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Yr 13 Business Studies - Theme 3 > Theme 3 - All Keyword definitions > Flashcards

Theme 3 - All Keyword definitions Flashcards

1
Q

Corporate objectives?

A

The objectives of a medium to large-sized business as a whole.

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2
Q

Departmental and functional objectives?

A

The objectives of a department within a business.

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3
Q

Mission statement?

A

A brief statement, written by the business, describing its purpose, objectives and present operations.

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4
Q

Objective?

A

A target or outcome for a business that allows it to achieve its aims.

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5
Q

SMART?

A

The acronym for a good’s attributes.

Specific
Measurable 
Agreed
Realistic
Time
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6
Q

Corporate strategy?

A

The plans and policies developed to meet a company’s objectives. It’s concerned with what range of activities the business needs to undertake in order to achieve its goals,

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7
Q

Distinctive capability?

A

A form of competitive advantage that is sustainable because it can’t be easily replicated by a competitor.

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8
Q

Diversification?

A

Developing new products in new markets.

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9
Q

Market development?

A

The marketing of existing products in new markets.

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10
Q

Penetration?

A

Using tactics such as the marketing mix to increase the growth of existing products in an existing market.

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11
Q

Portfolio analysis?

A

A method of categorising all the products and services of a firm to decide where each fits within the strategic plans.

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12
Q

Product development?

A

Marketing new or modified products in existing markets.

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13
Q

External audit?

A

An audit of the external environment in which a business finds itself, such as the market and government it operates under.

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14
Q

Internal audit?

A

An analysis of the business itself and how it operates.

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15
Q

SWOT analysis?

A

An analysis of the strengths, weaknesses, opportunities and threats presented by its external environment.

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16
Q

Trade association?

A

An organisation whose members are all involved in the same industry and pursue the interests of these businesses.

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17
Q

Monopoly?

A

A market dominated by a single business.

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18
Q

Oligopoly?

A

A market dominated by a few large businesses.

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19
Q

PESTLE analysis?

A

Analysis of the political, economic, social, technological, legal and environmental factors affecting a business.

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20
Q

Diseconomies of scale?

A

Rising long-run average costs as a business expands beyond its minimum efficient scale.

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21
Q

Economies of scale?

A

The reduction in average costs enjoyed by a business as output increases.

22
Q

External economies of scale?

A

The cost reductions available to all businesses as the industry goes.

23
Q

Internal economies of scale?

A

The cost reduction ps enjoyed by a business as it grows.

24
Q

Minimum efficient scale?

A

The output that minimises long-run average costs.

25
Q

Backward vertical integration?

A

Joining with a business in the previous stage of production.

26
Q

Forward vertical integration?

A

Joining with a business in the next stage of production.

27
Q

Horizontal integration?

A

The joining of businesses that are in exactly the same line of business.

28
Q

Integration?

A

The joining together of two businesses as a result of a merger or takeover.

29
Q

Merger?

A

Occurs when two (or more) businesses join together and operate as one.

30
Q

Synergy?

A

The combining of two or more activities or businesses creating a better outcome than the sum of the individual parts.

31
Q

Takeover?

A

The process of one business buying another.

32
Q

Vertical integration?

A

The joint of two businesses at different stages of production.

33
Q

Centring?

A

A method used in the calculation of a moving average where the average is plotted or calculated in relation to the central figures.

34
Q

Correlation?

A

The relationship between two sets of variables.

35
Q

Correlation coefficient?

A

A measure of the extent of the relationship between two sets of variables.

36
Q

Moving average?

A

A succession of averages derived from successive segments of a series of values.

37
Q

Scatter graph?

A

A graph showing the performance of one variable against another independent variable on a variety of occasions. It’s used to show whether a correlation exists between the variables.

38
Q

Time series analysis?

A

A method that allows a business to predict future levels from past figures.

39
Q

Average rate of return (ARR)?

A

A method of investment appraisal that measures the net return per annum as a percentage of the initial spending.

40
Q

Capital cost?

A

The amount of money spent when setting up a new venture.

41
Q

Discounted cash flow?

A

A method of investment appraisal that takes interest rates into account by calculating the present value of future income.

42
Q

Investment?

A

The purchase of capital goods.

43
Q

Investment appraisal?

A

The evaluation of an investment project to determine whether or not it’s likely to be worthwhile.

44
Q

Net cash flow?

A

Cash inflow - cash outflow

45
Q

Net present value?

A

The present value of future income from an investment project, minus the cost.

47
Q

Payback period?

A

The amount of time it takes to recover the cost of an investment project.

49
Q

Present value?

A

The value today of a sum of money available in the future.

49
Q

Decision tree?

A

A technique which shows all possible outcomes of a decision. The name comes from the similarity of the diagrams to the branches of trees.

49
Q

Overtrading?

A

Where a business grows too fast and accepts more orders than it can cope with, and this ultimately results in cash flow problems.

50
Q

Inorganic growth?

A

A business growth strategy that involves two (or more) businesses joining together to form one much larger one.

51
Q

Organic growth?

A

A business growth strategy that involves a business growing gradually by its own resources.

Yr 13 Business Studies - Theme 3 (2 decks)

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