Business Management

Question 0

What is Gross Domestic Product?

Answer 0

Gross Domestic Product refers to the total monetary value of all goods and services produced in a country over a year.

Question 1

What is an organisation?

Answer 1

An organisation is two or more people working together to achieve and objective

Question 2

What is Research and Development?

Answer 2

Research and development refers to activities undertaken to improve existing products or create new products.

Question 3

What is infrastructure?

Answer 3

Infrastructure refers to highways, railways, airports, communication systems, education and health facilities, water, gas and electricity supplies.

Question 4

What is downsizing?

Answer 4

Downsizing is the reduction of workplace staff, with the elimination of jobs and positions.

Question 5

What is outsourcing?

Answer 5

Outsourcing is the contracting of some organisational operations to outside suppliers.

Question 6

What is the Internal Environment?

Answer 6

The internet environment includes all those things over which the organisation has some degree of control.

Question 7

What is the External Environment

Answer 7

The external environment includes those things which the business has little control over, it may be divided into an operating environment and a macro environment.

Question 8

What is the operating environment?

Answer 8

The operating environment is the outside factors with which the organisation directly interacts in the course of conducting its business

Question 9

What are customers?

Answer 9

Customers are the buyers or users of the product of a large scale organisation.

Question 10

What are competitors?

Answer 10

Competitors are other organisations that offer rival products or services.

Question 11

What is a lobby group?

Answer 11

Lobby groups are groups of people who attempt to directly influence or persuade an organisation to adopt particular policies.

Question 12

What is the macro environment

Answer 12

The macro environment is made up of the broad factors in the economy and society within which the organisation operates.

Question 13

What is globalisation?

Answer 13

Globalisation is the effect of hi tech communications, lower transport costs and unrestricted trade and financial flows turning the whole world into a single market, producing a more integrated global economic system.

Question 14

Define effectiveness.

Answer 14

Effectiveness is the degree to which an organisation has achieved it’s stated objectives.

Question 15

Define efficiency.

Answer 15

Efficiency refers to how well an organisation uses resources to achieve objectives

Question 16

Define the term performance indicator

Answer 16

Performance indicators are specific criteria used to measure the efficiency and effectiveness of the organisations performance

Question 17

What does the number of sales mean?

Answer 17

The number of sales measures the number of products sold.

Question 18

Define the term “percentage of market share”

Answer 18

Percentage of market share is the proportion of the total market that a business has, expressed as a percentage.

Question 19

Define the term rate of productivity growth.

Answer 19

The rate of productivity growth measures the change in productivity in one year compared to the previous year.

Question 20

What is a customer survey?

Answer 20

A customer survey measures how satisfied staff are with the organisations performance.

Question 21

What is a staff survey?

Answer 21

A staff survey measures how satisfied staff are within the organisation.

Question 22

Define the term staff turnover

Answer 22

Staff turnover measures the number of staff who are leaving the organisation.

Question 23

What does the number of workplace accidents indicate?

Answer 23

The number of workplace accidents indicates how safe the workplace is for employees

Question 24

When does benchmarking occur?

Answer 24

Benchmarking occurs when an organisation measures it’s performance against that of other leading organisations known for their excellence

Question 25

What are stakeholders?

Answer 25

Stakeholders are groups and individuals who interact with the organisation and have an interest in its activities

Question 26

What is social responsibility in an organisation?

Answer 26

Social responsibility is the obligations business has over and above its legal responsibilities to e well being of employees and customers, shareholders and the community as well as he environment

Question 27

What is ethical management

Answer 27

Ethical management refers to the process of abiding by moral standards and doing the right thing in the interests of all stakeholders.

Question 28

Define the triple bottom line

Answer 28

The triple bottom line refers to the conomic, social and environmental performance of an organisation

Question 29

What is a vision statement?

Answer 29

A vision statement is a written statement of what the organisation wishes to become.

Question 30

Define the term management function

Answer 30

A large scale organisation creates an organisational structure that has separate departments, each focusing on a particular functional area.