Business Studies and Management Terminology (Units 1–17)

Comprehensive vocabulary flashcards covering key management, human resources, business classifications, production, logistics, quality, marketing, finance, economics, and international trade terminology.

Planning

Deciding goals and determining the actions needed to achieve them.

Organizing

Arranging people, resources, and tasks so work can be completed efficiently.

Coordinating

Ensuring different activities and departments work together smoothly.

Commanding

Directing and supervising employees to make sure tasks are completed.

Controlling

Monitoring performance and correcting problems to achieve objectives.

Manager

A person responsible for planning, organizing, and controlling resources and employees.

Leader

A person who influences and motivates others to achieve a common goal.

Theory X

A management theory that assumes employees dislike work and need close supervision.

Theory Y

A management theory that assumes employees are self-motivated and enjoy responsibility.

Hygiene Factors

Basic workplace conditions such as salary and working conditions that prevent dissatisfaction but do not strongly motivate employees.

Motivators

Factors such as achievement, recognition, and responsibility that increase employee satisfaction and motivation.

Job Rotation

Moving employees between different jobs to develop skills and reduce boredom.

Job Enlargement

Increasing the number of tasks an employee performs at the same level.

Job Enrichment

Giving employees more responsibility and control over their work.

Job Satisfaction

The degree to which employees feel happy and fulfilled with their jobs.

Chain of Command

The formal line of authority showing who reports to whom in an organization.

Functional Structure

An organizational structure where employees are grouped according to their job functions, such as marketing or finance.

Matrix Management

A structure where employees report to more than one manager, usually a functional manager and a project manager.

Flattening Hierarchies

Reducing management levels to create a simpler and more flexible organization.

Team-Based Structure

A structure that organizes employees into teams to achieve specific goals.

Outsourcing

Hiring an external company to perform tasks or services instead of doing them internally.

In-house

Activities or services performed within the organization using its own employees and resources.

Line Manager

A manager who directly supervises employees and is responsible for their work performance.

Decentralization

The distribution of decision-making authority to lower levels of an organization.

Delegation

Assigning responsibility and authority to another person to complete a task.

Reactive Culture

A culture where people prefer listening carefully, avoiding confrontation, and responding thoughtfully.

Linear-Active Culture

A culture where people plan carefully, focus on one task at a time, and follow schedules.

Multi-Active Culture

A culture where people often do several activities at once and value relationships over schedules.

Glocalization

Adapting global products or strategies to fit local cultures and markets.

Power Distance

The extent to which people accept unequal distribution of power in a society or organization.

Deference

Respectful behavior toward people who have higher status, authority, or experience.

High-Context Culture

A culture where communication relies heavily on context, relationships, and nonverbal cues.

Low-Context Culture

A culture where communication is direct, explicit, and mainly expressed through words.

Affirmative Recruitment

Recruitment practices designed to increase opportunities for underrepresented groups.

Private Recruitment

Hiring employees through private organizations or recruitment agencies rather than public services.

Internal Recruitment

Filling a position with existing employees from within the organization.

External Recruitment

Hiring candidates from outside the organization.

Induction Training

Training provided to new employees to help them understand the company and their role.

On-the-Job Training

Training that takes place while employees perform their actual work.

Off-the-Job Training

Training conducted away from the normal workplace, such as courses or workshops.

Job Analysis

The process of studying a job to identify its tasks, responsibilities, and requirements.

Job Description

A document that explains the duties, responsibilities, and tasks of a job.

Job Specification

A document describing the qualifications, skills, and experience required for a job.

Aptitude Test

A test used to assess a person's ability, potential, or suitability for a particular job.

In-Tray Exercise

A recruitment activity in which candidates deal with work-related documents and problems to demonstrate decision-making skills.

Increment

A regular increase in an employee's salary, usually based on performance or length of service.

Probation

A trial period during which an employee's performance is evaluated before permanent employment is confirmed.

Primary Sector

Businesses that extract or collect natural resources, such as farming, fishing, and mining.

Secondary Sector

Businesses that manufacture or process raw materials into finished products.

Tertiary Sector

Businesses that provide services rather than physical products.

Quaternary Sector

Businesses that provide knowledge-based services such as research, information technology, and consulting.

Sole Trader

A business owned and managed by one person who receives all profits and bears all risks.

Partnership

A business owned by two or more people who share responsibilities, profits, and losses.

Private Limited Company (Ltd.)

A company whose shares are privately owned and cannot be sold to the public.

Public Limited Company (PLC)

A company whose shares can be bought and sold by the public on a stock exchange.

Franchise

A business arrangement where a person pays to use an established brand and business model.

Joint Venture

A business agreement in which two or more firms work together on a specific project.

Public Sector

Organizations owned or controlled by the government.

Private Sector

Businesses owned and operated by individuals or private companies.

Mixed Economy

An economic system that combines both public and private sectors.

Privatization

The transfer of ownership of a government-owned business to the private sector.

Limited Liability

Owners are only responsible for business debts up to the amount they invested.

Unlimited Liability

Owners are personally responsible for all business debts.

Shareholder

A person or organization that owns shares in a company.

Stakeholder

Any individual or group affected by a company's activities.

Exported Goods

Products sold and shipped to foreign countries.

Real Estate

Land and buildings that can be bought, sold, or rented.

Delocalize

To move business operations to another country, often to reduce costs.

Capital

Money or other resources used to start and operate a business.

Lean Production

A production method that aims to reduce waste and improve efficiency.

Overproduction

Producing more goods than customers need.

Waiting

Time wasted when workers or machines are not being used.

Transportation Waste

Unnecessary movement of materials or products.

Unnecessary Inventory

Holding more stock than required.

Motion Waste

Unnecessary movement by workers during work.

Over-processing

Doing more work on a product than necessary.

Defects

Products that do not meet quality standards.

Kaizen

A philosophy of continuous improvement involving everyone in the organization.

Cell Production

A production system where teams complete a product through several stages in one work area.

Job Production

Producing a unique product for a specific customer.

Batch Production

Producing groups of similar products at one time.

Flow Production

Continuous production of standardized products.

Lead Time

The time between placing an order and receiving the product.

Delivery Time

The time needed to transport products to customers.

Just-in-Time (JIT)

A system where materials arrive only when needed for production.

Inventory

Goods and materials kept in stock for future use or sale.

Economies of Scale

Cost advantages gained when production increases and average costs decrease.

Outsource

To hire an external company to perform certain business activities.

Human Resources

The department responsible for managing employees.

Raw Materials

Basic materials used to make products.

Manufacturing Company

A company that produces goods.

Operations Management

Managing the production process and business operations.

Return on Assets (ROA)

A measure showing how efficiently a company uses its assets to generate profit.

Purchasing Power

The amount of goods and services that money can buy.

Optimum Capacity

The most efficient production level for a business.

Assembly Line

A production process where products move through a sequence of workstations.

Finished Goods

Products that are completed and ready for sale.

Product Recall

The removal of defective products from the market.

Offshore Manufacturing

Producing goods in another country.

Planned Obsolescence

Designing products with a limited useful life so customers will replace them sooner.