Topic E

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Developing A Greater awareness of one's performance
Reflective Practice
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Something that a business is trying to achieve
Business Objective
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The most profit a business can possibly make over a period of time
Maximum Profit
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To do just well enough to continue in business for a further period of time
Survive
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Where money coming into the business is equal to the money going out of the business
Break Even
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Money coming into the business from selling goods and services
Sales revenue
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To increase the range of products and or services the businesss offers to its customers
Diversification
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The effect beyond the business itself of something a business does
Social Impact
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The petcentage of the total market a business has usually in terms of sales
Market Share
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People or businesses that put money into a business in order to make a profit
Investors
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The maximum number of people a business can attempt to sell to
Potential Market
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When a business grows without joining together with anotjer business
Internal Growth
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The path a product or service follows from its origin to the final customer
Chain Of Production
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When a business grows by joining together with anoterh business
External Growth
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When two businesses join together
Merger
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When businesses from different industries or markets join together
Conglomerate Merger
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When a company person or persons buys enough shares in another company to take control
Takeover
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When a board of directors recommends a potential bid to its shareholders
Agreed Takeover
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When a board of directors does not recommend a potential bid to its shareholders
Hostile Takeover
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When two businesses in exactly the same market join together. Both must be at the same stage of production
Horizontal Integration
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When two businesses in a similar market or industry join together. Both must be at the same stage production
Lateral Integration
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When two businesses in a similar market or industry join together. Both must be at different stages in the chain of production
Vertical Integration
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This occurs when a business further forward in the chain of production buys a business that is further back in the chain
Backward Vertical Integration
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This occurs when a business further back in the chain of production buys a business that is further forward in the chain
Forward Vertical Integration
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Benefits gained to a business of increased output or increased size. This is usually shown in terms of a reduction of costs per unit
Economics Of Scale
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The cost of buying or making an individual item
Cost per unit
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Someone who is an expert in a particular activity, career or subject
Specialist
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The specialist tasks that people in a department of a business have to perform.
Functions
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A person who helps others achieve their goals be for example assisting with managing or organising a process
Facilitator
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A diagram showing the internal structure of a business
Organisational Chart
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The internal structure of a business
Organisational Structure
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Levels of authority in a business - From top to bottom
Hierarchy
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The level of authority a person has in a business
Status
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Having the power or right to make a decision and then carry it out
Authority
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Pass authority down the hierarchy to someone else in the business
Delegate
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Having the job of doing something and being accountable for it
Responsibility
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Those in the hierarchy below those in a more senior position
Subordinate
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The path down which orders are passed
Chain of Command
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Removing certain layers in the chain of command
Delayering
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Reducing the number of factors needed in a business, without necessarily reducing output
Downsizing
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To give power to someone
Empower
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The number of people over whom a person has direct authority
Span of control
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When directors and managers make decisions. These decisions are then passed down to subordinates
Centralisation
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When decisions to be made are passed further down the chain of command.
Decentralisation
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Other cards in this set

Card 2

Front

Something that a business is trying to achieve

Back

Business Objective

Card 3

Front

The most profit a business can possibly make over a period of time

Back

Preview of the front of card 3

Card 4

Front

To do just well enough to continue in business for a further period of time

Back

Preview of the front of card 4

Card 5

Front

Where money coming into the business is equal to the money going out of the business

Back

Preview of the front of card 5
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