Key terms

Question 1

Organisation

Answer 1

Two or more people working together to achieve an objective.

Question 2

Large Scale Organisation

Answer 2

Employs 200 or more employees, earns revenue in the millions and Hassett of more than $200 million.

Question 3

Multinational organisation

Answer 3

Owned n operated in one country but operates in many countries throughout the world.

Question 4

Corporation

Answer 4

Owned by shareholders and aims to make profit

Question 5

Shareholder

Answer 5

Person who owns shares within the company

Question 6

Government based enterprise

Answer 6

Government owned and operated

Question 7

Objective

Answer 7

A goal or specific outcome an granulation hopes to achieve.

Question 8

Vision statement

Answer 8

States what the organisation aspires to become.

Question 9

Mission statement

Answer 9

Expresses why an organisation exists and how it will operate.

Question 10

Gross domestic product

Answer 10

Value of goods or services produced in a year.

Question 11

Balance of payments

Answer 11

Is a record of the countries trade and financial transactions with the rest of the world.

Question 12

Research and development

Answer 12

Activities taken to improve existing products or create new products.

Question 13

Invention

Answer 13

Is the development of something new

Question 14

Innovation

Answer 14

Occurs when something already established is improved.

Question 15

Downsizing

Answer 15

Involves work place staff reductions with the elimination of jobs and positions.

Question 16

Outsourcing

Answer 16

Is the contracting of some organisational operations to outside suppliers.

Question 17

Internal environment

Answer 17

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

Question 18

External environment

Answer 18

Includes those things in which the organisation has little to no control over. Divided into operating and macro environment.

Question 19

Operating environment

Answer 19

Refers to the outside factors with which the organisation directly interacts in the course if conducting its business.

Question 20

Customers

Answer 20

Are the buyers or users of the product in an LSO.

Question 21

Suppliers

Answer 21

Those that supply resources to the organisation.

Question 22

Competitions

Answer 22

Other organisation stations that offer rival products or services in direct completion selling similar items.

Question 23

Macro environment

Answer 23

Is made up broad factors in the economy and society within which the organisation operates.

Question 24

Globalisation

Answer 24

Is the effect of hi tech communications, lower transport coasts and unrestricted trade and financial flows turning the whole world into a single market, producing a more integrated global economy economic system.

Question 25

Effectiveness

Answer 25

Is the degree of which a business has achieved its chosen objectives.

Question 26

Efficiency

Answer 26

How well an organising uses resources to achieve objectives.

Question 27

Performance indicators

Answer 27

Are specific criteria used to measure efficiency and effectiveness of the organisations performance.

Question 28

Rate of productivity growth

Answer 28

Measure the change in productivity in a particular year.

Question 29

Percentage of market share

Answer 29

Is the proportion of the total market that a business has expressed as percentage.

Question 30

Customer survey

Answer 30

Measures how satisfied customers are with the organisations performance.