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23 Cards in this Set
- Front
- Back
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Globalisation
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Economies starting to mix together to create a global economy
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Diseconomies of Scale
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When a business becomes too large
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Merger
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When two businesses agree to form a new company. A + B = C
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Acquisition
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When a business buys controlling interest in another company.
A + B = A |
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Joint Venture
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When two or more companies invest in a shared business project.
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Strategic Alliance
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When several businesses put their skills into a shared project.
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Economies of Scale
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Reduces the cost of production because a firm operates on a larger scale.
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Internal Stakeholders
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Owners, shareholders, managers, employees.
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External Stakeholders
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Government, enviornment, local community, suppliers, consumers
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Corporate Social Responsibility
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The consideration of ethical and environmental issues.
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Vision Statement
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A businesses long term aspiration
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Mission Statement
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A declaration of the businesses overall purpose
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Short Term / Tactical Objective
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eg. Survival
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Long Term / Strategic Objective
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eg. Growth
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Human Resource Management
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Developing employees to meet the objective of the business.
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Demography
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The study of population characteristics.
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Taylor's Theory
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People are motivated by money
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Maslow's Theory
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Hierarchy of needs
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McGregor's Theory
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Theory x and theory y
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Herzberg's Theory
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Hygiene factors and motivators
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Internal Finance
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Personal funds, family and friends, selling assets
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External Finance
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Share capital, trade credit, leasing, government subsidies
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Payback period
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Initial investment / contribution per month
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