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IB Business Utopia Case Study
Terms in this set (84)
someone who bears the financial risks of starting and managing a business or a commercial venture
represents a unit of ownership in a company with all the shares representing the total capital of a company
Private Limited Company
an incorporated business owned by shareholders who have a limited liability
visual tool used to show customers' perceptions about the product or brand in relation to others in the market
an intangible product provided by an organization
Word Of Mouth
is a form of unpaid promotion whereby customers tell others about a business or its products
Refers to the methods of communicating marketing messages to potential customers
Form of online promotion whereby content is shared rapidly from one person to many others, often via social media.
a written document detailing how a business sets out to achieve its objectives and strategies.
Describes the norms and the traditions within an organization or the community
Individuals or other organizations that are not part of the business but have a direct interest in its operations. Include customers, suppliers,competitors,outside investors and the government
growth of a business due to an increase in the size of the organization
refers to the maximum output of a worker, department or organization, per period of time.
Method of stock control whereby materials and components are scheduled to arrive precisely when they are needed for production or sale.
Refers to the amount of a good or service that an organization is willing and able to produce at different price levels
Refers to the value of a good or service that is paid by the customer.
refers to the moral principles and values that form the basis of how business activity is conducted.
an external stakeholder group that sell goods and services to other businesses
refers to a distinguishing name of a product or organization which differentiates it from competing products and firms in the market.
someone who treats employees as if they were family members, by guiding and consulting them
an individual who owns and operates his or her own business
focuses on the products rather than focusing on the wants or needs of its customers.
refers to the extent to which a product is fit for its purpose
related to place in the marketing mix and refers to the entire process of getting the right products to the right place at the right time where the customers want them
is the expansion of a business due to an increase in the size of the organization and/or growth in the industry
decision-making organization involved in the production of goods and/or services to satisfy a need or a want of customers.
series of retail shops owned y a firm that operates under the same brand name
merchant or vendor that sells goods and services directly to consumers, usually in small quantities
is a gift from one party to another, usually for charitable purposes to to benefit a particular cause.
is a non-profit organization set up to provide help and raise money for those in need.
is the long term goal of an organization. It helps to give the organization and its personnel a sense of purpose and strategic direction.
is an organization owned by shareholders and operates in two or more countries
location where most, of the major strategic decisions of an organization are coordinated
management process of identifying, anticipating and satisfying consumers' requirements in a profitable way.
concerned with processing resources to provide outputs in the form of goods and/or services.
growth strategy in Ansoff's matrix that involves UTOPIA trying to create new goods and services targeted at it existing markets.
consist of people and organizations in a particular geographic location that share common resources and interests n the area.
Human Resource Manager
charge of the personnel roles and functions in n organization.
refers to monetary funds required either for the start-up of a new business venture.
describes someone who is an entrepreneur - someone who is willing and able to take risks and has the skills to make a business successful
an entrepreneur who has the foresight and driving force behind a company's growth and development.
set of circumstances in the external business environment that creases a chance or opening for future progress.
measures the degree to which customers consistently repurchase the same brand of a product over time rather than buying from rival suppliers.
refers to the collective groups of existing and potential buyers and sellers of a particular good or a service.
individuals or organizations who purchase goods or services from a business
experiences this when its cost of production exceeds the sales revenue during a particular time period, usually a financial year.
refers to the reactive strategies used by an organization when faced with a sudden and unexpected emergency.
Crisis Management Plan
outlines the processes and producdures by which an organization intends to deal with a situation that could potentially harm or threaten its survival or long-term viability.
involves designing proactive policies and procedures to deal with a crisis in order to ensure the continuity of the business.
are items of expenditure by a business when producing its goods and.or services
refers to a situation with unknown outcomes which could damage the financial health and viability of a busienss
occurs when a business expands using its own resources to increase the scale of its operations
Internal sources of finance
various methods by which an organization funds its operations without the use of external finance.
stakeholders who provide external sources of finance to an organizatons
is where the organization aspires to be in the future.
refers to the money or income coming into the business from a particular activity over a period of time.
analytical tool that ranks the price and quality of different products.
refers to an external factor that hinders the operations and profitability of an organizations
conscience of a business with consideration of the organizations actions on its carious stakeholders groups and the future environment
refers to the generic ways in which an organization can expand
marketing strategy used to move a brand to its desired position in the market
involves the manufacturing of unique or one-off orders for the specific requirements of each customers
Gross profit margins
profitability ration that measures the proportion of gross profit generated from the sales revenue of a business
costs which do not change with the level of output or sales
refers to spending by a business on acquiring , maintaining and.or upgrading fixed assets in order to broaden its capital base.
represents the premium that customers are willing to pay in order to buy a certain brand of a product rather than a rival product.
method whereby the researcher splits the same into groups with a random sample chosen proportionately from each stratum for research purposes.
surplus from sales revenue afer all production costs have been deducted.
are those that are beyond the control of the business yet have a direct impact on its operations and performance
describes how the final good or service passes from the producer to consumer, much as using wholesalers and retailers
form of external growth involving two or more organizations working together on a particular project.
arises when factors that influence the operations of an organization do not stay the same
refers too the various ways that businesses organize their human resources
refers to the formal type of business organization, such as sole traders, partnerships and limited liability companies
Sources of finance
refers to the various methods by which an organization obtains its money
diagrammatical representation of the internal structure of personnel within an organization.
refers to the social movement for achieving better trading conditions for producers in less economically developed countries.
where buyers and sellers trade primary sector products such as coffee beans
specially brewed coffee that thickens the grounded coffee beans to produce a highly concentrated drink.
are the social and emotional skills needed to survive and thrive in life.
refers to the trade in something illegal.
refers to the fiscal (tax) year for business accounting purposes.
describes the direct involvement that a stakeholder has in a particular organization.
manufacturing process of making solid, physical output using digital computer technologies.