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36 Cards in this Set
- Front
- Back
- 3rd side (hint)
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External growth |
Expansion of a business through mergers and take overs of other industries Management problems(diff culture) Rapid expansion(competitive and expanding markets) |
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Emotional Intelligence |
The ability of managers to understand their own emotions, And those of people they work with To achieve better business performance |
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Internal recruitment |
Recruiting from existing workforce- promotion Cheaper, faster Limited pool, no new ideas |
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Internal growth |
Expansion of a business through opening of new branches Time-consuming Avoids management issues Avoids overtrading |
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Market share |
Proportion of sales owned by the business MS= sales of business/sales of industry x100 |
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Distribution(supply chain) |
Getting the right product to the right consumer at the right time in the most convenient way to the customer |
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Efficiency |
Producing output at the highest ratio of output to input Measured by productivity(doing things the right way) |
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Effectiveness |
Meeting the objectives of enterprise Using inputs productively to meet customer needs Meeting these needs profitably Doing the right thing |
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Balance sheet |
Is a financial account that shows Net wealth of a business at one moment in time Shows assets, liabilities and share equity Help lenders determine whether to lend or not |
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Leadership style |
The way managers take decisions and deal with their staff 4 styles |
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Public Limited Company |
Incorporated, registered with the ROC Listed on the NSE Can sell shares to the public Limited liability |
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Marketing |
Identifying, anticipating and satisfying consumer consumer requirements profitably- CI. Marketing |
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Consumer markets |
Markets for goods and services for the end user, final consumer consumer consumer |
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Industrial market |
Markets for goods and services, usually capital goods, for businesses to produce other products |
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Empowerment |
Process of transferring decision making responsibilities to the workers Extended form of delegation |
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Performance related pay |
Bonuses Paid in addition to the basic salary Requires target setting and annual appraisals Gives direction and purpose to workers But may cause rivalry |
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Market growth |
Percentage change in total size of the market over a period of time |
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Market share |
Firms sales in time period/total Market sales in time period x100 |
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Niche market |
A segment of the market yet to have been exploited by competitors Develop products to suit it |
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Added value |
Difference between selling price and the cost of production, materials and components |
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USP |
Special feature of a product that differentiates it from competitors products |
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Mass marketing |
Selling products to the entire market without the intention to segment it |
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Entrepreneur |
Someone who takes the financial risk of managing a business venture Characteristics: ability to bounce back Innovation Leadership skills Multiskilled |
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Opportunity cost |
That benefit that one gives up from not having the next most desirable item |
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Operations |
Convert inputs(land,labour, capital) into outputs(goods and services) |
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Human resource management |
The strategic approach to managing a business's employees to achieve a competitive advantage Uses key tools Training and development Communication Rewarding and motivating Recruitment and selection |
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Workforce planning |
Analysing and forecasting the number and skills of workers needed to achieve its objectives Analysing and forecasting the number and skills of workers needed to achieve its objectivesAlign needs and priorities of the workforce with the organisation To ensure the organisations objectives are met Align needs and priorities of the workforce with the organisation To ensure the organisations objectives are met |
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Workforce audit |
A check on skills and qualifications and numbers of the existing workforce |
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Recruitment |
The process of Identifying the need for a new employee Defining job to be filled Attracting suitable candidates Selecting the best one |
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Job description |
The key points about the job Key tasks and responsibilities |
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Operations planning |
Preparing input resources to supply products to meet expected demand |
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CAD |
Using computer programs in the designing process Create 2D and 3D graphical representations of objects |
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CAM |
Computer aided manufacturing Use computer programs in the manufacturing process Control machinery in the manufacturing of components and finished products |
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Benefits of CAD |
Increased productivity Lower production cost Improved quality Good visualization of final product Easy re-use of design data Great accuracy |
V.A.D.P.Q.C |
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Benefits of CAM |
Increased productivity Greater accuracy, less quality problems More flexible(Mass customisation) Can integrate with CAD, allows more variants |
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PEST |
Political Economical Social(culture) Technological |
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