Definitions

Question 1

change

Answer 1

Change refers to the modification or transformation in the way business is conducted as a response to internal factors or external influences.

Question 2

culture

Answer 2

Culture refers to the norms, beliefs and values of an organization or a collective group of individuals, which shape its practices and characteristics.

Question 3

ethics

Answer 3

Ethics refer to the moral principles and values that form the basis of how business activity is conducted.

Question 4

globalisation

Answer 4

Globalization refers to the process by which people, ideas, goods and services become increasingly spread around the world, creating greater integration and understanding of countres, organizations and cultures.

Question 5

innovation

Answer 5

Innovation refers to the improvements of a product or process to better meet the needs and wants of customers, in a profitable way.

Question 6

strategy

Answer 6

Strategy refers to planned actions designed to achieve the long-term goals or overall aims of an organization.