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Business, Technology, and Finance > Introduction to Business > Flashcards

Introduction to Business Flashcards

1
Q

What are the elements of an organisation? (4)

A
  1. Social arrangement
  2. Collective goals
  3. Controlled performance
  4. Boundary that distinguishes the organisation from its environment
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2
Q

What distinguishes a business from a not-for-profit organisation?

A
  1. Profit-oriented

2. Primary objective is to maximise the owner’s wealth

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3
Q

What distinguishes a not-for-profit from a business?

A
  1. Not-for-profit-oriented

2. Primary objective is to maximise benefits to beneficiaries

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4
Q

What are the elements of a mission statement? (4)

A
  1. Purpose
  2. Strategy
  3. Policies
  4. Values
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5
Q

Define the mission statement purpose

A
  1. Why does the organisation exist?

2. What does it aim to achieve for its stakeholders?

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6
Q

Define the mission statement strategy

A
  1. What RESOURCES give the company a competitive advantage?
  2. What COMPETENCIES give the company a competitive advantage?
  3. What GENERIC STRATEGY gives the company a competitive advantage?
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7
Q

Define the mission statement policies

A
  1. What STANDARDS are adopted within the organisation?

2. What BEHAVIOURAL PATTERNS are adopted within the organisation?

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8
Q

Define the mission statement values

A

What beliefs do managers and employees share?

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9
Q

Define the mission statement objectives

A

Quantitative operational goals

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10
Q

What are the elements of objectives? (5)

A

SMART

  1. Specific
  2. Measurable
  3. Achievable
  4. Relevant
  5. Timed
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11
Q

Define specific objectives

A
  1. Clear statement

2. Easy to understand

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12
Q

Define measurable objectives

A

Success or failure can be quantified

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13
Q

Define relevant objectives

A
  1. Appropriate to the mission

2. Appropriate to stakeholders

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14
Q

Define timed objectives

A

Have a time period for achievement

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15
Q

What is the hierarchy of objectives?

A
  1. Primary objectives

2. Secondary objectives

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16
Q

Examples of primary objectives (2)

A
  1. Maximise shareholder wealth for profit orientated organisations
  2. Maximise the benefit to the target stakeholder for NFP organisations
17
Q

Examples of secondary objectives (5)

A

CIMPS

  1. Corporate responsibility
  2. Innovation
  3. Market standing
  4. Productivity
  5. Staff development
18
Q

What are alternative objectives to profit maximisation? (2)

A
  1. Profit satisficing

2. Revenue maximisation

19
Q

Define profit satisficing

A

Making only satisfactory profits

20
Q

Define revenue maximisation

A

Focusing on increasing sales rather than profits

21
Q

Define plans

A

State what should be done to achieve the operational objectives

22
Q

Define standards and targets

A

Specify the desired level of performance

23
Q

What are the types of standards? (3)

A
  1. Physical
  2. Cost
  3. Quality
24
Q

Define stakeholder

A

A person or group of persons who has a stake in an organisation

25
Q

Define primary stakeholders (2)

A
  1. Shareholders

2. Owners

26
Q

Define secondary stakeholders (8)

A
  1. Management
  2. Employees
  3. Customers
  4. Suppliers
  5. Lenders
  6. Government
  7. Society as a whole
  8. Environment
27
Q

Define sustainability

A

The ability to meet the needs of the present without compromising the ability of future generations to meet their own needs

28
Q

Define natural capital

A

The world’s stocks of natural assets, which includes geology, soil, air, water, and all living things

29
Q

Define business sustainability

A

Considers how far a business goes to operate in a sustainable way and how it interacts with others to do so

30
Q

Define corporate responsibility

A

The actions, activities, and obligations of a business in achieving sustainability

31
Q

What are the key goals for businesses included in the UN’s 2015 Global Goals for Sustainable Development?

A
  1. Decent work and economic growth
  2. Industry, innovation, and infrastructure
  3. Responsible consumption and production

Business, Technology, and Finance (8 decks)

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