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The system of small and medium businesses

Technological approach

 

 

Prepared by:

Ruzieva Madina,

416 group, PFFL

Checked by:

Golovchun A.A.

 

 

Almaty, 2014

CONTENTS:

1. ÓÌÊ (textbooks and manuals)

2. Lesson plans

3. Programs of Business studies

4. Glossary


 


Business Studies in Action Preliminary Course 3E is an exciting and contemporary subject with strong links to the real and constantly-changing world around us. The textbook engages students and enhances understanding of concepts.

KEY FEATURES

Clear explanations of complex business concepts aided by graphic organisers.
• HSC ‘key process verbs’ are used consistently in graded question banks to prepare students for HSC study.
Topical case studies reflect business in action in the real world.
• Rigorous adherence to the content of Business Studies Stage 6 syllabus.
• Greater emphasis on syllabus ‘learn tos’ as well as ‘learn abouts’ .
• Fully updated with new Snapshots, BizFacts and statistics.
• HSC ‘key process verbs’ are colour-coded and used in graded questions throughout the text.

Business Studies in Action offers students the chance to develop knowledge, understanding and skills in relation to:

Ø The economic environment in which businesses operate

Ø The contribution that organisations make to the creation of wealth and the satisfaction of human needs and wants

Ø The nature and role of enterprising and managerial behaviour

It helps to:

Ø Prepare students to take active roles in business and organisational settings

Ø Develop essential communication, planning and evaluation skills

Ø Give students the knowledge and understanding to use these skills appropriately in the private, public and voluntary sectors.

Ø Make students more aware of their roles as consumers, workers, citizens and ultimately as business owners

A Level

At AS Level, Business Studies in Action introduces students to the challenges and issues of starting a business, including financial planning. It then focuses on how established businesses might improve their effectiveness by making tactical decisions at a functional level.

At A2 Level, Business Studies in Action considers strategies for larger businesses and how managers might measure the performance of the business. Finally, it considers the effects that external factors can have on businesses and how a business can plan for and manage change, including leadership style and change in business culture.

 

A level Business Studies encourages students to:

 

ü Develop a critical understanding of organisations, the markets they serve and the process of adding value

ü Be aware that business behaviour can be studied from the perspective of a range of stakeholders including customer, manager, creditor, owner/shareholder and employee

ü Acquire a range of skills including decision making, problem solving and the interpretation and management of qualitative and quantitative data



 

“During This Business Studies course, you will learn about the different areas that together form today’s business world, including management, finance, accounting, human resources, marketing, and operations. “

 

 

Business Basics got its name because it can be used by students who have elementary knowledge of English. Much attention is paid to the study of proper English into submission so as to modern business. At the end of the main benefits given grammatical application, an indication of the role games, a glossary of terms business language texts and audio. Depending on the purpose and duration of the course instructor may change the order of the introduction of linguistic material or skip some sections. This flexibility allows the use of Business Basics virtually all educational institutions - schools, colleges and universities.

KEY FEATURES

· The material features real companies and individuals, and authentic texts, providing relevant study for Business English students. The new edition contains 90% new material, providing a fresh and updated context for the language work.

· The syllabus remains language-driven, giving learners the thorough grounding in basic structures and skills which they need at this level.

· A new pronunciation syllabus provides work on word and sentence stress, intonation, and other areas such as contracted speech which learners at this level often find problematic.

· Each unit covers a theme of general relevance in the business world, such as 'Dealing with Problems' and 'New Developments.' The units are now even in length, with clear headings to identify different types of activities.

 

Lesson plan

Theme: SME’s – small to medium enterprises

Aims: 1) communicative- to present language and speech material on the theme small to medium enterprises

2) educational – to enlarge pupils’ outlook, to present knowledge about the nature of SMEs

3) developing– to develop pupils’ cognitive mechanisms

 

Objectives:

1) to present new material about SMEs

2) to give definitions for small to medium enterprises

3) to analyze the characteristics of SMEs

4) to form pupils’ speaking skills

Learning outcomes: ability and readiness to participate in free communication in the form of a discussion on the material provided on the lesson

Aids: textbook “Business studies in action”

 

