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IB BM Utopia 2017 > HL/SL keyterms > Flashcards

HL/SL keyterms Flashcards

(86 cards)

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1
Q

entrepreneur

A

people who organise the other 3 factors or production and take the risk

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2
Q

share

A

represents a unit of ownership in an company with all the shares representing the total capital of a company

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3
Q

private limited company

A

business owned by shareholders with limited liability but whose shares cannot be bought by or sold to the general public

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4
Q

position

A

visual tool used to show customers’ perceptions about the product or brand in relation to others in the market, against measures such as quality and price.

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5
Q

service

A

intangible product

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6
Q

word of mouth

A

spreading of messages about a firm and its products; most cost-effective form of promotion

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7
Q

promotion

A

methods used to inform, persuade or remind people about a firm’s products or brands

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8
Q

viral

A

promotional technique that relies on the use of online social networks like email, blogs, YouTube

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9
Q

business plan

A

report detailing how a business sets out to achieve its aims and objectives

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10
Q

culture

A

shares values, belief and practices of a business that characterizes its operations

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11
Q

external stakeholders

A

are not part of the organisation but have direct interest in its actions, e.g. customers, suppliers, government

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12
Q

expand

A

growth of a business due to an increase in the size of the organization

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13
Q

capacity (HL)

A

maximum output of a worker, epartment or organization

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14
Q

just-in-time (HL)

A

stock control system whereby materials and components are scheduled to arrive precisely when they are needed in the production process

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15
Q

supply

A

willingness and ability of a producer to produce a product at different price levels

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16
Q

price

A

value of a good or service that is paid by the customer

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17
Q

ethically

A

business acts in a social responsible way towards its stakeholders

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18
Q

supplier

A

external stakeholder that sells goods and services to other businesses

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19
Q

brand

A

distinguishing name of a product or organization which differentiates it from competing products and firms in the market

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20
Q

paternalistic

A

treats employees as if they were family members, guiding them through a process and acting in the best interest of the employees

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21
Q

sole trader

A

self-employed person who runs the business on their own and has sole responsibility for its success or failure

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22
Q

product oriented

A

business focuses on making products that can make, rather than making products that they can make

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23
Q

quality

A

goods or services must be fit for its purpose by meeting or exceeding the expectations of the customer

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24
Q

distribute

A

process of getting products to customers at the right time and place in the most cost-effective way

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25
growth
expansion of a business dues to an increase in the size of the organization
26
business
organisation involved in the production of goods and/or provision of services
27
chain stores
series of retail shops owned by a firm that operates under the same brand name
28
retailer
seller of products to the general public that operate in outlets
29
donation
gift (usually financial) from one party to another, usually for charitable purposes or to beneft a particular cause
30
charity
non-profit organisation established to support good causes
31
aim
long-term goals of a business, often expressed in the firm’s mission statement
32
mutlinational
company that operates in two or more countries
33
headquartered
location where most, if not all, of the major strategic decisions of an organization are coordinated
34
marketing
management of predicting, identifying and meeting the needs and wants of customers at a profit
35
operations management
(production) concerned with providing the right goods and services in right quantities and at the right quality level in a cost-effective and timely manner
36
product development
growth strategy in Ansoff's matrix that involves creating newgoods and services targeted at its existing markets
37
local community
people and organizations in a particular geographic location that share common resources and interests in the area
38
human resource manager
is in charge of developing the people of an organisation, such as recruitment, selection, training, development, dismissal
39
finance
monetary funds required either for start-up of a new business, the day-to-day running, or expansion
40
entrepreneurial
describes someone who organise the other 3 factors or production and take the risk
41
visionary
describes someone who has the foresight and driving force behind a company's growth and delevopment
42
opportunities
set of cirumstances in the external business environment that create the chance for further progress
43
brand loyalty
occurs when customers buy the same brand of a product time and time again because they are devoted t the brand.
44
market
any kind of arrangement where buyers and sellers of a particular good, service or resource are linked together to carry out an exchange
45
customer
people or organizations who buy a product
46
financial loss
when cost of production exceeds the sales revenue
47
crisis management (HL)
handling and resolving an event that can cause serious damage to a business
48
crisis management plan (HL)
outlines the processes and procedures by which an organization intendes to deal with a situation that could potentially harm its survival
49
contingengy planning (HL)
developing a plan before an unwanted or unlikely event occurs by using „what if” questions to identify possible threats e.g. evacuation plan in case of a fire in the workplace
50
cost
sum of money that a business needs in the production process
51
risk (HL)
situation with unknown outcomes which could damage the financial health and viability of a business
52
internal growth
business grows by using its own resources to increase the scale of its operations and sales revenue
53
internal sources of finance
methods by which an organization funds its operations without the use of third-party finance
54
external investor
stakeholders who provide external sources of finance to an organization
55
vision
where the organization wants to be in the future
56
revenue stream
money or income coming into the business from a particular activity, e.g. from villa bookings or coffee orders
57
positioning
visual tool used to show customers' perceptions about the product or brand in relation to others in the market, against measures such as quality and price
58
threat
any external factor that hinders the operations and profitability of an organization
59
social responsibility
consideration of ethical and environmental issues relating to business activity
60
growth options
ways in which an organization can expand
61
brand development
long-term product strategy that involves strengthening the name and image of a brand to boost its appeal and sales
62
costumized
(job production) production of a unique or one-off job
63
gross profit margin
profitability ratio which shows the percentage of sales revenue that turns into gross profit
64
fixed costs
costs of production that do not change with the level of output and will be the same for any number of units, e.g. rent
65
capital expendtiture
investment spending on fixed assets
66
devalued brand
fall of the brand value
67
market research
marketing activities designed to discover opinions, feeling and habits of potential and existing customers
68
stratified sampling
subdivides the population into segments with similar characteristics and selects a number of respondents from each stratum that is proportional to the population
69
profit
when the sales revenue exceeds cost of production
70
external factors
factors that are beyond the control of a business, but have a direct impact on its operations and performance
71
distribution channels
how a final product passes from the producer to consumers
72
strategic alliance
two or more different organisations share costs, risks, control and rewards, but don’t form a separate legal enterprise
73
joint venture
two or more different organisations share costs, risks, control and rewards and form a separate legal enterprise
74
franchising
agreement between a franchisor selling its rights to other businesses to allow them to sell products under its name in return for a fee
75
change
adapting to transformations in a business‘ internal and external environment
76
organizational structure
ways that businesses organize their human resources; the framework for this is presented as an organizational chart
77
legal ownership
formal type of business organizations, e.g. sole trader, partnership, ...
78
sources of finance
methods by which the organization obtains its money
79
organizational chart
diagrammatic representation of a firm’s formal structure
80
fair trade
movement for achieving better trading conditions for producers in developing countries
81
commodity markets
market where buyers and sellers trade primary products (raw materials and natural resources)
82
life skills
social and emotional skills needed to thrive in life, e g. communication, critical thinking, time management
83
trafficking
trade in something illegal
84
financial year
fiscal (tax) year for business accounting purposes
85
business interests
direct involvement that a stakeholder has in a particular organization
86
3D printing
manufacturing process of making solid, physical output using digital computer technologies

IB BM Utopia 2017 (1 decks)

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