Adira - Business Notes (BM Notes)

Business Management

The practice of overseeing and coordinating the various functions and operations of a business.

Human Resources

The department that manages personnel issues such as recruitment, training, appraisals, and dismissals.

Primary Sector

The economic sector involved in the extraction of raw materials.

Entrepreneur

An individual who takes financial risks to create and manage a business.

Intrapreneur

An employee who acts like an entrepreneur within a company, generating ideas and initiatives.

Unlimited Liability

A condition where the owner of a business is personally responsible for all debts, risking personal assets.

Limited Liability

A legal structure that protects owners from being personally liable for the debts of the business.

Cooperative

A business owned and operated by members who share decision-making and profits.

Mission Statement

A declarative statement about the purpose and values of a business.

Vision Statement

A long-term aspirational statement that depicts what a business wants to achieve in the future.

Market Share

The percentage of an industry or market's total sales that is earned by a particular company.

Corporate Social Responsibility (CSR)

Business practices that involve participating in initiatives that benefit society.

Economies of Scale

Cost advantages that businesses experience when production becomes efficient, as output increases.

SWOT Analysis

A strategic planning tool that examines strengths, weaknesses, opportunities, and threats of a business.

Ansoff Matrix

A strategic tool used for assessing growth opportunities by analyzing product and market options.

Sales Forecasting

The process of estimating future sales revenue based on historical data and market analysis.

Qualitative Research

Research that focuses on understanding opinions, attitudes, and experiences.

Quantitative Research

Research that focuses on quantifying data and statistical analysis.

Position Map

A visual representation of how customers perceive different brands or products within a market.

Market Penetration

A strategy to increase sales of existing products to an existing market.

Niche Market

A specific, defined segment of the market that is addressed by a specific kind of product.

Mass Market

A large market segment consisting of a broad target audience.

Differentiation

A strategy to distinguish a company's offerings from competitors.

Consumer Profiles

Descriptions of the characteristics of customers segmented by demographics.

Legalities

The legal obligations and regulations that businesses must comply with.

Cash Flow Problems

Financial issues arising when a business has more outflows than inflows, leading to liquidity issues.

Business Plan

A document outlining a business's future objectives and the strategies to achieve them.

Market Research

The process of gathering, analyzing, and interpreting information about a market.

Competitive Advantage

A condition that allows a company to perform better than its rivals.

Product Orientation

A marketing approach where the focus is on creating high-quality products rather than on consumer needs.

Market Orientation

A business approach focused on creating products that meet the needs and wants of consumers.

Price Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in price.

Bureaucracy

A complex system of administration marked by excessive red tape and rigid rules.

Outsourcing

The practice of having certain job functions done outside a company instead of having an in-house department.

Merger

A combination of two companies into one, often for strategic advantages.

Acquisition

The process whereby one company purchases most or all of another company's shares to gain control.

Lean Production

An operational strategy that minimizes waste while maximizing productivity.

Strategic Management

The process of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives.