Key Terms

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Long term goal or purpose
Aim
1 of 40
Something the business is striving to achieve in the long run
Corporate aim
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Formal structure of processes, procedures, methods of communication and hierarchy in an organisation
Bureaucracy
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Observed pattern of increases and decreases in economic growth (LT)
Business cycle
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System of acceptable business behaviours and principles applied in the commercial world
Business ethics
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Business with several significant activities in diverse markets
Conglomerate
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Legislation designed to protect consumers in their dealings with businesses (e.g. Sale of Goods Act)
Consumer protection
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Planning for specific situations or risks which will threaten a business if things go wrong
Contingency planning
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Objectives that support the achievement of corporate aims; typically at strategic level
Corporate objectives
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Where businesses address social and environmental considerations as part of normal business activities
Corporate Social Responsibility (CSR)
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Financial crisis of 2007-9 which led to lower bank lending as a result of declining confidence amongst financial institutions
Credit crunch
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The reduction of layers in the organisational hierarchy in order to improve decision-making and cut costs
Delayering
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When two or more firms are split into separate organisations with new ownership
Demerger
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Sale of a business unit by a firm
Disposal
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Expanding into different new markets with new products (Ansoff's riskiest)
Diversification
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A developing economy experiencing faster economic growth than others but with less developed infrastructure
Emerging market
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Legislation concerning rights and responsibilities of employers and employees in the workplace (e.g. Min Wage)
Employment law
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Ongoing integration of regional and international economies through communication and business networks spanning several nations or continents
Globalisation
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Expansion by a business where it acquires other businesses who are at the same part stage of the supply chain
Horizontal Integration
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Approach to decision-making based on intuitive feelings of the decision-maker
Intuition
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Process and method of making others take desired actions
Leadership
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Formal statement explaining overriding purpose and values of a business
Mission statement
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Growth resulting from a business expanding existing operations and product range rather than acquiring another business
Organic growth
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Set of shared beliefs and actions that are built into the way that people in an organisation behave
Organisational culture
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Culture in which individuals believe themselves superior to the organisation; usually pursue own goals in the medium to long-term
Person culture
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Culture where organisation is dependent on one power source like a founder or developer
Power culture
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Main sponsor or supporter of a project, usually having executive responsibility in a business
Project champion
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Reduction in scale and diversity of firm's operations, usually leading to redundancies and disposal of business units
Rentrenchment
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Culture which is highly bureaucratic and structured, typical of longer-established businesses
Role culture
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Strategic decision-making taken after evaluating and analysing relevant evidence
Scientific decision-making
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LT decision affecting overall strategic goals and objectives of the business
Strategic decision
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Financial assistance from the Government towards economic activities it wants to encourage
Subsidies
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Use of resources and suppliers which doesn't lead to environmental damage
Sustainability
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Cost savings or increased revenue opportunities that occur as a result of business being brought together
Synergies
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Sum of one and one is three
Synergies
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Decision designed to help a business achieve ST objectives at a functional level
Tactical decision
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Organisational culture placing value on individual projects and small teams
Task culture
37 of 40
Expansion by a business of firms operating at different stages of the supply chain
Vertical integration
38 of 40
Firm takes over its supplier
Backward vertical integration
39 of 40
Firm takes over its retailer
Forward vertical integration
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Other cards in this set

Card 2

Front

Something the business is striving to achieve in the long run

Back

Corporate aim

Card 3

Front

Formal structure of processes, procedures, methods of communication and hierarchy in an organisation

Back

Preview of the front of card 3

Card 4

Front

Observed pattern of increases and decreases in economic growth (LT)

Back

Preview of the front of card 4

Card 5

Front

System of acceptable business behaviours and principles applied in the commercial world

Back

Preview of the front of card 5
View more cards

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