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IB Business Unit 1
Terms and Definitions
| Term | Definition |
|---|---|
| Business | an organization that uses resources to meet customer's demand |
| stakeholders | an individual or group who has an interest, often financial, in the activities and success of an organization |
| business functions | production, marketing, human resources and finance |
| business sectors | primary, secondary, and tertiary |
| Inputs | land, labor, capital, enterprise and entrepreneurship |
| Outputs | Products, Services, Cash, Goals |
| aims | general long term goals |
| objectives | short term, more specific goals |
| corporate social responsibility | company responsibilities to better conditions for their employees and communities |
| internal stakeholders | employees, stockholders, managers and directors |
| external stakeholders | suppliers, customers, special interest groups |
| SWOT analysis | Strengths, Weaknesses, Opportunities and Threats |
| vision statement | forward looking, speak to long-term aims and highest aspirations, less specific, guiding principle |
| mission statement | more grounds in the aims of accomplishing objectives to achieve the mission |
| decision tree | to indicate the most effective direction from a variety of options; medium to long-term, strategical planning |
| Internal growth | occurs slowly and steadily, out of existing operations of the business, lower risk, slower, selling more products/developing product range, self-financed using retained profits |
| external growth | quick and riskier, entering into an arrangement to work with another business |
| Consumers | people or organizations who actually use a product |
| Customers | The people or organizations that buy the product |
| Primary sector | Refers to businesses involved in the cultivation or extraction of natural resources, e.g. farming, mining, quarrying, fishing, oil exploration and forestry |
| Secondary sector | The section of the economy where business activity is concerned with the construction and manufacturing of products |
| Tertiary sector | Refers to the section of the economy where business activity is concerned with the provision of services to customers |
| Quaternary sector | A subcategory of the tertiary sector, where businesses are involved in intellectual, knowledge-based activities that generate and share information, e.g. information communications technology |
| non-governmental organization (NGO) | private sector not-for-profit social enterprises that operate for the benefit of others rather than primarily aiming to make a profit |
| Private Limited Company | A business owned by shareholders with limited liability but whose shares cannot be bought by or sold to the general public. |
| public limited company | Incorporated business that allows the general public to buy and sell shares in the company via stock exchange |
| Public sector | part of the economy controlled by the government |
| Private Sector | Part of economy run by private individuals and businesses, rather than by government |
| SMART Goals | Specific, Measurable, Agreed, Realistic, Timely |
| Ansoff Matrix | Management growth tool used by businesses to identify and decide their product and market growth strategies shows the degree of risk |
| Diversification | High-risk growth strategy that involves selling different, unrelated goods or services in new markets; Suitable for firms that have reached saturation and are seeking new opportunities for growth |
| STEEPLE analysis | An analytical framework used to examine the opportunities and threats of the external environment on business activity (Social, technological, economic, environmental, political, legal and ethical environments) |
| Globalisation | The growing integration and interdependence of the world's economies, causing consumers around the globe to have increasingly similar habits and tastes |
| Joint Venture | Growth strategy that combines the contributions and responsibilities of two different organisations in a shared project by forming a separate legal enterprise |
| A multinational company | It is an organization that operates in two or more countries, with its head office usually based in the home country. |
| Force Field Analysis | Deals with the forces for and against change. Driving forces are the benefits of change (such as reduced costs or improved productivity) whilst restraining forces are the causes of resistance to change. |
| Fishbone diagram | Organizational planning tool based on identifying and dealing with the root causes of a problem or issue facing a business. |
| Gantt Chart | A visual representation of all the tasks in a particular project plotted against the timescale. As a planning and scheduling tool, it allows project managers to monitor progress |
| Change management | The management process of planning, forecasting, controlling and steering change within an organization. |
| Resistance to change | Refers to the pressures from staff against change being introduced. |
| Stakeholder mapping | A management tool for dealing with change and conflict by identifying the level of influence of various stakeholder groups and their likely reaction to change. |
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