Nature
A business that operates with the main goal of helping others rather than making profit.
What is a not-for-profit organisation?
A business that has operations in more than one country.
What is a transnational company / multinational company?
The management approach that focuses on tasks and efficiency (used in the early 1900s).
What is the classical scientific approach?
The business function responsible for recruiting and training staff.
What is Human Resources?
A short written statement that describes a business’s purpose and values.
What is a mission statement?
The type of business industry that involves extracting natural resources.
What is a primary industry?
The two main types of cessation (business closure).
What is voluntary and involuntary cessation?
The management approach that focuses on worker motivation and teamwork.
What is the behavioural approach?
The business function responsible for budgeting and accessing loans.
What is finance?
The stage in business planning where you research the industry, market, and competition.
What is the situational analysis or market research?
A benefit for businesses that contribute to the local community.
What is improved reputation / customer loyalty?
When two or more businesses join to form a larger business.
What is a merger?
A leadership style where managers tell employees exactly what to do.
What is autocratic leadership?
The 4P's Marketing Mix
What is price, promotion, place, product?
A government registration required for all businesses in Australia.
What is an Australian Business Number (ABN)?
This type of business is owned and operated by one person.
What is a sole trader?
A reason why businesses fail in the establishment phase.
What is lack of cash flow / poor planning?
The management approach that adapts to changing circumstances.
What is the contingency approach?
Non-monetary employee benefits (e.g., flexible hours, recognition).
what are non-wage benefits?
The document that outlines how a business will achieve its goals.
What is a business plan?
The four main business functions.
The process of selling all assets to pay off debts when a business is insolvent.
What is liquidation?
A benefit of participative leadership.
What is higher employee motivation / improved decision making?
The three main types of employment contracts.
What are permanent, casual and fixed-term contracts?
A SWOT analysis stands for...