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3.1 Internal Factors

Internal Operations of a Global Business

Quality When a good or service fulfills its purpose to meet or exceed the needs and expectations of the user
Quality Control A reactive, product oriented approach to quality that is primarily about detection. That is testing for and detecting faults.
Quality Assurance A proactive, process oriented approach to quality that is primarily about prevention. That is, making sure things are done in the right way.
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 Creating a new product, process or idea and taking it to the market. Or improving an existing product, process or idea to make it better or more efficient
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 group of countries which engage in international trade together, and are usually related through a free trade agreement or other association
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 ARR compares the amount invested to the profits earned over the course of a project's life. The higher the ARR, the better.
Net Present Value Method NPV is the difference between the present value of cash inflows and the present value of cash outflows. Inflows > outflows = good.
Intellectual Property Rights Legal ownership of creations of the mind that give exclusive rights of use. Examples include patents, copyrights and trademarks.
Patent Legal ownership granting exclusive rights to make, sell or otherwise use a product or process for a limited time.
Copyright Legal ownership granting the exclusive right to the owner of an original work to copy, license or otherwise benefit its use. E.g. software, music, book.
Trademark A unique identifier such as a symbol, word, logo, phrase 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.
Invention The creation of a new idea, product or process may involve years of research or may have occurred in a flash of inspiration. An invention will hopefully lead to a patent.
Inertia People's resistance to change
Loss Curve (SARAH) The emotional passage experienced with change or loss; shock, anger, rejection, acceptance, healing
Bureaucracy Overly complex and unnecessary official procedures that slow any administration
Infrastructure Facilities and systems serving a country, city, or area such as transportation and communication systems and power plants
Compliance Conforming to a rule, such as a specification, policy, standard or law
Competitive advantage An advantage that a firm has over its competitors, allowing it to generate greater sales or margins and/or retain more customers than its competition.
Discounted cash flow Calculating the present value of future cash flows.
Service mark A trademark to identify a service rather than a product
Civil case (IPR) Seeks to repair through a lawsuit (to sue) to get compensation (damages) or through an injunction to stop infringement of IPR
Criminal case (IPR) Seeks to punish through fines and imprisonment for major or deliberate infringement of IPR.
Created by: Mr Jones