Unit 1- Introduction to Business Management
Businesses involved in in the cultivation or extraction of natural resources.
What is Primary Sector
The company that has the highest sales revenue of the whole market.
What is market leadership?
A situational tool used to assess the internal and the external situaiton of a business.
What is SWOT analysis?
Large, interdisciplinary ideas that have relevance both within and across academic subject areas
What is Concepts?
Individuals and organizations with a direct interest in the activities and performance of a business.
What is stakeholders?
Leadership style based on having minimal direct input into the work of employees. Instead, leaders allow subordinates to make their own decisions and to complete tasks in their own way.
What is a Laissez-faire leadership
A visual tool that reveals what costumers think of a product or brand in relation to others in the market
What is a product position map / perception map?
An analytical tool that helps managers to choose and devise various product and market growth strategies
What is Ansoffs growth matrix?
A conversion, transformation or movement from one form, state or value to another
What is Change
Shareholders do not stand to lose personal belongings if the company goes into brankruptcy or liquidation.
What is limited liability?
Labour markets where workers are typically on short-term, temporary contracts or carry out freelance work as independent contractors.
What is gig economy
Activities designed to discover the opinions, beliefs, preferences of potential and existing customers.
What is market research?
STEEPLE is an acronym for.
What is Social, Technological, Economic, Environmental, Political, Legal and Ethical?
The process of generating something original.
What is Creativity?
Lower average cost of production as a firm operates on a larger scale due to gains in productive effiency
What are economies of scale?
The official administrative and formal rules of an organisation that govern business activity. It involves prescribed rules and policies, standardised procedures and formal hierarchical structures.
What is bureaucracy?
Refers to the premium price that that customers are willing to pay for a brand name over and above the value of the product itself
What is brand value?
situational and decision-making tool that helps managers plan for a balanced product portfolio
What is Boston Consulting Group Matrix?
The socially accepted moral principles that guide decision-making, based on the society’s collective belief of what is right and what is wrong.
What is Ethics?
Any nation that allows a MNC to set up in its country
What is a host country
Theory that look at factors that must be met in order to prevent dissatisfaction and the factors that actually motivate employees.
What is Herzberg's motivation theory?
The ways that a product gets from the manufacturer to the consumer.
What is channels of distribution
A formal report detailing the key aspects of a business idea or or proposition and how the organization sets out to achieve this
What is a business plan?
Being able to meet the needs of present generations without compromising or jeopardizing the ability of generations in the future to meet their own needs
What is Sustainability?
Occurs when a business grows and evolves by collaborating with, buying up or merging with other organizations.
What is external growth
Any paid-for promotion through mass media to reach a broad audience.
What is ATL / Above the Line promotion?
A decision-making tools that focus on the environmental impacts of business activities.
What is Circular business models?
Business activities that meet the well-being needs of the current and future generation
What is Social sustainability?
The longer-term goals of a business, such as profit maximization, growth, market standing and increased market share
What is strategic objective?
Culture, attitudes, traits, subordinates, task and time constraints (HL Only)
What are factors influencing management and leadership style?
Involves temporarily reducing price in an attempt to force rivals out of the industry as they cannot compete profitably.
What is predatory pricing?
Are tools used to summarize statistical data in order to help managers and decision makers to analyse their significance.
What is Descriptive statistics?
Business activities that meet the economic needs of the present generation, using the existing resources that are available, without compromising the ability of future generations to meet their own needs.
What is Economic sustainability?
A growth strategy that occurs with amalgamation of a firm operating on a later stage in the production process.
What is Forward Vertical Integration
This refers to organisations being able to take advantage of another channel of distribution as well as another source of revenue, greater flexibility for organisations to be able to respond more quickly to competitors, reduced packaging, fewer overheads, reduced overheads and increased choice and convenience for customers.
What are the benefits of e-commerce?
A business management decision-making tool that outlines the ways that any business can use to gain a competitive advantage (HL Only)
What is Porter’s generic strategies?
The maintenance or restoration of the composition, structure, and processes of ecosystems OR
The capacity of the natural environment to meet the needs of the current generation without jeopardizing the ability of future generations to meet their needs.
What is Ecological sustainability