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Business
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Terms in this set (105)
Business
Any organisation that uses resources to meet the needs of customers by providing a product or service that they demand. They identify the needs of consumers or other firms. They then purchase resources, which are the inputs of the business or factors of production, to produce output. The 'outputs' of a business are the goods and services that satisfy consumers' needs, usually with the aim of making a profit.
Input
A resource (factor of production) used in the production process (e.g., labour, raw materials, etc.) to produce an output - a good or a service.
Strategic decision making
The decision-making of senior management about setting and achieving strategic objectives - broadly defined targets that a business much reach to achieve its overall aim.
COMMON OBJECTIVES:
Profit maximisation
Profit satisficing
Growth
Increasing market share
Survival
Corporate social responsibility (CSR)
Maximising short-term sales revenue
Maximising shareholder value
Project
An individual or collaborative enterprise that is carefully planned to achieve an aim.
For-profit
An organisation operated to make a profit, where profit is the positive residual value of sales and other income less expenses incurred in the operating and marketing/sales expenses.
Microfinance
A type of financial or banking service targeted at individuals and groups that would otherwise have no means of accessing credit. The aim of microfinance is to allow impoverished groups and individuals the opportunity to become self-sufficient.
It is believed small amounts of microcredit will facilitate large improvements in the standard of living of those most in need.
Microfinance provider
An organisation that enables qualifying individuals to borrow small amounts money to finance self-sufficiency, for example: a very basic business (e.g. to purchase a sewing machine or a goat), provide health treatment facilitating a return to work or a cheap motorcycle enabling transport to a job.
Finance
To provide funding for (a person or enterprise).
Commissioned
To order or authorise the production of (something).
Manufacture
To make (something) on a large scale using machinery, along with other inputs.
Social enterprise
An organisation that applies commercial strategies to maximise improvements in financial, social and environmental well-being - this may include maximising social impact alongside profits for external shareholders.
Private limited company
A small to medium sized business that is owned by shareholders who are often members of the same family. This company cannot sell shares to the public.
Volunteers
A person(s) who freely offers to take part in an enterprise or undertake a task.
Employees
A person(s) employed for wages or salary, especially at non-executive level.
Market research
The process or set of processes that links the producers, customers, and end users to the marketer through information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyses the results, and communicates the findings and their implications.