Business Exam Revision Unit 2

Front 1

MISSION STATEMENT

Back 1

a statement indicating the purpose of a company- the reason an organisation exists

Front 2

VISION STATEMENT

Back 2

a declaration of an organisations objectives in order to guide internal decision making

Front 3

BUSINESS OBJECTIVES

Back 3

what an organisations expects to achieve over a set period

Front 4

COMMUNICATION

Back 4

an exchange of information between a sender and a receiver, allows for feedback

Front 5

STAKEHOLDERS

Back 5

any group or organisation that has a vested interest in, or is affected by the activities of a business

Front 6

EXPLAIN THE IMPORTANCE OF COMMUNICATION IN ACHIEVING BUSINESS OBJECTIVES

Back 6

business activities/strategies must be communicated to all employees to be enforced and also communication to stakeholders is essential for long term survival

Front 7

FORMAL CHANNELS: top-down

Back 7

downward- from managers to supervisors to employees

Front 8

bottom-up

Back 8

upward- messages at 'grass roots' (employees) flow to managers

Front 9

sideway

Back 9

information flows between people operating at the same level/similar tasks

Front 10

INFORMAL- grapevine

Back 10

unofficial and informal communication system which is superimposed on the formal network

Front 11

verbal communication

Back 11

written or oral use of words to communicate

Front 12

written communication

Back 12

used by managers to pass on info/ideas inside and outside the business

Front 13

oral communication

Back 13

involves direct word of mouth- used to ask questions, give instructions and talk to customers

Front 14

non verbal

Back 14

any message not written or spoken

Front 15

body language

Back 15

use of gestures, facial expressions and posture to communicate - action conveys a secret message

Front 16

visual communication

Back 16

use of symbols to communicate eg. brand logo -used to gain attention and easy to remember

Front 17

explain two barriers to communication and how they can be overcome

Back 17

language-by interpreting a message in more than one way, technical words not being understood or negative statements

to overcome this the sender should ask the receiver if they understood everything clearly or if they have any questions

information overload- to much information at once causing the reader to become overwhelmed or confused

to overcome this the receiver can ask the sender questions or breaking down the information

Front 18

interview

Back 18

face-to-face meeting

Front 19

body language

Back 19

use of gestures, facial expressions and posture to communicate

Front 20

logos

Back 20

graphical representation that identifies a businesses products

Front 21

brand name

Back 21

that part of the brand that can be spoken

Front 22

difference between horizontal communication and vertical communication

Back 22

horizontal is information flowing between people at the same level whereas vertical communication is the flow of messages from people at the grass roots (employees) up to managers

Front 23

difference between verbal and non verbal

Back 23

verbal communication involves the written or oral use of words to communicate whereas non-verbal is any message NOT written or spoken (body language and visual symbols)

Front 24

marketing

Back 24

marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organisational objectives

Front 25

FACTORS INFLUENCING MARKETING DECISIONS

Back 25

~market segmentation based on factors such as geographic, physcographic, demographic and behavioural

~which promotion strategy/selling technique is best suited