Unit 1. Intro to business
An organisation's statement of an ideal world that the organisation is planning to grow into.
What is Vision?
The HR function ensuring the right number of employees with the right skills at the right time.
What is workforce planning?
Product, Price, Place, Promotion
What are the 4Ps of marketing?
This tool is often used before a business launches a new product or enters a new market to help identify internal and external factors that could affect success.
What is a SWOT Analysis?
A company aims to balance the interests of investors, employees, customers, and the wider community. Which approach to business responsibility does this illustrate?
What is Stakeholder Analysis?
Reductions in a firm's unit (average) costs of production that result from an increase in the scale of operations
What are economies of scale?
Organizations hire external organizations to complete certain business processes.
What is outsourcing?
An identifying symbol, name, image or trademark that distinguishes a product from its competitors
What is a brand?
Is a matrix which categorizes growth strategies as Market Penetration, Market Development, Product Development or Diversification
What is Ansoff Matrix?
According to a famous motivation study, some workplace conditions prevent dissatisfaction while others actively encourage staff to perform better. What are these two categories?
What is Hygiene factors and motivators ?
Relates to the social, ethical, and environmental responsibilities identified by businesses & the strategies that they adopt to meet them.
What is CSR?
Training that occurs at the employees workplace.
What is on the job training?
Promoting goods through TV, radio, and print media is this type of promotion.
What is above-the-line promotion?
Businesses use this tool to predict how an item will perform over time, helping decide when to invest or withdraw a product.
What is the product life cycle?
An employee feels fulfilled only after achieving their full potential at work. Which stage of a well-known hierarchy of human needs does this represent?
What is Self-Actualization?
A company where the owners and the company are separate legal entities; the owners are not responsible for the companies liabilities.
What is a limited liability company LLC?
Any individual, group or organisation that is directly or indirectly affected by the operations of a business.
What is Stakeholder?
A new smartphone is launched at a very high price to maximize short-term profits, then lowers it after it loses popularity. Which pricing strategy is being used?
What is price skimming?
When a company has multiple products and wants to decide which ones to invest in or phase out, it uses this analytical tool.
What is the Boston Consulting Group Matrix?
A manager notices that employees work harder and are more satisfied when given opportunities for skill development and recognition, rather than just higher pay. Which motivation theory does this scenario reflect?
What is Herzberg’s Two-Factor Theory ?
The portion of the economy concerned with the direct extraction of materials from Earth's surface, generally through agriculture, although sometimes by mining, fishing, and forestry.
What is the Primary Sector?
The number of employees who report directly to a manager
What is span of control?
A business tests a new flavor of soft drink by giving free samples in a supermarket and collecting customer opinions. What market research method is this an example of?
What is primary research?
A company decides to design products so that materials can be reused, repaired, or recycled at the end of their life cycle. This is an example of...
What is the Circular Business Model?
This theory explains that employees will be motivated if they believe their effort will lead to good performance and rewards. Include the name of the theorist too.
What is Vroom's Expectancy Theory?
A bakery opens its own wheat farm to supply flour. What type of growth strategy is this?
Backward vertical integration
A business removes a middle management layer to cut costs. What is this HR strategy, and one drawback?
What is delayering?
The chain of intermediaries a product passes through from producer to consumer
What is Chain of distribution?
A retail company wants to predict next quarter’s revenue based on previous data, market trends, and seasonal demand. Which tool are they using?
What is Sales forecasting?
A factory manager observes that workers complete tasks faster when each job is broken into small, simple steps and performance is closely monitored with rewards for efficiency. Which motivation and management theory does this illustrate?
What is Taylor’s Scientific Management Theory?