case study definitions

case study definitions

1. Entrepreneur:someone who bears the financial risk starting and managing a business or commercial venture

   • Arki entrepreneur behind JAC and Utopia

2. shares: represents a unit of ownership, owned by shareholders who have limited liability.

3. Private limited company: incorporated business owned by shareholders who have limited liability.

4. Position: visual tool used to show customers perceptions about the product or brand in relation to others.

   • Utopia is positioned a luxury hilly, offering exceptional level of comfort and service

5. service: intangible product provided by an organisation

   • Utopia provides its customers with a once in a life time tourist experience on the island of Ratu

6. Word of mouth: unpaid form of promotion whereby customers tell others about a business or its products

7. Promotion: method of communicating marketing messages to customers with the intention of selling a firms product

8. Viral: form of online promotion whereby content is share rapidly from one person to another

9. Business plan: written document detailing how a business sets out to achieve its objectives and strategies.

10. External stakeholders: describes the norms and the other oganizations that are not part of the business but have a direct interest

11. Culture: describes the norms and traditions within an organisation or community

12. expand: growth of a business due to an increase in the size of the organisation

    • Utopia has organic growth (expansion due to larger customer base)

13. Capacity: refers to the maximum output of a worker per period of time

14. JIT: method of stock control whereby materials and components are scheduled to arrive when they produce the product

15. Supply: amount of good or service that an organisation is willing and able to produce at different price level

16. Prices: value of a good or a service

17. Ethically: moral principles and values that form the basis of how business activity is conductedd

18. suppliers: external stakeholder group that sell goods and services to other businesses

19. Brand: distinguishing the name of a product as an intangible asset, differencing from the competition

20. Paternalistic: someone wo treats the employees as if they were family members

21. solle trader: individual who owns and operates his or her own business

22. product orientated: focuses in the products rather than on the wants and needs of its customers

23. Quality refers to the extent which products fit for its purpose

24. Distribute: refers to the process of getting the right product at the right time where the customers want them

25. growth: expansion of a business due to increase in size of the organisation

26. Business: decision-making organisation involved in the production of goods and services to satisfy needs and wants

27. chain: series of shops owned operating under the same brand name

28. retailers: merchant or vendor that sells good and services directly to the consumers

29. Donations: usually financial gift from one party to another

30. charities: non-profit organisation set up to provide help and raise money for those in need

31. aim: long term goal of an organisation

32. Multinational: organisation oned by shareholders and operates in two or more countries

33. HQ: location where most of the strategic decisions are made

    • In seattle

34. Marketing: management process to satisfy the customers requirement in a profitable way

35. operations: concerned with processing resources to provide outputs in the form of goods and services

36. product development: growth strategy in Ansoffs matrix that involves Utopia trying to create new goods and services targeted at its existing market

37. local community: consists of people and organisation in a particularr geographic location that share common resources and interest in the area

38. Human resources management: change of personnel roles and functions

39. finance: refers to monetary funds required for the start up of a new business venture

40. entrepreneurial: describes someone who is an entrepreneur

41. entrepreneur who has the foresight and driving forces behind companies growth and development

42. opportunities: circumstance in the external business environment that create a chance or opening for further progress

43. Brand loyalty: degree which customers consistently purchase the same brand of a product over time

44. Markets: collective groups of existing and potential buyers and sellers of a particular good or service

45. customers: individuals or organisations who purchase goods or services from a business

46. financial loss: when cost of production exceeds the lies revenue during a particular time, year.

47. crisis management: reactive strategies used by an organisation when faced with a sudden and unexpected emergency

    • CM plan: plan outlining processes and procedures by which an organisation intends to deal with situation that could potentially harm or threaten its survival
    • contingency planning: designing proactive politices and procedures to deal with a crisis to ensure the continuity of the business
      • John Ariki CP based on cost time risk and safety

48. Cost: items of expenditure by a business when producing its goods and services

49. Risks: refers to the situation with unknown outcomes which could damage the financial health and violability of a business

50. internal growth: when a business expands using its own resources

51. Internal sources of finance : various methods by which an organisation funs its operation white the use of their part finance

52. external investors; stakeholders who provide external sources of finance to an organisation

53. vision: where the business aspires to be in the future

54. revenue stream: money coming into the business rom particular activity over a period of time.

55. threat: any external factor that hinders the operation and profitability of an organisation

56. Social responsibility: is the conscience of a business towards the community and natural environment

57. Growth options: refers to the genetic ways in which an organisation can expand

58. Brand development: marketing strategy to move a brand to its desired position in the market

59. Customised: job production, manufacturing unique products for each customer

60. Gross Profit margin: profitability ratio that measures the proportion of gross profit generate from the sales revenue of a business

61. Fixed cost: cost which do not change with level of output

62. Capital expenditure: refers to spending by a business on acquiring fixed assets in order to broaden capital base

63. valued brand: prenup that customers are willing to pay in order to buy certain brand of a product rather than a rival product

64. market research: process of gathering and interpreting information regarding the thinking patterns and buying habits of customers

65. Stratified sampling: sampling method whereby the researcher splits the sample into groups with a random sample chosen proportionately from each stratum for research purposes.

66. profit: surplus sales revenue after all the costs have been deducted.

67. External factors: are those beyond controll of then business yet have a direct impact in its operations and performance

    • STEEPLE

68. Distribution channels: describes how the good is reached to the producer

69. Strategic alliances: form of external growth, involving two or more organisations working together on a particular project.

    • ADV
      • gain synergies
      • mutual benefit
      • wider channel of distribution
      • economies of scale
    • DIS
      • profits are shared
      • culture of other business might clash

70. Joint venture: two or more businesses pooling resources together to establish a new legal entity

    • ADV
      • Synergy
      • spreading of costs and risks
      • entry to foreign markets
      • relatively cheap
      • competitive advantages
    • DIS
      • time and effort to find the right business
      • clash in culture
      • research
      • leadership

71. Franchising: involves agreement between a business (franchisor) giving the legal rights to other organisation (franchisee) to sell products under the franchisors brand name

    • adv
      • low risk
      • greater awareness
      • best interest of the franchisor to ensure that the franchisee succeeds
      • low start up cost
    • dis
      • can't use their own initiative
      • can be very expensive
      • Have to pay a significant

72. Change: arises when factors influence the operations of an organisation do not stay the same

73. Organisational structure: refers to the various ways that business organise their human resource.

74. Legal Ownership: refers to the formal type of business organisation, such as sole trader, partnerships and limited liability companies.

75. sources of finance: refers to the various methods by which an organisation obtains its money

    • Internal: personal savings and retained profit
    • external: bank loans, hire purchase

76. organisational charts: diagrammatical representation of the internal structure of personnel within an organisation

77. Fair trade: refers to the social movement for achieving better trading conditions for producers in less economically developed countries.

78. Commodity markets: where buyers and sellers trade primary sector products, such as coffee beans

79. Espresso: a specially brewed coffee that thickens the grounded coffee beans to produce a highly concentrated drink

80. life skills: social and emotional skills needed to survive and thrive in life

81. trafficking: refers to the trade in something illegal.

82. Financial year: refers to the fiscal year for business accounting purposes.

83. Business interest: this term describe the direct involvement that a stakeholder has in a particular organisation