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Ch1 Flashcards

1
Q

Define an organisation

A

Is two or more people working together to achieve an objective

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2
Q

Define an LSO

A

Employs 200 or more people, Earns revenue in the millions, Has assets of more than $200 million

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3
Q

Characteristics of large scale organisations

A

Large-scale organisations are characterized by a large number of employees, a large amount of assets and a large revenue

Large-scale organisations typically have management functions called; finance, human resources marketing and research & development

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4
Q

Define multinational cooperation

A

Is owned and based in one country and operates in many countries throughout the world.

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5
Q

How are LSO’s unique

A

They have a great deal of political power
• Some influence the economy more than the government
• The sales & revenues of some multinationals (e.g. Wal-Mart) are bigger than several economies of smaller countries
• LSO’s are able to produce goods and services in bulk at a low cost as they have the financial means to pay for required technology and a large staff base
• Owners have little to do with day to day operations thus left to managers
• Must satisfy a variety of interest of their shareholders
• Operate in many countries
• Undertake long-term planning in order to achieve cooperate objectives
• Group staff together into departments
• Have management structures

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6
Q

Define a cooperation

A

is owned by shareholders and aims to make a profit and accumulate assets

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7
Q

Define a shareholder

A

is any person who owns shares in a company

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8
Q

Define a GBE

A

an organisation that is government owned and operated

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9
Q

How are public and private companies different

A

Shares in public companies are usually traded on the Australian Securities exchange (ASX)
• Private cooperation’s are not listed on the ASX and have restrictions on who can buy their shares (they can have 1 shareholder being the director but no more than 50 shareholders)
• GBE’s carry gov’t policies and deliver community services e.g medibank, auspost & vicroads

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10
Q

Define non for profit

A

Include charities and foundations. Their main purpose is to provide goods and services or funds to prevent particular social problems or to continue their work to benefit the community

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11
Q

Characteristics of non for profit

A

They do not generate business through selling products or services for a profit, rather they produce services for free or at a subsided rate and rely on; volunteers, membership, subscriptions and donations to continue operations

• Despite the term “non-profit” many charities do make a profit – however all profits are used to expand the organisation and continue their operations

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12
Q

Define objective

A

Is a desired goal outcome or specific result that an organisation intends to achieve

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13
Q

Define vision statement

A

States what the organisation aspires to become

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14
Q

Define mission statement

A

Expresses why an organisation exists, it’s purpose and how it will operate

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15
Q

What are organisational objectives

A

Organizational objectives:
• Profits are not the only objective as indicated by the vision and mission statements in the figure on the right

  • Many cooperation’s include; customer service, community involvement, the environment and concern for employees
  • GBE’s have objectives reflecting the provision of service to the community
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16
Q

Define strategies

A

Are the actions that an organisation takes to achieve specific objectives

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17
Q

Importance of LSO’s

A
  • Assist in the development of new technology
  • Provide employment and income for employees
  • Pay taxes to Aus’t gov’t
  • Undertake investment which leads to increase economic growth
  • Produce a wide range of products giving customers greater choice
  • Improve our quality of life
  • Provide a training ground for future entrepreneurs
  • Create value which encourages economic growth
  • Encourage competition which results in cheaper products relatively
  • Provide income for owners
  • Encourage research & development into new and improved products (technology)
  • Help provide owners with challenges and rewards
  • Export products which generates income for Australians and help reduce our trade deficit
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18
Q

How do LSO’s contribute to the economy

A

Lso’s are able to produce huge amounts of goods and services, this contributes to economic growth which is measured by gross domestic product (GDP)
• The total output of a country’s diverse collection of LSO’s makes a significant contribution to the national economy

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19
Q

Define GDP

A

refers to the total monetary value of all the goods and service produced in a country over one year.