Stage Activity Time
Warm-up Teacher talks to the whole class (frontal work). Teacher revises the material from previous lessons. How can you define the notion business? What classifications of businesses you know? What types of business classified by size?? What is the role of business in our lives? What can you tell about an importance of business in our society?
Reading Students read the text “Definition of SMEs” (p.322 - 323).
Compre hension of the text Asking questions according the texts: Why production is regarded as the most important business activity. Find out the definition of SMEs from this text. Do you agree with it? How can you define SMEs in your own words? Name the main characteristics of SMEs. Some students read out their ideas.
Working in groups     Teacher writes on the board examples of different types of businesses such as hairdresser salon, national bank, and hotel. Class is divided into three groups. Every group should write main features of the given type of business. Teacher can help them giving some categories: number of employee, sources of finance an etc.
Discussion In groups discuss the features of the types of business structures and construct a table listing them. Find examples from your local area and the media. Some of the students read out their features checking and correcting each other.  
Writing Students read the case and do an exercise 9. Gordon Su is the owner of a jewellery store specializing in handmade necklaces and bracelets. Read about his daily business activities (below) then complete the table to demonstrate each business activity Gordon undertakes to operate his business successfully.

 

 

Lesson plan

Theme: The nature of SME’s (small to medium enterprises)

Aims: 1) communicative- to present language and speech material on the theme small to medium enterprises

2) educational – to enlarge pupils’ outlook, to present knowledge about the nature of SMEs

3) developing– to develop pupils’ cognitive mechanisms

 

Objectives:

1) to present new material about SMEs

2) to revise the material about characteristics of SMEs

3) to form pupils’ critical thinking and decision-making skills

Learning outcomes: ability and readiness to participate in free communication in the form of a discussion on the material provided on the lesson

Aids: textbook “Business studies in action”, case #1, case #2, case #3

 

Stage Activity Time
Warm-up Teacher talks to the whole class (frontal work). Teacher revises the material from previous lessons. How can you define the notion business? What classifications of businesses you know? What types of business classified by size?? What is the role of business in our lives? What can you tell about an importance of business in our society?
Reading Students read the text “Small but big in its own way” (p.324). The story of successful development of Bartlett Precision Manufacturing.
Compre hension of the text Asking questions according the texts: 1. Identify the strengths of Troy Bartlett’s business. 2. Outline what gives Troy his competitive advantage over his competitors. 3. Explain why Troy prefers to keep the business small. 4. Predict what might happen to Troy's business over the next three years.
Case studies Teacher consolidates the material about small business. He/She prepares three cases. Students will assess the following cases to see whether each of the people mentioned in these cases is likely to succeed in business and if not then they are to suggest strategies to help the person or persons improve their business. They will then present and discuss their reasons with the rest of the class. Students can work in groups or in pairs in this exercise.

 


 

Case One

 

Case Two

 

Case Three

 

Lesson plan

Theme: The nature of SME’s (small to medium enterprises)

Aims: 1) communicative- to present language and speech material on the theme small to medium enterprises

2) educational – to enlarge pupils’ outlook, to present knowledge about the nature of SMEs

3) developing– to develop pupils’ cognitive mechanisms

 

Objectives:

1) to present new material about SMEs

2) to revise the material about characteristics of SMEs

3) to form pupils’ critical thinking and decision-making skills

Learning outcomes: ability and readiness to participate in free communication in the form of a discussion on the material provided on the lesson

Aids: textbook “Business studies in action”

 

Stage Activity Time
Warm-up Teacher talks to the whole class (frontal work). Teacher revises the material from previous lessons. How can you define SMEs? What the letters represent SME? What characteristics of SMEs you know? What can you tell about an importance of SME’s in our society?
Reading Students read the text “The role of SMEs”
Compre hension of the text Examine figure 10.2 (page 323). Complete the following statements by identifying the correct word from the choices given. Write the sentences into you r notebook. According to the ABS: (a) a business with fewer than 5 /20 employees is classified as a small business (b) a micro business has fewer than five employees including/not including the owner (c) a medium business has between 20 and 199/100 and 199 employees (d) a business that has more than 100/200 employees is classified as a large business. Indentify five important features that indicate the overall importance of SME business sector to the Australian economy.
Discussion Think of the SME business sector as a pool of water. New businesses enter the pool and increase its size. Others have difficulty staying the float. They sink to the bottom, leak out and decrease the size of the pool. This means the composition and size of the pool is constantly changing. Discuss why it is useful to think of the SME business sector as a pool of water.
Working in groups Teacher divides class into three groups. Every group has a list with questions. They should discuss the reasons of failure and success of SME and prepare one business plan of SME. Students from other groups should identify the weak points. Teacher after analyzing strategies and business plan chooses the best business plan.

