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3.1 Internal Factors

Internal Operations of a Global Business

TermDefinition
Quality When a good or service fulfills its purpose to meet or exceed the needs and expectations of the user
Quality Control A way of detecting and fixing defects, therefore preventing faulty products being sold
Quality Assurance A way of preventing mistakes or defects in manufactured products
Total Quality Management An organisation-wide philosophy with its core values centred on continually improving the quality of its processes, products and services
Continuous Improvement A way of ongoing effort to improve products, services, or processes
Quality Circles Small groups of workers from the same work area who meet regularly to solve problems relating to quality control.
Innovation The practical application of new inventions/processes/research into marketable products and improved business operations
Product innovation New creations or the development and improvement of existing products
Process innovation Changes to the way production takes place
Cost-reducing innovation Improved processes that reduce the cost of production for a business or industry.
Breakthrough innovation An “out of the blue” solution or discovery that cannot be compared to existing practices or techniques
Change Management A structured approach to transitioning individuals, teams, and organisations from a current state to a desired future state
Clustering The phenomenon whereby firms from the same industry gather together in close proximity.
Trade Bloc A type of intergovernmental agreement where regional barriers to trade, (tariffs and non-tariff barriers) are reduced or eliminated among the participating states
Investment The purchase or creation of assets with the objective of making gains in the future
Investment Appraisal An evaluation of an investment (machinery, plants, products) made by a business to help determine the value and quality of an investment
Time Value of Money The idea that the same amount of money (face value) has a different value at some other point in time
Payback Method The time in which the initial investment is expected to be recovered from the cash inflows generated by the investment
Average Rate of Return Calculates the percentage return, generated from net income of the proposed capital investment.
Net Present Value Method A discounted cash flow technique which takes into account the time value of money
Intellectual Property Rights A set of exclusive rights for an individual, group or organisation giving legal protection for creations of the mind such as patents, copyrights and trademarks
Patent The exclusive right to make, sell or otherwise use a product or process. It is for a limited time.
Copyright The exclusive right to the owner of an original work to copy, license or otherwise exploit a literary, musical, or artistic work whether printed, audio or video.
Trademark A symbol, word, phrase, logo, or combination of these that legally distinguishes one company's product from any others
Trade Secrets Any confidential formula, pattern, idea or information that provides a competitive advantage to the business
Indigenous Property Rights Property rights regarding be carvings, designs, clothing, decorations, jewellery, land, sea, rivers, flora and fauna.
Created by: Mr Jones on 2014-04-15



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