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Flashcards in units 1/2 Deck (43):
1

Policy

An established guide line that must be followed. They are often published in a booklet other form that is widely accessible.

2

Stake holder

anybody with any interest in the business
. This could include owners, suppliers, employees and customers.

3

Procedure

series of actions that enable a policy to be approved and put into practice.

4

Corporate social responsibility

The commitment for organisations to conduct their business on an ethical manner. to take responsibility for the economic , social and environmental consequences of their activities and to be accountable for a wide range of stakeholders including employees, customers and suppliers, now and in the future.

5

Marketing plan

A document that lists activities aimed at achieving particular marketing outcomes in relation to a good or service, the plan provides a template for future actions aimed at reaching marketing objectives, such as establishing a customer base.

6

Objective

The goals that a business sets to achieve through a marketing campaign. They should be specific and include a timeframe.

7

Performance indicator

Measures success of a given objective

8

Financial performance indicator

Measures success in monetary terms

9

Non financial performance indicator

Measures success in non monetary terms

10

Market segmentation

Occurs when the total market is subdivided into groups who share one or more common characteristics. The factors they are defined by are demographic, geographic, psychographic and behavioural.

11

Target market

A group of customers with similar characteristics who currently purchase the product or may do so in the future.

12

Public relations

The relationship between an organisation, business or person and the public. They can be planned or unplanned and are intended to create a positive image.

13

Publics

Publics are groups of the public that have a similar interest

14

Crisis communication plan

A crisis communication plan outlines the policies and procedures to follow when handling unfavourable publicity and news personnel when a crisis occurs. There are 7 different elements of a crisis communication plan.

15

Human resource management

HRM is defined as the effective management of the formal relationship between the employer and employees and involves the recruitment, selection , training, development, appraisal and dismissal of staff.

16

Sole trader

One owner

17

Partnership

2-20 owners

18

Private company

Up to 50 shareholders

19

Public company

Unlimited shareholders

20

Market share

Percent of an industry that the business owns

21

7 P's of marketing

Product
Price
Place
Promotion
People
Physical evidence
Process

22

Pricing methods

Cost plus margin
Market
Competition

23

Distribution channels

Producer to customer
Producer to retailer to customer
Producer to wholesaler to retailer to customer

24

Channel choices

Intensive distribution
Selective distribution
Exclusive distribution

25

Promotion

Personal selling
Publicity and public relations
Advertising

26

Product lifecycle

Introduction stage
Growth stage
Maturity stage
Decline stage
Extension stage

27

Stages of a public relations campaign

Establish PR objectives
Indentify the intended publics
Develop PR strategies and tactics
Implement the PR campaign
Evaluate the PR campaign

28

Public relations strategies

Guest speakers
Stunts or event
Information videos
Reviews by critics in newspapers or on TV

29

The employment cycle

Establishment phase
Maintenance phase
Termination phase

30

Internal recruitment

When a job vacancy is filled by somebody who is already employed by the business.
An example of this is somebody getting a promotion. They may be approached personally or through the intranet.

31

External recruitment

When a job vancancy is filled by somebody outside of the business. Examples of external recruitment are advertising in the media, using private employment agencies or social media.

32

Legal obligations to consider

>Registering business and domain name
>local government bylaws
>required licenses, permits and approvals
>industry code of practice
>insurance
>occupational health and safety laws.

33

Work health and safety

The requirement for a business to take responsibility for the Health and safety of workers. And to promote and supply equipment for safe work.

34

Customer data base

A customer data base is a bank of information on existing and potential customers. Customer data bases assist a business with product placement and attracting new customers.

35

Globalisation

A businesses overseas presence. Businesses can source better quality goods overseas. They can sell and trade overseas, but they will also have overseas competitors.

36

Financial control systems

Processes to help a business to accurately monitor, manage report on its financial performances . Example : bookkeeping

37

Seperate entity

Keeping the owners personal finances and records seperate from the businesses. This makes tracking performance of the business easier.

38

Auditing

Testing and evaluating businesses accounting processes and internal control.

39

Importance of policies and procedures

The purpose of policies and procedures is to have a basic expectation about behaviour and decision making in a work place.

40

registering a business name

must register your business name unless it is the name of the owner. If something is added to the name of the owner such at 'pty ltd' or 'and co' then it must be registered.

It's important to check whether the name is already taken.

41

Registering a domain name

Choose a registrar . Easy to remember and easy to spell. Good for an online presence

42

Trade practices legislation

Same as industry code of practice. A guideline for business when dealing with customers. A business must familiarise itself with its industry's code of practice as well as state or federal laws that affect its day to day operations.

43

Importance of establishing bank accounts, financial control systems and record keeping strategies.

Stay organised and accurately monitor, manage and reports it's financial performance.