Business IA1 Exam

Goals and objectives at maturity stage

1. Avoiding a state of decline

2. Increasing market share

3. Entering a new market

4. Acquiring new sales and new customers

Strategic planning

A long term view of where the business is going and how it will get there over the next 2-5 years

Growth Strategy

Affects either new or existing products and markets, designed to increase the overall market share of a business 

Vertical growth

The adaptation of business products and services to increase sales revenue from the existing market

Horizontal growth

The replication or expansion of a business product, service or model into new markets to industries

Domestic markets

The supply of and demand for goods and services within a single country; also referred to as the internal market

Global markets

The buying and selling of goods and services in all countries of the world

Emerging markets

A market that is building accountability and strength, opening to a new foreign investment and trade and expected to provide higher returns despite greater risks

Intrapreneur

A manager within a business who promotes innovative product development and marketing

Risk management

A process to identify, evaluate and understand the risk of business actions and decisions in order to minimize, control or eliminate the impact of risks

The PPRR Model

Prevention - take actions to reduce or eliminate the likelihood or effects of an incident 

Preparedness - take steps before an incident to ensure effective response and recovery

Response - contain, control or minimize the impacts of an incident

Recovery - take steps to minimize disruption and recovery

Human Resources

Describes both the people who work for an organization and the department responsible for managing resources related to employees.

The role of HR professionals

To ensure the company’s human capital is being nurtured and supported through the creation and management of programs, policies, and procedures, and by fostering a positive work environment through effective employee-employer relations.

What stages of the Employment Cycle is HRM focused on?

Development and maintenance

What does the development stage focus on?

Building organizational culture, induction and on-boarding staff.

What are the characteristics on induction and on-boarding staff?

• Continual development of staff training to ensure they grow

• Update their existing stills so they can keeps up to date with new technologies or demands in the industry

• A strong development program will lead to enhanced retention, minimize the risk of staff stagnation and dissatisfaction in the workplace

Maintenance stage

• Staff to be motivated with recognition along with progression pathways to keep them engaged within their roles

• A negative organizational culture will lead to employee dissatisfaction, high staff turnover and increased costs in recruitment and training

Maslow’s Hierarchy of Needs - physiological needs

To eat, drink, work, sleep etc.

Maslow’s Hierarchy of Needs - safety needs

Shelter, to feel secure and safe

Maslow’s Hierarchy of Needs - belonging needs

To feel apart of a group, for acceptance

Maslow’s Hierarchy of Needs - self-esteem needs

To feel good about ones self, to be recognized for their achievements 

Maslow’s Hierarchy of Needs - self-actualization needs

For personal fulfilment, the need to grow and develop

In the maturity stage a leader is to…?

• Mentor employees, building up management and leadership skills and ensure the business remains successful

• Become the enabler, to facilitate growth and intrapreneurship characteristics of other employees