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Exams Business
| Term | Definition |
|---|---|
| Macro Environment and Market Environment | This forms part of the external environment. The business has no control over the events that take place here. |
| Competitive Advantage | How the business has an edge in the market over their competitors |
| Environmental Scan | There to identify the factors that may impact the business and create new plans to deal with them |
| The constitution | Forms the basis of all other laws in the country, private citizens and businesses have to abide to these laws. |
| Strategies | Can be either be a formal business plan to achieve a long or short term goal. |
| Resource based analysis | Consider both tangible and intangible resources and how these are utilized in the organization. |
| Automation | A situation where activities that were performed are now performed by machines. |
| Marketing mix 4Ps | Product Price Place Promotion |
| Marketing communication 4Ps | Advertising Promotion Personal sales Publicity |
| Pros and Cons Chart | Technique that helps the manager make a decision of the advantages and disadvantages of a specific option. |
| Decision Tree | A visual representation of different outcomes to a single event. |
| Vision | A statement about what your orginization wants to become |
| Mission | A description of what an organization does. |
| Joint venture | Two or more businesses enter into an agreement to combine resources in order to improve functioning in a business. |
| Liquidation | All assets are sold to pay debt and business dies. |
| Benchmarking | Business looks at the best practice for the business. |
| Functional Conflict | A situation where the different parties solve conflict in a good manner and respect each others opinions. |
| Dysfunctional Conflict | Conflict is solved in a bad manner. Egos are in the ways and there is lack of communication. |
| Manpower planning | The strategic plan of the business will determine which skills are needed to achieve certain goals in the business. |
| Skills gap | The difference between skills available and the skills needed. |
| Industrial relations | The relationship that exists between the employer, the employee and other institutions such as the government. |
| Collective bargaining | When the employer and trade unions negotiate the terms of employment |
| Industrial action | Steps workers take to enforce their demands if the collective bargaining fails. |
| Entrepreneur | Person who combines factors of production in order to start a new business venture. |
| Intrapreneur | Works within the business and uses entrepenual qualities and business resources to create profit. |
| Principle based theory | Determines rules that determine if what was done is ethical or not |
| Consequence based theory | The outcome of the action will determine if the action is ethical or not. |
| Utilitarian theory | Decision of ethical or unethical action is based on what is best for the greatest number of people. |
| Corporate social responsibility | Can be describes as an on going commitment that instruct workers to work in a ethical manner by contributing to social and economic development of workers and the community. |
| Manager | Appointed in a position of authority which enables him to insist on the people doing what he/she instructs |
| Leader | Has expertise to make people aware of the dvantages of persuing a certain course of action, this creates the desire to achieve certain goals |
| Marketing | On going activities of a business with the aim to reach the target market and the methods used to communicate with the market. |
Created by:
gombele
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