Business scottwalker yr2 Flashcards
(20 cards)
Strategy
Medium/Long term plan of action developed to achieve the business objectives
Tactics
Short term plans for implementing strategy, mode day-to-day activities
Balanced Scorecard ( Kaplan and Norton )
Measure business performance using financial and non-financial data
Financial
Internal Processes
Organisational capacity
Customer
Vision and Strategy
Core competences
Unique strengths of a business that cannot be easily replicated by a competitor
Elkington’s triple bottom line
A model which helps with sustainable development over the longer term
People
Planet
Profit
GDP
Value of all goods and services produced in an entire economy over a period of time, calculated in real terms
C+I+G+(X-M)
X-Rates
Price of one country’s currency in terms of another
Inflation
Sustained increase in the prices or fall in the value of money
How to measure inflation
CPI and RPI, basket of around 750 goods and services
Types of inflation
Cost-Push and Demand-Pull inflation
Inflationary expectations
The rate at which people—consumers, businesses, investors—expect prices to rise in the future
How does government influence demand in an economy
Monetary and Fiscal policy
Free trade
Exists when there are no restrictions on the flow of goods and services between countries
Protectionism
Protects domestic businesses and jobs from foreign competition by providing subsidies, imposing tariffs and quotas on imports
Embargos
Forbidding trade with a particular country
Carroll’s pyramid of CSR
Economical - Being profitable and efficient
Legal - Obeying laws and regulation
Ethical - Obligation to do what is right, just and fair
Philantropic - Contribute resources to the community
Demographic changes
Rapidly growing population
Increasingly diverse racial and religious distribution of the population due to increased migration
Aging population
Computer Aided Design ( CAD )
Computer generated images to design and test new products ( not ai always )
Computer Aided Manufacture ( CAM )
Computer technology to plan and control the manufacturing process
Time Series Analysis
Method of interpreting marketing data over time
