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business
study notes
| Question | Answer |
|---|---|
| Business Management Management | The process of planning, organising, leading and controlling business resources to achieve organisational goals. |
| Interpersonal skills | The ability to communicate and work effectively with others. |
| Strategic thinking | The capacity to see the “big picture” and plan for the long-term direction of a business. |
| Vision | A clear, long-term statement of what a business aims to become or achieve. |
| Decision-making | The process of identifying and choosing between alternative courses of action. |
| Business goals | Specific targets a business aims to achieve, such as profit, market share, growth, share price, or social/environmental outcomes. |
| Market share | The percentage of total sales in an industry or market that is held by one particular business. |
| Classical approach (to management) | A management theory focused on planning, organising and controlling within a formal, hierarchical structure, typically using an autocratic leadership style. |
| Hierarchical structure | An organisational structure with clear levels of authority from top management down to lower-level employees. |
| Autocratic leadership | A leadership style where the manager makes decisions unilaterally with little input from employees. |
| Behavioural approach (to management) | A management theory emphasising leading, motivating and communicating with employees, often through teamwork and a participative/democratic leadership style. |
| Participative/democratic leadership | A leadership style where employees are involved in decision-making processes. |
| Contingency approach (to management) | A management theory suggesting there is no single best way to manage; instead, managers must adapt their style to suit changing circumstances. |
| Key business functions | The core interdependent areas of business activity: operations, marketing, finance and human resources. |
| Operations | The business function concerned with producing and delivering goods and/or services. |
| Production process | The sequence of activities used to transform inputs (resources) into outputs (goods/services). |
| Quality management | Strategies used to ensure goods and services consistently meet a required standard. |
| Marketing | The business function concerned with identifying and satisfying customer needs, including researching, promoting, pricing and distributing goods/services. |
| Target market | A specific group of customers a business aims to sell its goods or services to. |
| Marketing mix | The combination of strategies (product, price, promotion, place) used to market a good or service, often called the “4 Ps”. |
| Finance | The business function concerned with managing money, including sourcing funds and monitoring financial performance. |
| Cash flow statement | A financial report showing the cash inflows and outflows of a business over a period of time. |
| Income statement | A financial report showing a business's revenue, expenses and resulting profit or loss over a period of time. |
| Balance sheet | A financial report showing a business's assets, liabilities and owner equity at a specific point in time. |
| Human resources | The business function concerned with managing staff, including recruitment, training, employment contracts and separation. |
| Recruitment | The process of attracting, sourcing and selecting employees for a business. |
| Employment contract | A legally binding agreement between an employer and employee outlining the terms and conditions of employment. |
| Separation | The ending of an employees relationship with a business, either voluntarily (e.g. resignation) or involuntarily (e.g. dismissal, redundancy). |
| Ethical business behaviour | Conducting business activities in a manner that is morally right and socially responsible, beyond simply what is legally required. |
| Change management | The process of planning, implementing and monitoring change within a business to minimise disruption and resistance. |
| Resistance to change | Reluctance or opposition by employees or stakeholders to changes within a business. |
| Management consultant | An external expert engaged by a business to provide advice on improving performance or managing change. |
| Business information systems | Systems used by a business to collect, store, process and communicate data to support decision-making. |
| Business Planning Business plan | A formal written document outlining a business's goals, strategies, target market and financial forecasts, used to guide its establishment and operation. |
| Franchise | A business arrangement where one party (the franchisee) is granted the right to operate a business using the branding, systems and support of another (the franchisor), usually for a fee. |
| Situational analysis | An assessment of a business's current internal and external environment, often used at the start of the planning process (e.g. SWOT analysis). |
| SWOT analysis | An assessment of a businesss current internal and external environment, often used at the start of the planning process (e.g. SWOT analysis). |
| Business idea | The core concept or product/service around which a new business is built. |
| Competitive advantage | A factor that allows a business to produce goods/services better or more cheaply than its rivals, or otherwise differentiate itself. |
| Zoning | Local government regulations that restrict how land in a particular area can be used, relevant to where a business may operate. |
| Wage costs | – Payments made to employees for their labour. |
| Non-wage costs | Additional employment costs beyond wages, such as superannuation, insurance and training. |
| Taxation | Compulsory financial charges imposed by government (federal, state or local) on businesses and individuals. |
| Total revenue | The total income earned by a business from selling goods or services, before expenses are deducted. |
| Total cost | The sum of all fixed and variable costs incurred in producing goods or services. |
| Break-even analysis | A calculation used to determine the level of sales at which total revenue equals total costs (neither profit nor loss). |
| Break-even point | The specific quantity of sales at which a business makes neither a profit nor a loss. |
| Cash flow projection | A forecast of expected cash inflows and outflows over a future period, used in business planning. |
| Budget | A financial plan that estimates future income and expenditure over a set period. |
| Corrective action | Steps taken by a business to address a problem identified through monitoring and evaluation. |
| Trend analysis | Examining data over time to identify patterns that may inform business decisions. |
| Over-extension of finance | A situation where a business borrows or spends beyond its capacity to repay, increasing financial risk. |
| Cross-Topic / General Terms Corporate social responsibility (CSR) | The obligation of a business to act in ways that benefit society, beyond its legal and profit-making obligations. |
| Globalisation | The increasing interconnection and interdependence of businesses, economies and markets around the world. |
| Competitive strategy | The approach a business takes to gain an advantage over rivals in its market. |
| Role of government | The various ways government policy, regulation and taxation influence business activity. |
| Economies of scale | Cost advantages a business gains as it increases its level of production or output. |
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