Business Management: Core Concepts and Functions

These flashcards cover essential vocabulary and key concepts related to business management, aimed at helping students prepare for their exam.

Business Management

Foundational understanding of how organizations operate and strategize, linking to various modules.

Maslow's Hierarchy of Needs

A progression outlining needs from basic physiological needs to self-actualization.

Capitalism

An economic system characterized by private ownership, free markets, and profit motive.

Entrepreneurship

The process of identifying or creating a need/opportunity and pursuing it to create value.

SMMEs

Small, Medium, and Micro Enterprises that are crucial for economic growth and job creation.

Business Plan

An internal blueprint serving to attract capital and outline business strategy.

Debt Financing

Borrowed funds that are repaid with interest.

SWOT Analysis

A strategic planning tool assessing Strengths, Weaknesses, Opportunities, and Threats.

Corporate Social Responsibility (CSR)

Recognition of companies' responsibilities beyond profit, including societal and environmental impacts.

Environmental Scanning

The process of analyzing internal and external environments to detect opportunities and threats.

SMART Objectives

Goals that are Specific, Measurable, Achievable, Relevant, and Time-bound.

Organisational Design

Structuring an organization to meet its goals efficiently through proper resource allocation.

Leadership

The process of influencing others toward achieving organizational goals.

Controlling Process

Ensuring organizational goals are achieved through standard setting, performance measuring, and corrective actions.