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Business Unit 1-4 - Marcador
Business Unit 1-4 - Detalles
Niveles:
Preguntas:
70 preguntas
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Define Business | An organisation which exchanges goods and/or services for one another or money. |
Classification of a business | - Size - Geographical Spread - Industry Sector - Legal structure |
Internal Business Environment features include: | Owners, Employees, Structure, Culture |
Geographical Spread | Local, National, Global, Multinational |
What are the Industry Sectors of a business? | - Primary - Secondary - Tertiary - Quaternary - Quinary |
Role SME | - Economic Contribution |
Characteristics of an SME | - Source of finance - equity finance / long term, - Ownership - Geographical spread - local - Legal Structure - Unincorporated - Market Share |
Internal Business Environment features include: | Owners, Employees, Structure, Culture |
Size | Small, Medium (SME's) and Large |
What is a primary industry? | Involves the collection of resources from nature - Farming - Mining - Fishing |
Internal Business Environment features include: | Owners, Employees, Structure, Culture |
Define SMe | Firms with less than 200 full-time equivalent employees and/or less than $10 million turnover |
What is a Secondary Industry? | Businesses that take the output of raw materials and process it into a semi or finished product - Steel manufacturer - Car manufacturer |
What is a Tertiary Industry? | Performing a service for other people - Retailer - Dentist - Lawyer |
What is a Quaternary Industry? | Services that involve transfer and processing of information and knowledge - Telecommunications - Education - Property |
What is a Quinary Industry? | Includes all services that have traditionally been performed in the home - Hospitality - Childcare - Tourism |
Legal Structure | - Sole Trader - Partnership - Private company - Public company - Government Enterprise |
Factors influencing choice of legal structure | - Size of Business - Ownership and Control - Finances |
Internal Influences | - Product - Location - Management - Resources - Business Culture |
External Influences | Economic - Financial - Geographic -Social - Legal - Political - Institutional - Technological - Competitive situation - Markets |
External Influences | - Economic - Financial - Geographic -Social - Legal - Political - Institutional - Technological - Competitive situation - Markets |
Factors that can contribute to business decline | - Failure to plan - Poor location - Lack of demand - Lack of management skills - Increased competition |
2 main causes of business decline for SME's | - Lack of management expertise - Lack of sufficient money - Failure to plan |
3 main causes of business decline for SME's | - Lack of management expertise - Lack of sufficient money - Failure to plan |
Involuntary cessation | Occurs when the owner is forced to cease trading by the creditors of the business |
Types of Business Goals | - Profits - Market share - Growth - Share price - Social - Environmental |
Profit | What is left after the costs of producing and supplying the product (expenses) have been deducted from money earned from sales (revenue) |
Market Share | The busniess' share of the total industry sales for a particular product |
Internal Growth | - Increasing employees - Sales - Introducing new innovative products - Purchasing new equipment |
Size | - Maintain control over business operations - Maintain a personal relationships with customers |
Social | Every business has a social responsibility to the community and individual stakeholders |
Social Goals | - Community service - Social justice - Environmental - Sustainable development |
Liquidation | Occurs when an independent and suitably qualified person - is appointed to take control of the business with the intention of selling all the company's assets in an orderly and fair way in order to pay the creditors. |
External Growth | - Merger - Acquisition |
What are business goals? | A desired outcome (target) that an individual or business intends to achieve with a certain time frame. |
Share price | Is a part ownership of a public company |
The importance of goals | - Serving as target - Measuring stick (bench mark) - Motivation - Commitment |
What makes up SMART goals? | - Specific - Measurable - Attainable - Realistic - Timely |
Reasons why shareholders would purchase shares | - Hope of selling for a higher price - Entitles an investor to a part of the company's profits |
Staff involvement advantages | - Increased employee motivation - Solutions to organisational problems |
Staff involvement importance | - Innovating - Mentoring - Motivation - Training |
What are the 4 Key business functions? | - Operations - Marketing - Finance - Human Resources |
Operations | Refers to the business process that involve transformations/production |
Operation management | Consists of all the activities in which managers engage to produce goods or services |
Production process | - Inputs - Processes - Outputs |
Quality control | Involves the use of inspections at various points in the production to check for problems and defects |
Quality assurance | Involves the use of a system so that a business achieves set standards in production |
Total quality management | Is an ongoing, business - wide commitment to excellence that is applied to every aspect of the business operation |
What are the 4 P's? | - Price - Product - Promotion - Place |
What are Human Resources? | Effective management of the formal relationships between the employer and the employees |
What is HR training? | Aimed at improving employees' skills and abilities - they are necessary for both personal and business growth |
What are the Skills of management? | - Decision-making - Interpersonal - Communication - Strategic thinking - Vision - Problem-solving - Flexibility and adaptability to change - Reconciling the conflicting interests of stakeholders. |
Finance | Business managers must have a thorough understanding of accounting and finance |
What are 4 features of effective management? | - Planning - Organising - Leading - Controlling |
Cash flow statement | A financial statement that indicates the movement of cash receipts and cash payments resulting from transactions over a period of time. |
What are the stages of a business? | Seed, Start-up, Growth, Maturity, Post-maturity |
Income statement | A summary of income earned and the expenses incurred over a period of trading |
What is the evaluating criteria of a business? | Effectiveness, Efficiency, Stakeholder Satisfaction, Competitiveness |
Balance sheet | It is a report that shows the overall financial stability of the business |