 

 


accountability: when a business acts in the best and highest interests of its owners. Full and complete ‘disclosure’, which means to be open and not hide the truth, ensures that the books of account are kept accurately and that the information reflected in them, and which is summarised in reports, is based on the true and actual transactions. Another term for accountability is stewardship. p. 234

accounting: a managerial and administrative tool for recording financial transactions, so that a summary of what has happened to business money can be traced p. 232

acquisition: (takeover) when one business takes control of another business by purchasing a controlling interest in it p. 97

assets: items of value to the business that can be given a monetary value p. 245

audit: an independent check of the accuracy of financial records and accounting procedures p. 284

Australian Business Number (ABN): a single identifying number that a business uses when dealing with government departments and agencies p. 388

autocratic leadership style: the manager tends to make all the decisions, dictates work methods, limits worker knowledge about what needs to be done to the next step to be performed, frequently checks employee performance and sometimes gives feedback that is punitive. p. 175

award: an employee’s minimum pay and conditions p. 265

balance of payments (BOP): a record of a country’s trade and financial transactions with the rest of the world over time, usually one year p. 329

balance sheet: a statement of the business’s assets and liabilities (financial position) at a particular time using the heading ‘as at’ to pinpoint when it was created p. 245

bank overdraft: the bank allows a business to overdraw their account up to an agreed limit for a specified time, to overcome a temporary cash shortfall. p. 373

bankruptcy: a declaration that a business or person is unable to pay his or her debts p. 108

behavioural approach: (to management) stresses that people (employees) should be the main focus of the way in which the business is organised p. 179

benchmark: a standard by which something can be measured or judged p. 145

best practice: business practices that are regarded as the best or of the highest standard in the industry p. 309

body language: the use of gestures, facial expressions and posture to communicate p. 131

brand: a name, term, symbol or design that identifies a specific product and distinguishes it from its competitors p. 227

brand logo: a graphic representation that identifies a business or product p. 227

break-even analysis: used to determine the level of sales that needs to be generated to cover the total cost of production p. 415

budget: the business’s financial plan for the future p. 419

bureaucracy: the set of rules and regulations that control a business p. 167

business: can be defined as the organised effort of individuals to produce and sell, for a profit, the products that satisfy individuals’ needs and wants p. 7

business environment: the surrounding conditions in which the business operates. It can be divided into two broad categories: internal and external. p. 51

business ethics: the application of moral standards to business behaviour p. 282

business life cycle: the stages of growth and development a business can experience p. 88

business opportunity: can be described as something an entrepreneur can see as an avenue to success. It is often identified when a person believes they can provide a good or service in a better or different way from those already on the market. p. 355

business plan: the ‘road map’ for future growth and development within a business. It sets out the desired goals and direction of the business. p. 392

cash flow: the money coming into the business in the form of cash receipts, and the money leaving the business as cash payments p. 92

cash flow projection: the changes to the cash position brought about by the operating, investing and financial activities of the business p. 416

chain of command: a system that determines responsibility, supervision and accountability of members of the organisation p. 173

change: any alteration in the business and work environment p. 291

change agent: a person or group of people who act as catalysts, assuming responsibility for managing the change process p. 307

change management: a methodical approach to dealing with change, both from the perspective of a business and on the individual level p. 309

channels of distribution: ways of getting the product to the customer p. 229

classical approach: (to management) stresses how best to manage and organise workers so as to improve productivity (output) p. 165

closing stock: the value of stock on hand at the end of the financial year p. 241

