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- 1Aims (Corporate objectives + strategies)Long-term intentions that provide a focus for setting objectives - usually expressed qualitatively, sometimes in the form of a mission statement
- 2Corporate Objectives (Corporate objectives + strategies)are the goals of a whole enterprise - based upon be based upon the firm's mission/aim - they govern the targets for each function
- 3Cost minimisation (Corporate objectives + strategies)attempt to cut operating costs as low as possible - companies usually want costs to be as low as possible while meeting quality standards
- 4Internal stakeholders (Corporate objectives + strategies)groups within an organisation whose contribution to its performance can be seen as giving them a stake in its success or failure - such as Directors, managers and operatives as well shareholders + customers
- 5mission (Corporate objectives + strategies)an aim that can be tackled with passion, such as "to free the world from cancer"
- 6mission statement (Corporate objectives + strategies)a document detailing the aims that should provide the sense of common purpose to direct an stimulate an organisation.
- 7Stakeholder (Corporate objectives + strategies)an individual or group with a direct interest in an organisation's performance. The main stakeholders are: employees, shareholders, customers, suppliers, financiers and the local community
- 8strategic decision (Corporate objectives + strategies)a decision that will have considerable long-term effects on an organisation and therefore requires discussion and approval at a senior managerial level.
- 9Strategic objectives (Corporate objectives + strategies)are wide-ranging, long-term goals of significance to the operations of a whole organisation.
- 10Business cycle (Changes in business environment)the regular pattern of upturns and downturns in demand and output within the economy that tend to repeat themselves every five years or so 1) boom 2) recession 3) slump 4) recovery 5) boom (general trend)
- 11Consumer protection (Changes in business environment)legislation is that group of laws passed to control the worst excesses of past business practices towards their customers - sales of goods act 1994, Trade descriptions act 1968, consumer credit act 2006, competition act 1998 + food safety act 1990
- 12corporate social responsibility (CSR)(Changes in business environment)The ways in which companies address issues beyond their bottom line, i.e their profit. In many firms CSR may be an important, positive aspect of the business culture - in others it may be a cynical way to respond to - or prevent unfavourable publicity
- 13credit crunch (Changes in business environment)the sudden switch from plentiful credit to credit shortage that began in August 2007. (causes and effects on page 55-56 of A-Z book)
- 14Economic growth (Changes in business environment)Describes the way real incomes per head increase over time. A nation's growth is measured in terms of gross national product (GNP) or national income.
- 15Emerging markets (Changes in business environment)a term used by banks and businesses to mark out countries with low income levels but high growth rates, i.e. with good prospects for the future.
- 16Employment act 2008 (Changes in business environment)The main piece of legislation that sets out the rights and duties of employees and employers. The government stated the purpose of the new law as 'increasing protection for vulnerable workers and lightening the load for law-abiding businesses'
- 17EA 08 Covers what? (Changes in business environment)1) National minimum wage and the penalties for employers who ignore it 2) Diff. between redundancy + dismissal 3) 90 day consultation process required before a large company declares redundancies 4) workers allowed to join and be represented by a trade union
- 18Environmental policy (Changes in business environment)a written statement of a firm's approach to dealing with the environmental disturbance or hazards it may face or create.
- 19Ethics (Changes in business environment)are the moral principles that should underpin decision-making.
- 20European Union (Changes in business environment)It was established with the objective of removing all trade barriers between member states.
- 21Fiscal Policy (Changes in business environment)Is the government policy towards its raising of revenue and its level of public spending (page 101-102)
- 22Globalisationthe view that international business and economics is encouraging, even forcing, every country and every people to become increasingly similar.
- 23GROSS DOMESTIC PRODUCT (GDP) (Changes in business environment)Is the sum total of the value of a country's output over the course of the year. It differs from gross national product (GNP) because it does not include net income from abroad
- 24Health and Safety at work act (1974) (Changes in business environment)imposes on employers the duty 'to ensure, so far as is reasonably practicable, the health, safety and welfare at work' of all staff (page 119)
- 25Inflation (Changes in business environment)is a sustained rise in the average prices of goods within an economy. It is also useful to understand it as a fall in the purchasing power of money, since it is usual for wages to move ahead at least as fast as the price level.
