Business Studies: Conflict Management, Professionalism, and Business Environments

Comprehensive vocabulary flashcards covering conflict management, professionalism, ethics, business environments, sectors, and management functions based on the lecture notes.

Negotiation

The process where two parties sit down and try to come to a compromise by themselves.

Conciliation

A process where a third person gets involved to facilitate the discussion only if negotiation was unsuccessful.

Mediation

A process where a third person gives advice but the ultimate decisions are still made by the original parties.

Arbitration

A process where the decision is taken out of the hands of the original parties and a third person makes a judgement call.

Professionalism

The way a person acts, works, talks, and dresses with enthusiasm and commitment distinctive to their profession.

Code of ethics

A document that denotes the basic morals, principles, and values that a company embraces.

Code of conduct

A document that outlines the specific behavior expected from employees.

Moral absolutism

An ethical theory stating there is only one ethical solution to any problem.

Moral relativism

An ethical theory where the solution depends on the situation and the individuals involved.

Corporate citizenship

When businesses act in a socially responsible manner through charitable donations and employee involvement.

Social rights

The right to proper infrastructure and public services often provided or supported by large corporations.

Civil rights

The right to freedom of movement and protection, where corporations ensure government accountability.

CSR (Corporate Social Responsibility)

The moral obligation of a business to move from a cheque-book approach to an involvement approach of giving skills and time.

CSI (Corporate Social Investment)

The actual capital, resources, and labor put into a project as part of social responsibility.

Greenwashing

The practice of pretending to be eco-friendly solely for public relations purposes.

SCAMPER

A creative thinking tool where the letters stand for Substitute, Combine, Adapt, Modify, Put to other use, Eliminate, and Rearrange.

Micro environment

The internal sector over which a business has maximum control, including mission, vision, and resources.

Market environment

The sector a business can only influence, encompassing customers, suppliers, and competitors.

Macro environment

The external environment where a business has no control over factors like political changes or natural disasters.

Environmental scanning

The process of remaining aware of and interacting with technology, political, and legislative changes in the macro environment.

Delphi technique

A method involving geographically separated experts who collaborate virtually.

Substitute product

A different product that satisfies the same need as an existing product.

Complementary products

Services or goods that add value to an original product because they work better together than apart.

Public sector

Enterprises owned and controlled by the Government to provide infrastructure and uphold constitutional rights.

Private sector

Enterprises owned and controlled by individuals or groups with the primary aim of profit.

Primary sector

The sector focused on raw materials or gifts of nature that occur without human interference.

Secondary sector

The manufacturing sector that converts raw materials into products for the target market.

Tertiary sector

The sector dealing essentially with services to ensure products reach customers safely and on time.

Social entrepreneur

An individual motivated to solve social issues with products or services rather than making profits.

Technopreneurs

Entrepreneurs who use technology to solve identified problems.

Ecopreneur

A profit-driven entrepreneur specifically motivated to save the environment.

Tenderpreneur

An entrepreneur who provides specific services for government or private business tenders.

Gantt charts

A sophisticated timeline that can include variables such as team member responsibilities.

Top management

The level including CEOs and directors who make strategic, long-term, and non-routine decisions.

Middle management

Branch managers or departmental heads who make tactical decisions to execute strategic plans.

Lower management

Supervisors and foremen who make short-term operating management decisions for routine tasks.

Autocratic leader

A leader who is the sole decision-maker within an organization.

Democratic leader

A leader who involves workers in the decision-making process.

Laissez-faire leader

A leader who informs workers what must be done but does not dictate how it should be done.

Sole trader

A business with one owner who has unlimited liability for the debts of the business.

Close corporation

A form of ownership restricted to a maximum of $10$ members.

Bonds

Interest-bearing securities issued by governments or companies to borrow money, carrying moderate risk.

Equity

High-risk asset class involving shares sold to raise capital for a company.

LRA (Labour Relations Act)

Legislation (Act $66 \text{ of } 1995$) that enforces fundamental rights and provides a framework for collective bargaining.

BCEA (Basic Conditions of Employment Act)

Legislation (Act $75 \text{ of } 1997$) addressing child labor, minimum wage, and working hours.