competition: rivalry among businesses that seek to satisfy a market p. 356

competitive advantage: the strategies used by a business to gain an ‘edge’ over its competitors p. 434

complementary business: a business that sells a similar range of goods and services p. 72

computer aided design (CAD): a computerised design tool that allows the business to create product possibilities from a series of input data p. 411

computer aided manufacture (CAM): software that controls the manufacturing process p. 411

consumer buying behaviour: the decisions and actions of consumers when they purchase goods and services for personal household use p. 221

contingencies: unanticipated events that can lead to financial difficulty. For a business to be well managed, it needs to have saved money for such events. p. 232

continuous improvement: an ongoing commitment to achieving perfection p. 211

control process: establishing standards in line with the goals of the business, measuring the performance of the business against those standards or benchmarks, and making changes where necessary to ensure that the goals of the business have been met p. 171

creditors: those people or businesses who are owed money p. 108

curriculum vitae or résumé: a summary of a person’s previous employment experience p. 259

debt finance: money obtained through loans p. 372

decision making: the process of identifying the options available and then choosing a specific course of action to solve a specific problem p. 136

delegation: the handing over of certain tasks or responsibilities to an employee who is suitably capable and qualified to carry them out p. 181

deregulation: the removal of government regulation from industry, with the aim of increasing efficiency and improving competition p. 56

development: activities that prepare staff to take greater responsibility in the future p. 262

dismissal: when the behaviour of an employee is unacceptable and it then becomes necessary for a business to terminate the employee’s employment contract p. 277

diversification: (or conglomerate integration) when a business acquires or merges with a business in a completely unrelated industry p. 98

dividend: part of a business’s profit that is divided among shareholders p. 12

division: the separation of key business functions into specialised units or departments. The business is divided into functional areas. p. 197

driving forces: forces that support the change p. 306

e-business: (electronic business) using the Internet to conduct business p. 441

ecological sustainability: when economic growth meets the needs of the present population without endangering the ability of future generations to meet their needs p. 85

e-commerce: the buying and selling of goods and services via the internet pp. 28,441

economic cycles: (or business cycles) periods of growth (‘boom’) and recession (‘bust’) that occur as a result of fluctuations in the general level of economic activity p. 52

economic growth: when a nation increases the real value of goods and services over a period of time p. 328

economy: a system used to determine what to produce, how to produce and to whom production will be distributed p. 327

effectiveness: measures the degree to which a goal has been achieved p. 122

efficiency: compares the resources needed to achieve a goal (the costs) against what was actually achieved (the benefits) p. 122

elaborately transformed manufactures (ETMs): manufactured goods that are highly processed and valued. They are complex because of the amount of processing they have undergone. p. 203

employee selection: gathering information about each applicant for a position, then using that information to choose the most appropriate applicant p. 257

employee training: the process of teaching staff how to perform their job more efficiently and effectively by boosting their knowledge and skills p. 162

employment contract: a legally binding, formal agreement between an employer and an employee p. 266

enterprise agreement: a negotiated arrangement between an employer and a union or a group of employees p. 267

entrepreneur: someone who starts, operates and assumes the risk of a business venture in the hope of making a profit p. 15

equity finance: the funds contributed by the business owner(s) to start and then expand the business p. 373

establishment costs: costs involved in setting up the business p. 374

e-tailer: an electronic retailer p. 368

evaluation: the process of assessing whether the business has achieved stated objectives p. 418

expenses: costs. Specifically, expenses are the costs incurred in the process of acquiring or manufacturing a good or service to sell and the costs (direct and indirect) associated with managing all aspects of the sales of that good or service. p. 241

external environment: factors over which the business has very little control p. 51

external recruitment: filling job vacancies with people from outside the business p. 256

Fairtrade: a trading partnership that seeks greater equity (fairness) in international trade. It promotes the rights of marginalised workers, especially in low-income countries. p. 281

finance: how a business funds its activities — for instance, where it gets the money to trade, why it chooses to use certain lenders — as well as the costs, risks and benefits of different types of borrowings p. 234

financial resources: funds the business uses to meet its obligations to various creditors p. 75

financial statements: reports that summarise transactions over a period of time p. 236

finished product: product that is ready for customers to buy and use p. 7

fixed costs (FC): costs that do not vary regardless of how many units of a good or service are produced p. 415

flatter organisational structures: evolved due to a ‘de-layering’ of management structures resulting in the elimination of one or more management levels p. 186

flexible manufacturing: production by computer controlled machines that can adapt to various versions of the same operation p. 296

float: the raising of capital in a company through the sale of shares to the public p. 48

forecasts (or projections): the business’s predictions about the future p. 414

franchise: buying the rights from another business to distribute its product under its name p. 43

franchisee: an individual or business that purchases a franchise p. 43

franchisor: an individual or business that grants a franchise p. 43

geographical spread: the presence of a business and the range of its products across a suburb, city, state or country or the globe p. 25

global business, or transnational corporation (TNC): a large business with a home base in one country that operates partially owned or wholly owned businesses in other countries p. 26

globalisation: the process that sees people, goods, money and ideas moving around the world faster and more cheaply than before p. 58

goal: a desired outcome (target) that an individual or business intends to achieve within a certain time frame p. 144

goods: items that can be seen or touched p. 7

goods and services tax (GST): a broad-based tax of 10 per cent on the supply of most goods and services consumed in Australia pp. 61, 387

goodwill: the monetary value attached to the reputation of a particular business p. 359

government enterprises: government-owned and operated businesses p. 43

grant: any monetary or financial assistance that does not generally have to be repaid p. 412

gross domestic product (GDP): the total money value of all goods and services produced in Australia over a one-year period p. 328

gross profit: the term given to the sales less cost of goods sold (COGS) p. 241

high technology (hi-tech): a broad term used to describe new and innovative types of businesses that depend on advanced scientific and engineering knowledge p. 337

holistic: an approach that looks at the whole picture p. 300

horizontal integration: when a business acquires or merges with another firm that makes and sells similar products p. 98

human resource/employment cycle: covers all stages in the process of employing staff, from initial planning through to recruitment, selection, induction, training and development, performance management, and eventual separation of employment p. 251

human resource management (HRM): in its simplest terms, defined as the effective management of the formal relationship between the employer and the employees p. 250

human resource planning: the development of strategies to meet the business’s future staffing needs p. 254

human resources: the employees of the business and are generally its most important asset p. 75

income: money received by a person for providing his or her labour, or a business from a return on its investments p. 12

income statement, or statement of financial performance: a summary of the income earned and the expenses incurred over a period of trading. It helps users of information see exactly how much money has come into the business as revenue, how much has gone out as expenditure and how much has been derived as profit. p. 240

incorporated: the process companies go through to become a separate legal entity from the owner/s p.

incorporation: the process that companies go through to become incorporated, i.e. to become a registered company and a separate legal entity p. 40

incremental change: results in minor changes, usually involving only a few employees p. 293

industry: businesses that are involved in similar types of production p. 30

inertia: an unenthusiastic response to proposed change p. 305

information: processed data that have been deliberately selected and organised to be useful to an individual manager p. 300

information resources: the knowledge and data required by the business, such as market research, sales reports, economic forecasts, technical material and legal advice p. 75

innovation: an improvement on something already established p. 13

input tax credit: an allowable tax deduction that a business can claim for any GST

included in the price of business inputs p. 387

inputs: resources used in the process of production p. 202

insolvent: when a company is not able to pay its debts as and when they fall due p. 110

intangibles: services that cannot be touched p. 200

interdependence: the mutual dependence that the key functions have on one another. The key business functions work best when they overlap, and employees work towards common goals. For each function area to perform at capacity, it depends on the support of the others. p. 196

interest: the cost of borrowing money p. 373

internal environment: factors over which the business has some degree of control p. 51

internal recruitment: filling job vacancies with present employees, rather than looking outside the business p. 256

interpersonal (people) skills: those skills needed to work and communicate with other people and to understand their needs p. 127

intrapreneur: an individual who takes on the entrepreneurial roles within a business p. 159

invention: the development of something new p. 13

involuntary cessation: when the owner is forced to cease trading by the creditors of the business p. 108

involuntary separation: when an employee is asked to leave the business against their will p. 277