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20
Q

How do LSO contribute to employment

A

Lso’s employ large numbers of people (200+)
• In an economic climate where there is low levels of unemployment and rising incomes, people tend to spend more, which increases the overall level of spending in the economy
• From this businesses expand as profits rise, employment rises as production rises and the wealth generated by this process generates greater living standards

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21
Q

How do LSo’s contribute to exports

A

Many Lso’s export their products overseas
• Exporting products overseas contributes to Australia’s balance of payments (BOP)
• A favorable BOP exists when there is more payments going out

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22
Q

Define balance of payments

A

Is a record of a country’s trade and financial transactions with the rest of the world

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23
Q

Balance of payments is split into 2 accounts

A
  1. Current accounts – recording export and import transactions
  2. The capital and financial account – records borrowing, lending & investing
    o Historically Australia has a large CAD as they import more than they export thus making it a deficit – this makes Australia reliant on foreign investment
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24
Q

Define research and development

A

refers to activities undertaken to; improve existing products and create new products

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25
Define invention
Is the development of something new
26
Define innovation
Occurs when something already established is improved
27
Define infrastructure
Refers to highways, railways, airports, communications systems, education and health facilities, water, gas and electricity supplies
28
What are Negative contributions of large-scale organisations:
Outsourcing Downsizing Environmental damage
29
Define downsizing
Involves workplace staff reductions, with the elimination of jobs and positions
30
Define outsourcing
Is the contracting of some organizational operations to outside suppliers o Many organisations outsource as they believe it can bring positive benefits such as cost savings, improvements to quality and access to operational expertise
31
How can LSO's have a negative impact on the environment
Can have an impact on the economy as there are costs needed to repair the environmental damage • Agriculture, manufacturing, power generation and transportation all contribute to rising green house emissions
32
Define the internal (micro) environment
Includes all those things over which the organisation has some degree of control
33
Define external environment
Includes those things over which the business has little control. It may be divided into an operating environment and a macro environment
34
Define operating environment
Refers to the outside factors with which the organisation directly interacts in the course of conducting its business
35
Examples of operating environments
1. Customers 2. Suppliers & creditors 3. Competitors 4. Lobby groups
36
Define customers
The buyers or users of the product of a large-scale organisation
37
How do customers affect a LSO
Customers have become more health and environmental conscious and this can force organisations to change their products or practices o Organisations must respond to the needs of customers, making sure that the right product is delivered at the right time o High level of customer service will result in improved customer satisfactio
38
Define competitors
Are other organisations that offer rival products and services
39
Define lobby groups
Are groups of people who attempt to directly influence of persuade an organisation to adopt particular polices.
40
Types of lobby groups
Trade unions – Employees may choose to join a trade union in attempt to improve their pay and condtions Consumer groups – These lobby groups such as Australian Consumers Association (ACA) monitor a organisations performance in terms of product safety, packaging, pricing and advertising LSO must ensure the Behave legally ethical and socially or risk exposure and damage Specific issue groups – These groups combine to focus on one specific area, such as youth unemployment, civil liberties, anti – globalization or environmental protection. E.g mining activists
41
Define macro environment
Is made up of the broad factors in the economy and society within which the organisation operates.
42
Macro environment factors
``` Factors that influence the operation and performance of an organisation over which they have no control, including: Globalisation Political influences Technological developments Economic influences Social attitudes Legal influences ```
43
Define 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 LSO must be willing with efficient processes minimising costs to better compete Seen as both a challenge and opportunity
44
Explain legal influences associated with macro environment
Orgs have to comply with legislation Face environmental, consumer protection, privacy and oh and s laws Brought to court could result in significant reputation damage
45
Explain social attitudes associated with the macro environment
Constantly changing and ultimately affects the way Lso’s operate (equal opportunity for women) Pressures from society has forced organisations to implement procedures to preserve and protect the natural environment Social pressure include the need for an org to act in a manner that is accordance with changing moral beliefs of society Society requires LSO to sell acceptable products, treat staff well, and provide positive benefits to communities Society will boycott those companies that doe not act in an ethical manner
46
Explain social attitudes associated with the macro environment
A
47
