality and attract a specific market segment.
What is recruitment and selection?
The process of attracting and choosing candidates for employment.
What is global standardization?
The strategy where a business standardizes its product across multiple countries while maintaining global brand consistency.
What does efficient production look like?
A method that aims to minimize waste. Greatest amount of output with the least amount of input
What is the current ratio?
The ratio used to measure a company’s short-term liquidity by comparing current assets to current liabilities.
What is the marketing mix?
The four elements—product, price, promotion, and place—used to develop and market a product or service.
What is employee recognition?
A strategy that focuses on ensuring employees are motivated and satisfied in their roles, often through benefits and rewards.
What is hedging?
A financial strategy that minimizes the impact of exchange rate fluctuations on international trade.
What is sustainable supply chain management?
A strategic approach focusing on the management of environmental, social, and economic impacts within the supply chain.
What is capital raising?
The financial strategy that involves issuing shares or raising debt to finance long-term growth projects.
What is market segmentation?
Dividing the market into distinct groups of buyers with different needs or behaviors.
What is industrial relations?
This term refers to the legal and employment relationship between employers, employees, and trade unions.
What is outsourcing?
The process of relocating business processes to another country to benefit from lower costs or specialized expertise.
What are the performance objectives?
The six key performance objectives in operations, including quality, speed, dependability, flexibility, cost, and customization.
What is creative accounting?
Financial reports may be manipulated to make a company look more profitable, a practice often known as this.
What is situational analysis?
This step in the marketing process involves analyzing data and developing strategies to ensure the business meets its marketing objectives.
What is separation?
The voluntary or involuntary process of an employee leaving an organization, including retirement, resignation, or redundancy.
What is global customization?
This strategy involves tailoring a company's products, services, and marketing strategies to local markets while maintaining a global brand presence.