TM Case Study
Terms in this set (56)
Master of business administration (MBA)
A graduate degree achieved at a university that provides theoretical and practical training to help graduates gain a better understanding of general business management functions
The strategies used to attract customers to buy a firm's products such as brandign
A business in which one person provides the permanent finance and, in return, has full control of the business and is able to keep all of the profits.
The assistance and advice provided by a business to those people who (intend to) buy or use its products and services.
Unique selling point (USP)
A factor that differentiates a product from its competitors, such as the lowest cost, the highest quality or the first-ever product of its kind.
Multinational company (MNC)
A company that has its facilities and other assets in at least one country other than its home country. Such companies have offices and/or factories in different countries and usually have a centralized head office where they co-ordinate global management.
A superstore combining a supermarket and a department store
Public limited company
An incorporated business that allows the general public to buy and sell shares in the company via a stock exchange, all shareholders enjoy limited liability
The ability of a business to convert assets into cash quickly without a fall in its value
External sources of finance
This is money raised from sources outside the business and might include taking on new business partners or issuing equity or bonds to create long term obligation, or commercial paper to take on shorter term debt.
The sum of all the wages, profits, rents, and other forms of earnings received in a given period of time
The name of a position within an organization filled by an employee.
Long-term goals of a business often expressed in the mission statement
Any combination of media that provides potential customers with descriptive information regarding the organisation, its activities and/or products
A place or process whereby customers and suppliers trade, it exists where demand is present
Lean production methods
The approach used to eliminate waste in an organisation resulting in higher productivity and lower costs
A stock control system whereby materials and components are scheduled to arrive precisely when they are needed in the production process
The practice of transferring internal business activities to an external organisation to reduce costs and increase productivity
Cost of sales
Direct expenses attributable to the production of the goods sold by a company, including production and materials
The reward for labor services, usually expressed as an hourly rate (time) or as measurable quantity of output (piece rate)
Whether a person executes their job duties and responsibilities effectively
A business rival of a firm supplying a particular good or service which offers buyers an identical or similar product/service
Key interrelated decisions including product, price, promotion and place that must be taken in the effective marketing of a product
Low price strategy
In which a company offers a relatively low price to stimulate demand and gain market share
Negotiating and securing products and services from suppliers at conditions beneficial to the organisation
A person or entity that is the source for goods or services for an organisation
High market share
Having a relatively large percentage of an industry or market's total sales that is earned by a particular company over a specified time period
Internal growth occurs when a business grows using its own capabilities and resources to increase the scale of its operations and sales revenue
The increase in a business's sales and profits that is a result of buying other companies or of forming a business relationship with them.
Franchise refers to an agreement between a franchisor selling its rights to other businesses to allow them to sell products under its name in return for a fee and regular royalty payments
A sub-field of marketing, which can be split into the two main areas of goods marketing: durables and services marketing
A style of decision-making that keeps all decision-making at the centre of the organisation.
An organizational structure that keeps decision-making firmly at the top of the hierarchy (amongst the most senior management).
This is a non-financial motivator that involves giving employees a certain degree of autonomy and responsibility for decision-making regarding their specific organizational tasks
Measures the number of workers who leave a firm as a percentage of the workforce, per year. It is often used to gauge the level of motivation in an organization.
A significant decline in economic activity spread across the economy that lasts for two or more quarters. It is normally visible in real GDP, real income and employment, industrial production and wholesale-retail sales
Is an employment practice where employers do not engage in employment activities that are prohibited by law. It is illegal for employers to discriminate against an applicant or employee on the basis of: Race. Age. Color.
A detailed examination of the elements roughly calculated or judge the value, number, quantity, or extent of.
Corporate social responsibility (CSR)
This concept applies to those businesses that consider the interests of society by taking responsibility for the impact of their decisions and activities on customers, employees, communities and the environment.
Non-profit and usually voluntary organisations whose members have a common cause for which they seek to influence a change in a business' behaviour
Socially accepted moral principles that guide decision-making, based on collective belief of what is right and what is wrong
Chain of command
This is the route through which authority is passed down an organization - from the chief executive and the board of directors.
When a company is hiring and they do it within the business (cheaper and you know who belongs where because they have already worked for you and you know what they can accomplish)
Are a group of legal rights and claimed human rights having to do with labor relations between workers and their employers, usually obtained under labor and employment law
Pink motivational theory
Motivational theory where people in modern societies are motivated by three key factors: autonomy, mastery, and purpose
Human resource tactics to increase intrinsic and extrinsic factors that stimulate employees to take actions that lead to achieving a goal (e.g., to increase employee productivity.
A leadership style where the leader treats their employees as if they were family members by guiding them through a consultation process and acting in the best interest of their subordinates
Technological opportunities and threats (e-commerce)
Refers to the desire, effort and passion to achieve something. It is the willingness to complete a task or job with enthusiasm
The beliefs, values and attitudes of the management and employees, it includes things like dress code or the ability to have free speech
Human resources management
The role of managers in planning and developing the organisations people
A quantitative management tool for analysing and judging the financial performance of a business
The value of a firm's sales revenues as a percentage of the total sales revenue in the industry
Firms with the largest market share in a particular market
The trading of goods and services via the internet, electronic systems and computer networks
The declaration of an organisation's overall purpose, it forms the foundation of a business
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THIS SET IS OFTEN IN FOLDERS WITH...
1.1 Introduction to Business Management
1.2 Types of Organisations