Internal Business Environment features include: | Owners, Employees, Structure, Culture |
External Business Environment features include: | Customers, Suppliers, competitors, Interest groups |
Recruitment | Involves finding and attracting the right people to apply for a job vacancy using advertisements, employment agencies and word of mouth. |
External Macro Environment features include: | STEEPLE: Socio-Cultural, Technological, Economic, Environment, Political, Legal, Ethical |
Internal recruitment | Occurs when a business decides to appoint someone already within the business to a vacancy |
What are the fundamentals of a Business? | Business structure, Business goals, Strategic planning, key Business functions |
External recruitment | To find suitable applicants from outside the business, because staff planning has identified the need for a new position |
What are the types of Businesses? | Profit Based, Not-for-profit, Government owned corporations, Government business enterprise. |
What are the 4 sizes of a business? | Micro (1-4 employees), Small (1-19), Medium (20-199), Large (200+) |
Types of HR training - | - Simulations - Coaching - Computer based training |
Employment contracts | A legally binding, formal agreement between an employer and an employee. |
What are the 5 business categories? | Home based, digital, local, national, international |
Define a business objective. | A statement of intention that provides direction for achieving a goal |
Ethical business behaviour | Is the application of moral standards to business behaviour |
Features of effective management | - Communication - Organisation - Respect - Problem solving - Decision making - Low staff turnover - Adaption to constant occurring changes - Overview over all departments |
Define a mission statement. | A plan of action for a business: its actionable statement |
Ethical issues | - Fairness and honesty - Respect for people - Conflict of interest - Financial management - Truthful communication |
Define a vision statement. | A vision: a framework for a businesses strategic planning: an aspirational statement of the business. |
Responding to internal and external influences | Businesses must keep responding to the never ending pressure for change |
What is the difference between an objective and the mission statement? | Mission statement is an objective for the overall business while an objectives are much smaller and are small steps along the way. |
Managing change effectively | Identifying a need for change - An effective manager should always be scanning the environment, attempting to understand factors that will have an impact on the business. |
What are the 2 basic organisational structures? | Tall organisational (centralised) and Short organisational (decentralised) |
Effective managers | - Those that posses a range of specific management to achieve the business goals. - All managers use their skills to achieve the business goals. To do this they require: wide range of technical, conceptual, thinking and people skills. |
What are the 3 main types of organisational structures? | Simple structure, Functional structure, Divisional structure A functional organization is a common type of organizational structure in which the organization is divided into smaller groups based on specialized functional areas, such as IT, finance, or marketing The divisional structure is a type of organizational structure that groups each organizational function into a division. A simple structure is defined as a design with low departmentalization, wide spans of control, centralized authority, and little formalization |
What is a simple business structure? | A basic system that has limited specialisation. There is a centralised authority and no formalisation. |
What is a functional business structure? | The most common structure. Employees grouped into departments. Very structured and hierarchical. |
What is a divisional structure? | Groups employees by divisions that exist within the business. Divisions have individual goals and targets. Very structured and hierarchical. |
How customers can influence the operating environment of a business? | The amount of revenue gained, reviews of your business from customers, their health and safety within the business. |
Define evaluate | Make an appraisal by weighing up or assessing strengths, implications and limitations; make judgments about ideas, works, solutions or methods in relation to selected criteria. |
Define synthesise | Combine different parts or elements (e.g. information, ideas, components) into a whole, in order to create new understanding |
Define justify | Give reasons or evidence to support an answer, response or conclusion; show or prove how an argument, statement or conclusion is right or reasonable |
Define explain | Make an idea or situation plain or clear by describing it in more detail or revealing relevant facts; give an account; provide additional information |
Define contrast | Display recognition of differences by deliberate juxtaposition of contrary elements; show how things are different or opposite |
Define describe | Give an account (written or spoken) of a situation, event, pattern or process, or of the characteristics or features of something |
Define differentiate | Dentify the difference/s in or between two or more things; distinguish, discriminate; recognise or ascertain what makes something distinct from similar things; |
Explain the post-maturity stage of a business | The business faces stable sales (subject to decline) and market share after experiencing growth. Focus shifts to optimising operations and adapting to changes to ensure sustained profits. |
List 5 characteristics of a post-mature business | Stable market position, slowed growth, market saturation, strong cash flow, efficient operations. |
Explain the 'renewal' outcome of a post-mature business | Refers to revitalising strategies, such as innovation, product diversification, or entering new markets, aimed at reigniting growth and maintaining competitiveness. |
Explain the 'steady state' outcome of a post-mature business | Phase where the business maintains consistent performance, market share, and profitability, focusing on optimising operations and sustaining its current position without significant growth or decline. |
Explain the 'decline' outcome of a post-mature business | A gradual decrease in sales, profits, and market relevance due to factors such as saturation, changing customer preferences, leading to decreased competitiveness or business closure. |
What are 4 internal factors that influence repositioning? | Shift in managment vision, resource allocation, change of organisational structure and innovation. |