PBS Unit 2

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  • Created by: jasmac822
  • Created on: 09-05-19 09:24
What Are Stakeholders in a Business?
In a business, stakeholders are any indivdual or group who are affected by the business, therefore having an interest in its activities.
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What are the Managerial Objectives within Business?
Managers have a considerable amount of power, they may want to maximise their own wages/salary
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Sales Revenue Maximisation
Manager's salary is linked to the sales and not the wages of a business
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Corporate Image
Importatn for a business to be seen as environmentally and socially respected in the public eye.
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Public Sector Objectives
Must work within a tight budget and rely on cost savings.
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Survival
The owner must be satisfied with the business in the beginning in order to survive. This may involve offering goods at a high price.
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Profit Maximisation
This insures the survival of the businesss and provides a source of finance for the future.
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Growth
Limiting the risk, which improves competitiveness by lowering prices for sales.
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Professional Business Service Sector
Play a key role as enablers to the rest of the economy.
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What is the 1st Phase in the Consultancy Process?
1: Entry & Contracting: This begins the relationship between clients and the consusltant. Involves setting up meetings and identifying the problem. Client will list expectations and figuring out how to get started
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What is the 2nd Phase in the Consultancy Process?
2: Data Collection & Diagnosis: Involves fact finding, fact analysis and synthsis. Includes detailed problem examination.
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What is the 3rd Phase in the Consultancy Process?
3: Feedback & Decision Act: Client and Consultant come to a mutual understanding about the analysis, the client will decide what to act upon. This also involves developing solutions to the problem.
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What is the 4th Phase in the Consultancy Process?
4: Implementation: Taking everything discussed prior and implementing a solution discussed. Also involves adjusting protocols.
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What is the 5th Phase in the Consultancy Process?
5: Extension, Recyle or Termination: Comapring progess to the intentions, if successful, contract can be terminated, if un-successful, contract may be extended. Final report, evaluation and plans for follow-up
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What is Market Research?
The collection, collation and analysis of data relating to the marketing of goods and services.
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What are Descriptive Reasons for Market Research?
Identifies what is happening in the business, trends in sales (shows most popular products)
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What are Predictive Reasons for Market Research?
Shows what is likely to happen in the future (forecasting). Helps obtain more profit.
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What are Explanatory Reasons for Market Research?
Matters relating to the business, relating to slaes in a particular part of the company.
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What are Exploratory Reasons for Market Research?
Gives new market possibilities and an aspect of wanting to focus on the business.
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What is Secondary Research?
Information which already exists for the business.
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What is Primary Research?
Information that did not exist before research began, carried out by the business.
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Other cards in this set

Card 2

Front

What are the Managerial Objectives within Business?

Back

Managers have a considerable amount of power, they may want to maximise their own wages/salary

Card 3

Front

Sales Revenue Maximisation

Back

Preview of the front of card 3

Card 4

Front

Corporate Image

Back

Preview of the front of card 4

Card 5

Front

Public Sector Objectives

Back

Preview of the front of card 5
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