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Business Management
Flashcards to help you learn Business Terminology for IB Exams.
| Term | Definition |
|---|---|
| Change | Draining and restraining forces create change so that a business can move forward and remain competitive |
| Culture | Harms of an org, country or grouping that shape the values, beliefs,customs,etc of people. |
| Ethics | Socially accepted moral principles that guide decision making, based on the collective belief of what is right and wrong. |
| Economies of Scale | Is the advantage of large scale production and the reduction in a firms average costs of production that result from an increase in the scale of operations. |
| Purchasing Economies | Discount from suppliers for large orders because it's cheaper to process and deliver. |
| Technical Economies | Justify the costs of how production lines and the latest/technologically advanced equipment. The expenses can only be, justified or affordable by large firms. |
| Financial Economies | Bank Preference to leading money, lower interest rates. |
| Marketing Economies | Costs rise with size of buyers, but not at same rate; they can be spread over a higher level of sales . |
| Managerial economies | Small firms employ general managers who have a range of management functions. As it expands, it can afford to employ specialist functional managers. |
| Diseconomies of scale | At some point large firms long run unit costs, increases. They are factors that cause average costs of production to rise when the scale of operations in increased. |
| Communication problems | Large-scale operations = poor feed back to workers, non-perosonal communication media, distortion of messages. This lead to poor decision making due to inadequate or delayed info and management inefficiently. |
| Alienation of workforce | The bigger the firm =difficult to directly involve every worker and give sense of purpose and achievement = workers become demotivated and failling to do their best. |
| Poor coordination and slow decision-making | Business expansion = many departments,divisions and products. The number of countries a business operates in increases. Problem for senior managers are to coordinate operations and make quick decisions. |
| Globalisation | Worldwide movement toward economic, financial,trade and communications integration. |
| Innovation | Changing or creating more effective processes, products and ideas which can increase the likelihood of a business succeeding. |
| Strategy | Devising plans to achieve long-term goals of an organisation |
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Nimbe
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