Business Studies: Chapter 6 Key Terms

benchmark

a standard by which something can be measured or judged

employee training

refers to the process of teaching staff how to perform their job more efficiently and effectively by boosting their knowledge and skills

goal

a desired outcome (target) that an individual or business intends to achieve within a certain time frame

intrapreneur

an individual who takes on an entrepreneurial role within a business

labour productivity

measures how much an employee can produce in a set period of time

market share

refers to the business's share of the total industry sales for a particular product

mentor

someone — usually a more experienced employee — who helps develop a less experienced employee (the protégé)

mentoring

the process of developing another individual by offering tutoring and coaching, and modelling acceptable behaviour

motivation

the individual, internal process that directs, energises and sustains a person's behaviour

multiskilling

allows employees to develop skills in a wide range of tasks through ongoing training

profit maximisation

occurs when there is a maximum difference between the total revenue (that is, the number of sales made multiplied by the price) coming into the business and total costs being paid out

promotion

the methods used by a business to inform, persuade and remind a market about its products

share

a part ownership of a public company

socialisation

the process a new employee undergoes in the first few weeks of employment through which he or she learns how to cope and succeed

social justice

adopting a set of policies to ensure that employees or other community members are treated equally and fairly

staff involvement

involving employees in the decision-making process and giving them the necessary skills and rewards

sustainable development

when the needs of the present population are met without endangering the ability of future generations to meet their own needs