Economic influences associated with macro environment
Performance of economy will reflect performance of org Eg downturn less spending less bus revenue and sales Eco pressure to adapt to inflation, employment, Aud and external stability changes Eco pressure will result in an org needing to undertake strategic planning about If to expand and invest Adding new products to range Increasing staffing needs
48
Economic influences associated with macro environment
Performance of economy will reflect performance of org Eg downturn less spending less bus revenue and sales Eco pressure to adapt to inflation, employment, Aud and external stability changes Eco pressure will result in an org needing to undertake stretgic pla
49
Define efficiency
Refers to how well an organisation uses it resources to achieve objectives
50
Define kpi's
Are specific criteria used to measure both efficiency and effectiveness of the organisations performance KPI’s draw on info taken from a variety of sources such as; accounting reports, statistics, data gathered from customer or employee feedback, or from observation
51
Define profitability
Measures the earning performance of an organisation
52
Define staff survey
Measures how satisfied staff are with the organisation
53
Define number of sales
"Measures the number of products sold Service will allow an organisation to determine if it’s meeting sales forecasts or if it needs to increase sales. (e.g. Marketing manager wants to check percentage of company sales in market place)"
54
Define kpi's
Are specific criteria used to measure both efficiency and effectiveness of the organisations performance KPI’s draw on info taken from a variety of sources such as; accounting reports, statistics, data gathered from customer or employee feedback, or from observation
55
Define profitability
Measures the earning performance of an organisation
56
Define staff survey
Measures how satisfied staff are with the organisation
57
Define percentage of market share
"A proportion or amount of the total market that a business has, expressed as a %. If market share increases, the organisation has a greater percentage of the market and sales. (e.g. Marketing manager wants to check percentage of company sales in market place)"
58
Define net profit figures
"Profit is the difference between revenue and expenses. Successful organisations make a profit. Different levels of profit will be determined as acceptable by different organisation (in terms of objectives, investors etc.) (e.g. Marketing manager wants to check percentage of company sales in market place)"
59
Define net profit figures
A
60
Define level of staff turnover
"This measures the number of staff who are leaving the organisation. High turnover may indicate dissatisfaction of the workplace. This results in a cost for recruiting/training new employees and is a loss of organisational knowledge the employee has. (e.g. HR manager concerned about number of employees leaving)"
61
Define level of job satisfaction
"The level of happiness felt by employees. High more productive employees. Low organisation needs to improve performance and satisfaction. Providing feedback from staff is a method of gaining a view of how employees feel. (e.g. shareholders want to know how an organisation is performing)"
62
Define customer survey
"Measures how satisfied customers are with the organisations performance The numbers of customer complaints per month indicate whether customers are happy with the organisation. Decrease positive indicator of performance. Provides organisations with valuable knowledge about target audience and can help improve areas or concern. (E.g. Market manager wants to know about customer satisfaction.)"
63
Define workplace accidents
"Indicates how safe the workplace is for employees The rate and number of workplace accidents. Reduced accidents employees less likely to be injured, safer environment, better training for employees. (e.g. Manager concerned about high number of workplace accidents)"
64
Define level of wastage
"Measures the amount of waste created in the production process. Reducing waste reduced cost with producing a product, positive community impact. (e.g. operations manager wants to know if resources are being used properly)"
65
Define workplace accidents
"Indicates how safe the workplace is for employees The rate and number of workplace accidents. Reduced accidents employees less likely to be injured, safer environment, better training for employees. (e.g. Manager concerned about high number of workplace accidents)"
66
Define number of customer complaints
"Indicate whether or not customers are satisfied with the performance of the organisation This is a good comparative PI against competitors. Increase Need for further training of employees, products may not be made to a standard. (E.g. Market manager wants to know about customer satisfaction.)"
67
Define benchmarking
Occurs when an organisation measures and evaluates it’s performance against that of other leading organisations known for their excellence Benchmarking allows for a comparison to be made for a more accurate evaluation
68
Define stake holders
Are groups of individuals who interact with the organisation and have a vested interest in it’s activities
69
Define social responsibility
Is the obligations a business has over and above it’s legal responsibilities to the wellbeing of employees and customers, shareholders and the community as well as the environment
70
Define ethical management
Refers to the process of abiding by moral standards and doing the ‘right’ thing in the interest of all stakeholders
71
Define social responsibility
Is the obligations a business has over and above it’s legal responsibilities to the wellbeing of employees and customers, shareholders and the community as well as the environment
72
Define ethical management
A

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