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Flashcards in Important Definitions - EXAMS Deck (40):
1

Shareholder

Any person who owns a share in a company

2

Strategies

The actions that an organisation takes to achieve specific objectives

3

Suppliers

Those organisations and individuals that supply resources to the organisation, allowing it to conduct its operations

4

Staff survey

A measure of how satisfied staff are within the organisation

5

Staff turnover

A measure of the number of staff who are leaving the organisation

6

Stakeholders

Groups and individuals who interact with the organisation and have an interest in its activities

7

Vision statement

A statement of what the organisation aspires to become

8

Rate of productivity growth

A measure of the change in productivity in one year compared to the previous year

9

Macro environment

The broad factors in the economy and society within which the organisation operates

10

Operating environment

The outside factors with which the organisation interacts in the course of conducting its business

11

Outsourcing

Contracting some organisational operations to outside suppliers

12

Social responsibility

The obligations a business has over and above its legal responsibilities to the wellbeing of employees and customers, shareholders and the community as well as the environment

13

Mission statement

A statement expressing why an organisation exisits, it's purpose and how it will operate

14

Number of workplace accidents

An indication of how safe the workplace is for employees

15

Number of sales

The number of products sold

16

Percentage of market share

The proportion of the total market that a business has, expressed as a percentage

17

Lobby groups

Groups of people who attempt to directly influence or persuade an organisation to adopt particular policies

18

Internal environment

All those things over which the organisation has some degree of control

19

Objective

A desired goal, outcome or specific result that an organisation intends to achieve

20

Level of wastage

The amount of waste created by the production process

21

Ethical management

Abiding by moral standards and doing the 'right' thing in the interests of all stakeholders

22

Efficiency

A measure of how well an organisation uses resources to achieve objectives

23

Downsizing

Workplace staff reductions, with the elimination of jobs and positions

24

Customers

The buyers or users of the products of a large-scale organisation

25

Employee

A worker under an employer's control. Control may involve the location of the workplace, the way in which the work is performed or the degree of the supervision involved. These criteria are critical in determining legal disputess over over the employment contract

26

Customer survey

A measure of how satisfied customers are with the organisation's performance

27

Benchmarking

A process in which an organisation measures its performance against that of other leading organisation's known for their excellence

28

External environment

This includes things over which the business has little control. It may be divided into an operating environment and a macro environment.

29

Competitors

Other organisations that offer rival products or services

30

Effectiveness

The degree to which an organisation has achieved its stated objectives

31

Research and development

Activities undertaken to improve existing products or create new products

32

Marketing

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

33

Finance

The act of providing funds for business activities, making purchases or investing

34

Operations

Operations management refers to the administration of business practices to create the highest level of efficiency possible within an organization. Operations management is concerned with converting materials and labor into goods and services as efficiently as possible to maximize the profit of an organization.

35

Key Performance Indicators

A set of quantifiable measures that a company or industry uses to gauge or compare performance in terms of meeting their strategic and operational goals. KPIs vary between companies and industries, depending on their priorities or performance criteria.

36

Profitability

Profitability is the ability of a business to earn a profit. A profit is what is left of the revenue a business generates after it pays all expenses directly related to the generation of the revenue

37

Management

Management is commonly defined as the alignment and coordination of multiple activities in an organization. Business owners use management skills to accomplish the goals and objectives of their company.

38

Profit

The amount that remains when the expenses are taken away from the revenue

39

Human resource management

The effective management of the formal relationship between the employer and employees

40

Customer complaints

An expression of dissatisfaction with a product or service, either orally or in writing, from an internal or external customer.