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Business Management

TermDefinition
Return on Sales (ROS) Net Income / Sales Revenue
Return on Equity (ROE) Net Income / Owner Equity
Earnings Per Share (EPS) Net Income / # of Shares Outstanding
Return On Assets (ROS) Net Income / Total Assets
Market Capitalization (Market Cap) Share Value x # of Shares Outstanding
Total Debt to Asset (D/A) Total Liabilities / Total Assets
Long-Term Debt to Equity (LTD/E) Long Term Debt / Total Equity
Current Ratio Current Assets / Current Liabilities
Quick Ratio ( Cash + Marketable Securities + Accounts receivables) / Current Liabilities
Working Capitol Current Assets - Current Liabilities
Times Interest Earned EBIT / Interest Expense
Solvency Ratio ( Net Income + Depreciation) / Total Liabilities
Commercial Endeavours refers to the markets the organization serves, the products and services it offers, and the needs it professes to meet in the marketplace.
Organizational Efficiency and Structure is a reflection of the complexities of the business activities that circulate within an organization.
Employee Interaction refers to (1) the level and style of interaction that occurs among employees and between work units and their management teams; (2) the value-creating skills an organization's employees bring to the marketplace
Assets refers to (1) the infrastructure and resource base of the organization; (2) the resources that the organization has at its disposal and that it can utilize in the generation of business activity and, ultimately, profit.
Managerial Acumen refers to the foresight, drive, knowledge, ability, decision-making competency, and ingenuity of the organization's key individuals—its owners or top-level managers.
Competitive Advantage is an advantage an organization has over its competitors that enables it to generate more sales, achieve greater margins, achieve a lower cost base, or attract and retain more customers.
Market Segment is a portion of the market that is deemed to possess unique characteristics businesses can target in order to generate a preference for their products and/or services.
Comparative advantage refers to the ability of a country to produce or supply goods or services at a lower cost than other countries or to possess resources or unique services that are unavailable elsewhere.
Law of Supply and Demand refers to the ability of the market, independent of external influences, to determine the price for which a product or service will be bought and sold.
Open System refers to an economic system that adheres to the principles of economic freedom: the law of supply and demand, full and open access to the principles of private ownership, entrepreneurship, and an absence of regulation on the part of government.
Controlled System refers to an economic system where the fundamentals of the law of supply and demand, private ownership, entrepreneurship, and wealth creation are largely restricted or absent, and the government fully controls the economic direction and activity.
Mixed economic System refers to an economic system that contains components of both open and controlled systems. It includes the core principles of economic freedom, with some degree of centralized economic planning and government regulation and involvement.
Business System of activities designed to ensure that an organization develops and grows a market for its goods and services in a way that creates wealth for its given stakeholder
Organizations MUST Properly Identify Solutions to needs in the market and Create a mechanism that delivers those solutions to the right customer for the right price
Commercial endeavours Each Competitor within the market has the capacity to deliver products and services to their buyers
Organizational Efficiency & Structure GOOGLE: Server Farms, Managerial hierarchy, operations process, communication processes, decision making
Labour Human Resource Requirements
Capitol Money needed to support asset-basses expenditures, meet operating cash requirements, and invest in the development of existing or new product services
Strategy Strategic objectives the company hopes to achieve during the planning cycle
3C's (Capabilities, Competencies,Capacity) Analyzing the resources available and the capabilities and competencies it possesses
Failure to meed objectives of the planning cycle can be the result of? Poor positioning, poor operational execution, or a combination of both
NFP's Not to make a profit, but rather to deliver services to the people or community they serve
Fundamental Objectives of Business Owners 1. Short term Profit 2. Long term Profit and growth 3. Social and environmental responsibilites
Stakeholder Whoever has a direct or indirect relationship with the organization and can be affected by its policies, actions and decisions- Customers, suppliers, government, employees
Profit Revenue -- Cost
Profitability How well a company uses its resource to generate profits over a specific period of time relative to its competitors
Value Proposition Service, Brand, produce, Cost, and emotional benefits
Impact of Price Important to offer the best price/ quality relationship for the target market
Strategy development of plans and decisions that will guide the direction of the firm and determine its long-term performance
tactics Immediate-term action that a firm executes in order to meet short-term objectives set forth by the current planning cycle
Business decision making model Strategy+Tactics = Business Growth and profitability
Mission Fundamental purpose the business has identified fort its reason of existence
vision forward thinking statement that defines where a company wants to go and what it wants to become.
6 core elements for assessing Strategy Purpose, Markets, Resources, Business system config. and Responsibility and accountability
S.M.A.R.T. Specific, measurable, actionable, realistic, timely
PESTEL Political economic social technological Environmental Legal
Pure competition Everything is equal and the same EG. Commodities, agricultural products
Monopolistic is a type of imperfect competition such that many producers sell products that are differentiated from one another (e.g. by branding or quality) and hence are not perfect substitutes.EG Cell phones restaurants
Oligopoly a state of limited competition, in which a market is shared by a small number of producers or sellers.
Monopoly the exclusive possession or control of the supply or trade in a commodity or service.
Porters 5 forces Threat of new Entrants, Bargaining power of Buyers, Threat of substitute, Bargaining power of suppliers, and Rivalry among existing Competitors
5 Reasons to go global? 1. New market Share 2. Cost reduction opportunities 3. Resource base control, 4. Closeness to market, 5. Economies of Scale
6 Influences on Currency Exchange Rate? GDP Movement, Government deficit/surplus, trade balance, Consumer Price movements, capital mobility, Domestic income Levels
Mission Balance Having a solid economic base while maintaining the social goal
Vitality Ability of NFP to grow and sustain its membership base
Collective Entrepreneurship Ensures the involvement of the community it serves are reflected in the implementation of the strategy
Rootedness Must strengthen partnership and networks that are supportive of its mission
Operational effectiveness Products and services offered are priced at levels that ensure their accessibility by the target audience
Created by: LMKay