job analysis: a systematic study of each employee’s duties, tasks and work environment p. 255

job description: a written statement describing the employee’s duties, tasks and responsibilities associated with the job p. 256

job specification: a list of the key qualifications needed to perform a particular job in terms of education, skills and experience p. 256

labour productivity: how much an employee can produce in a set period of time p. 158

leadership: the ability to influence people to set and achieve specific goals p. 135

leadership style: a manager’s way of doing things — their behaviour and attitude p. 174

lean manufacturing/production: an operational strategy aimed at achieving the shortest possible production time by eliminating waste p. 407

learning organisation: monitors and interprets its environment, seeking to improve its understanding of the relationship between its actions and its environment p. 263

leasing: a long-term source of borrowing for businesses. It involves the payment of money for the use of equipment that is owned by another party. p. 438

liabilities: items of debt owed to other organisations (e.g. suppliers, banks) and include loans, accounts to be paid by the business, mortgages, credit card debt and accumulated expenses p. 246

limited liability: a feature of corporate ownership that limits each owner’s financial liability to the amount of money he or she has paid for the business’s shares p. 41

liquidation: when an independent and suitably qualified person — the liquidator — is appointed to take control of the business with the intention of selling all the company’s assets in an orderly and fair way in order to pay the creditors p. 109

liquidity: the amount of cash a business has access to and how readily it can convert its assets into cash so that debt can be paid p. 236

local business: has a very restricted geographical spread; it serves the surrounding area p. 25

logistics: the management of business operations, such as the purchasing, storage, transportation and delivery of goods along the supply chain p. 407

long-term growth: the ability of a business to continually expand p. 407

maintenance: the provision of working conditions to encourage employees to remain with the business p. 264

management: (contemporary definition) the process of working with and through other people to achieve business goals in a changing environment. Crucial to this process is the effective and efficient use of limited resources. p. 121

management consultant: someone who has specialised knowledge and skills within an area of business p. 309

management hierarchy: the arrangement that provides increasing authority at higher levels of the hierarchy p. 172

manager: someone who coordinates the business’s limited resources in order to achieve specific goals p. 121

manipulation: the skilful or devious exertion of influence over someone to get them to do what you want p. 301

market analysis: collecting, summarising and analysing information about the state of the market, customers, the threats and opportunities that the market presents, and any advantages or disadvantages that the business is likely to have over its competitors p. 365

market concentration: the number of competitors in a particular market. There are four main types of market concentration. p. 64

market segmentation: when the total market is subdivided into groups of people who share one or more common characteristic p. 220

market share: the business’s share of the total industry sales for a particular product pp. 23, 148

marketing: the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organisational objectives (American Marketing Association). A more simplified definition is that marketing is a total system of interacting activities designed to plan, price, promote and distribute products to present and potential customers. p. 216

marketing concept: a business philosophy that states that all sections of the business are involved in satisfying a customer’s needs and wants while achieving the business’s objectives p. 218

marketing mix: the combination of the four elements of marketing, the four Ps — product, price, promotion and place — that make up the marketing strategy p. 224

marketing strategies: actions undertaken to achieve the business’s marketing goals p. 224

mass marketing: seeks a large range of customers p. 220

mass production: the process of manufacturing standardised goods on a huge scale by automation p. 165

mentor: someone — usually a more experienced employee — who helps develop a less experienced employee (the protégé) p. 162

mentoring: the process of developing another individual by offering tutoring, coaching and modelling acceptable behaviour p. 161

merger: when the owners of two separate businesses agree to combine their resources and form a new organisation p. 97

micro business: employs fewer than five people (including the owner) p. 24

modifying: the process of changing existing plans, using updated information to shape future plans p. 422

monitoring: the process of measuring actual performance against planned performance p. 418

monopolistic competition: where there is a large number of buyers and sellers in a particular market, e.g. local retailing shops p. 65

monopoly: complete concentration by one firm in the industry, e.g. Australia Post p. 65

mortgage: a loan secured on some type of asset p. 373

motivation: the individual, internal process that directs, energises and sustains a person’s behaviour p. 160

multiskilling: allows employees to develop skills in a wide range of tasks through ongoing training p. 162

national business: business that operates within just one country p. 26

net profit: the difference between the gross profit and operating and non-operating expenses p. 242

niche market: a narrowly selected target market segment p. 223

nonverbal communication: any message that is not written or spoken p. 131

objective: a specific statement detailing what a business (or individual) needs to achieve in order to accomplish its vision p. 404

occupational health and safety (OH&S): the responsibility the employer has to ensure the workplace is safe for employees and that steps are taken to minimise harm p. 273

oligopoly: where a small number of larger firms have a greater control over a market, e.g. car manufacturers p. 65

on-costs: payments for non-wage benefits p. 382

opening stock: the value of stock (or inventory) that the business has at the start of the financial year p. 241

operating costs: costs involved in the ordinary day-to-day running of the business p. 374

operating expenses: all the costs of running the business except the cost of goods sold p. 10

operational objectives: short-term issues and describe the course of action necessary to achieve the tactical objective and strategic goal p. 404

operational planning: specific details about the way in which the business will operate in the short term p. 170

operations: the business processes that involve transformation or, more generally, ‘production’ p. 198

operations management: all the activities in which managers engage to produce a good or service p. 198

organisation process: the range of activities that translate the goals of a business into reality p. 171

organisational structure: the framework in which the business defines how tasks are divided, resources are used, and departments are coordinated p. 409

organising: the structuring of the organisation to translate plans and goals into action p. 171

outputs: the end result of a business’s efforts — the service or product that is delivered or provided to the consumer p. 206

outsourcing: the use of external sources or businesses to undertake business functions or activities for the business pp. 194, 294

owner’s equity: the funds contributed by the owner(s) to establish and build the business. It is also called ‘capital’. p. 246

packaging: the development of a container and the graphic design for a product p. 226

participative or democratic leadership style: a style in which the manager consults with employees to ask their suggestions and then seriously considers those suggestions when making decisions p. 188

partnership: a legal business structure that is owned and operated by between two and 20 people with the aim of making a profit p. 37

percentage mark-ups: increase the cost price by a fixed percentage to give the selling price p. 365

perfect competition: where there is a large number of small firms that sell similar products. They are unable to differentiate products from each other and so can only use price as a way of achieving market share, e.g. fruit and vegetable growers. p. 65

performance standard: a forecast level of performance against which actual performance can be compared p. 418

physical resources: resources including equipment, machinery, buildings and raw materials p. 75

planning: the preparation of a predetermined course of action for a business; the process of setting targets and deciding how to achieve them pp. 170, 396

primary industry: those businesses in which production is directly associated with natural resources p. 31

primary target market: the market segment at which most of the marketing resources are directed p. 222

privatisation: the process of transferring the ownership of a government business to the private sector p. 43

proactive: a management style that incorporates dynamic action and forward planning to achieve particular objectives p. 136

problem solving: a broad set of activities involved in searching for, identifying and then implementing a course of action to correct an unworkable situation p. 135

product: a good or service that can be bought or sold p. 7

product life cycle: the life of a product over four stages: introduction, growth, maturity and decline p. 2

product positioning: the development of a product image compared with the image of competing products p. 225

production: activities undertaken by the business that combine the resources to create products that satisfy customers’ needs and wants p. 7

profit: what remains after all business expenses have been deducted from sales revenue p. 10

profit maximisation: when there is a maximum difference between the total revenue (that is, the number of sales made multiplied by the price) coming into the business and total costs being paid out p.

promotion: the methods used by a business to inform, persuade and remind a market about its products pp. 150, 228

proprietary (private) company: an incorporated business and usually has between two and 50 private shareholders p. 42

prospectus: a document giving details of a company and inviting the public to buy shares in it p. 48

quality: the degree of excellence of a good or service and its fitness for a stated purpose p. 209

quality assurance: the use of a system so that a business achieves set standards in production p. 210

quality circles: groups of workers who meet to solve problems relating to quality p. 211

quality control: the use of inspections at various points in the production process to check for problems and defects p. 209

quality management: the strategy which a business uses to make sure that its products meet customer expectations p. 209

quality of life: the overall wellbeing of an individual, and is a combination of both material and non-material benefits p. 19

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