Business Operational Decisions, Models, and Marketing Plan Concepts

Vocabulary flashcards based on lecture notes covering operational decisions, legislation, decision-making business models, and marketing plan components.

Just-in-Time processes

Operational practices taken into account when making operational decisions in relation to processes.

Management Information Systems (MIS)

Data processing tools used to aid operational, tactical, and strategic decision making in a business.

Total Quality Management (TQM)

A feature of quality processes considered during operational decision making, alongside quality control, quality assurance, quality circles, best practice, and benchmarking.

Legislative and regulatory influences

Legal influences on business practice and decision making, including health and safety at work, data protection, employment rights and protection, and consumer rights and protection.

Business models

Tools applied to aid decision making and business planning, identify and manage business risks, and determine business tactics and strategy.

Porter's Five Forces Analysis

A business model feature applied in the decision-making process to assist in business planning, risk management, and strategic decision making.

5Cs analysis

A business model used in decision making to aid planning, manage business risks, and determine tactics and strategy.

Ansoff Matrix

A business model framework applied to aid decision making, strategy, tactics, and risk management.

Boston Matrix

A business model feature used to support decision making, risk management, and business planning.

Product life cycle

A business model applied in the decision-making process to inform business planning, risks, tactics, and strategy.

Competitor analysis

An analysis whose purpose and features aid business decision making.

7Ps marketing mix

A framework used to formulate a marketing plan, which includes the identification of a product's USP, target market, and market segmentation.

USP

Unique Selling Proposition; a key feature of a product identified in a marketing plan formulated using the 7Ps marketing mix.

Market segmentation

The categorization of a target market within a marketing plan into demographic, geographic, psychographic, and behavioural segments.