Key Terms

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

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

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »