Business Activity, Marketing and People (OCR)

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36 Terms

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Business activity 

Refers to the range of operations and functions that businesses undertake to generate revenue and sustain their operations.

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Production Activities

Production activities involve the creation or procurement of goods and services that a business sells to its customers or clients.

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Manufacturing

this includes the physical production of goods through assembly, processing, or construction.

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Procurement

involves sourcing raw materials, components, or finished products from suppliers.

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Quality Control

ensuring that products meet specified standards of quality before they are delivered to customers.

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Inventory Management

managing stock levels to meet demand while minimizing costs associated with storage and obsolescence.

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Marketing Activities

Marketing activities focus on promoting the products or services of the business to attract and retain customers, and to generate sales revenue.

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Market Research

gathering and analyzing data about consumer preferences, market trends, and competitor activities.

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Product Development

creating and refining products or services based on market research and customer feedback.

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Promotion

advertising, sales promotions, public relations, and other communication efforts to raise awareness and generate demand.

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Distribution

planning and managing the channels through which products reach customers effectively.

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Finance Activities

Finance activities involve managing the financial resources of the business to ensure profitability, liquidity, and long-term sustainability.

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Financial Planning

developing budgets, forecasts, and financial strategies aligned with business goals.

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Capital Management

managing investments, debt, and equity to optimize the financial structure of the organization.

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Risk Management 

identifying, assessing, and mitigating financial risks such as market risks, credit risks, and operational risks.

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Financial Reporting

preparation and analysis of financial statements to provide stakeholders with accurate and timely information about the financial health of the business.

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Human Resources (HR) Activities

Human resources activities focus on managing the workforce of the organization to maximize employee performance, satisfaction, and contribution to organizational goals.

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Recruitment and Selection

attracting and hiring qualified individuals to fill job roles within the organization.

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Training and Development

providing employees with the skills and knowledge necessary to perform their jobs effectively and to grow within the organization.

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Performance Management

setting goals, evaluating performance, providing feedback, and rewarding employees based on their contributions.

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Employee Relations

handling issues related to employee well-being, workplace culture, conflict resolution, and compliance with labor laws and regulations.

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Administrative Tasks

The necessary tasks involved in the day-to-day operation of a business, including office management, record-keeping, and compliance with regulations.

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Financial Management

The process of planning, organizing, directing, and controlling financial activities such as procurement and utilization of funds.

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Human Resources Management

The strategic approach to managing people effectively to help the organization gain a competitive advantage.

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Employee Relations

Handling issues related to employee well-being, workplace culture, conflict resolution, and compliance with labor laws.

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Customer Relationship Management (CRM)

Building and maintaining strong relationships with customers through personalized marketing, support, and loyalty programs.

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Sales Revenue

The income generated from selling goods or services, representing the primary source of revenue for a business.

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Quality Assurance

Processes and procedures implemented to ensure that products or services meet established quality standards.

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Training Programs

Educational initiatives aimed at improving employees' skills and knowledge for better job performance and career growth.

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Risk Management

Assessing and mitigating various financial and operational risks to safeguard the business.

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Employee Performance Management

Setting performance goals, evaluating achievements, and providing feedback and rewards to employees.

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Promotion

Planning and executing campaigns to build brand awareness, attract customers, and stimulate demand.

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Distribution Channels

Managing the pathways through which products or services reach the end customer.

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Product Development

Collaborating with teams to design and enhance products that meet customer needs and differentiate from competitors.

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Market Research

Conducting research to understand consumer behavior, preferences, and market trends.

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Delivering

Ensuring products or services are available to customers when and where they need them through effective distribution.