- 26Interest rate (Changes in business environment)represent the cost of borrowing money or, to put it the other way, the return for lending funds or for parting with liquidity.
- 27Laissez-faire (Changes in business environment)is a political and economic philosophy which believes that governments should avoid interfering in the running of business or any other part of the economy.
- 28Monetary policy (Changes in business environment)is concerned with the money supply, rates of interest, exchange rates and the amount of credit available, in order to control the level of spending within an economy.
- 29PEST analysis (Changes in business environment)political, economic, social and technological analysis - a systematic means of analysing the external factors that may present opportunities or threats to a business.
- 30Recession (Changes in business environment)is that part of the trade cycle characterised by falling levels of demand, very little investment, low business confidence and rising levels of unemployment. It is neither as long lasting nor as severe as a depression - two successive declines in quarterly GDP.
- 31Regulation (Changes in business environment)is one way in which companies are constrained by law, e.g. on the maximum permitted level of pollution.
- 32Supply side policies (Changes in business environment)are those designed to encourage the free working of markets, including that for labour, capital and land.
- 33Unemployment (Changes in business environment)exists when someone seeking work is unable to find any.
- 34Values (Changes in business environment)ethical principles that guide one's actions, enabling one to identify decisions or actions that are morally unacceptable.
- 35Autocratic leadership style (managing change)assumes that info. and decision-making are best kept at the top of the organisation. This may be because the senior managers lack trust in the competence or good faith of their staff, or it may reflect acute pressures on the firm that force the directors to make rapid, difficult positions
- 36Change (managing change)is a constant feature of business activity. The key issues are whether it has been foreseen by the company & therefore planned for - + whether it is within the company's control.
- 37Culture (managing change)the culture of an firm is the code that affects the attitudes, decision-making + management style of its staff.
- 38Democratic leadership (managing change)means running a business or a department on the basis of decisions agreed among the majority.
- 39Hunch (managing change)the intuition that can lead a decision-maker to go against the obvious or statistically proven route.
- 40Management (managing change)'the art of getting things done through people'
- 41Merger (managing change)an agreement between the managements and shareholders of two companies of approximately equal size to bring both firms together under a common board of directors
- 42organic growth (managing change)means expansion from within the firm i.e. not as a result of acquisitions. It also implies that the finance for the expansion has come from internal sources rather than from share-holders or loans. As a result, organic growth is likely to be steady, even slow but very secure
- 43paternalistic leadership style (managing change)is reminiscent of the way fathers treat their children i.e. deciding what is best for them - decisions are intended to be in the best interests of the workforce.
- 44project champions (managing change)members of staff who act as cheerleaders for a new idea or a new way of working. They may be unofficial leaders whose personality gives them a lot of influence among staff.
- 45Resistance to change (managing change)occurs as a result of: fear of the unknown; mistrust of the motives of those proposing change; and worries about loss of job security, income or status on the part of the staff concerned.
- 46retrenchment (managing change)means cutting back, usually in both capacity and staffing. It is a way of cutting fixed costs when falling demand is eating away at a firm's safety margin.
- 47scientific decision-making (managing change)is the use of a formal procedure to ensure that decisions are arrived at in an objective manner. It attempts to eliminate hunch or bias by ensuring that decisions are based on factual, numerical evidence.
- 48takeover (managing change)obtaining full management control of another firm as a result of purchasing over 50% of its share capital - usually the bidder (predator) is bigger than the target company.
- 49Theory X (managing change)is McGregor's term for the common management attitude that most workers have an inherent tendency to dislike work
- 50Theory X McGregor's own words stated what? (managing change)'Behind every managerial decision or action are assumptions about human nature and human behaviours. A few of these are remarkably pervasive (page 266)
- 51Theory Y (managing change)is a managerial approach based on the belief that human beings can be stimulated by and energetic towards work, providing it has the potential to engage their interest. (page 266)
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- Fichas sobre Sin título, creado por Claire Cotter el 17/06/2016.
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- Claire Cotter
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