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21 Cards in this Set
- Front
- Back
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Chapter 1: socio economic issues definition |
these are challenges that affect people and the economy in a negative way |
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why does socio economic issues pose a threat to the business |
° this effects customer spending due to poverty and unemployment ° Businesses pressured to create jobs for the unemployed ° they must educate employees on social issues and how to get involved in them |
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Types of socio economic issues |
° inclusivity ° gambling ° counterfeiting ° crime ° strikes/political disturbance ° piracy ° HIV/AIDS |
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Inequality definition |
it is when people do not have the same opportunities and are treated differently because of their social value |
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inclusivity in business |
° enables the business to use all the human resources ° promotes equal opportunity for the employees to obtain skills that lead to promotion ° increased tolerance for each other's ideas and beliefs ° Businesses are used to show variety and foreign talent |
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poverty and inclusivity in the business |
° people cannot fully participate in the economy ° poverty shrinks the market because people cannot afford luxuries ° inequalities result to lack of skills and job opportunities ° poverty increases chances of shoplifting and crime on businesses |
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HIV/AIDS on businesses |
° loss of skilled staff due to HIV/AIDS illness ° costs of finding replacement employees and recruiting is high ° costs such as insurance/health/retirement is higher because of the illness ° high absenteeism from treatment of the disease |
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definition of corporate social responsibility |
The actions the business does to positively affect the public and environment due to its responsibility to manage their resources |
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how businesses can take on crime |
° offer employment ° getting involved in the loc community on sustainable projects with the community ° adopting a school, providing for its needs |
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how businesses can address violence |
° provide counselling facilities to victims ° provide employees with an assistance program to address personal problems |
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how businesses can address HIV/AIDS |
° counselling programmes to provide infected and affected employees ° encourage employees to join HIV/AIDS support groups ° develop strategies to deal with stigma and discrimination ° conduct workshops on HIV/AIDS programmes |
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how businesses address inequality and poverty |
° offer learnerships for employees ° offer best volunteering programs ° develop employee skills ° provide bursaries for employee's children |
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quality definition |
° the ability to satisfy customer needs consistently |
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quality control definition |
° inspection of a product to ensure it needs required standards |
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quality assurance definition |
ensuring the product passes quality control the first time by inspecting it several times during the process |
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quality indicators of the financial function |
° ensuring a healthy cash flow ° financial records being kept up to date ° drawing up accurate financial statements regularly |
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quality indicators of the production function |
° accurately calculating production costs ° utilising machines and equipment optimally ° providing high quality products according to specifications ° selecting the appropriate production system |
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quality indicators of the marketing function |
° increasing their market share ° winning customers by satisfying needs and wants ° using pricing techniques to ensure a competitive advantage |
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quality indicators of the purchasing function |
° buying raw materials in bulk for lower prices ° selecting reliable suppliers that have the best quality raw materials for reasonable prices ° maintain optimum stock levels to avoid overstocking or reducing outdated stock |
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importance of quality in promoting the business image |
° businesses gain goodwill and support from the community ° enables businesses to have a good reputation and promotes brand awareness ° quality products increases sales, profits and attracts investors ° customers associate the business with quality |
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correlation between management and the success of the business |
° businesses require ongoing decisions making and problem solving ° poor management results in ineffective employees and loss of productivity ° management plays a role in making correct decisions and motivating employees to be productive |
