business studies topic 1

Business Management

The process of planning, organizing, leading, and controlling the resources of an organization.

Entrepreneurship

The act of creating, organizing, and managing a business, often involving risk and innovation.

Corporate Social Responsibility (CSR)

A business model that helps a company be socially accountable to itself, its stakeholders, and the public.

Business Environment

The sum of all external and internal factors that affect how a business operates.

Free Market Economy

An economic system where prices are determined by unrestricted competition between privately owned businesses.

Maslow's Hierarchy of Needs

A psychological theory that states human needs are arranged in a hierarchy from basic (physiological) to complex (self-actualization).

Business Plan

A formal statement of business goals, the reasons they are attainable, and the plan for reaching them.

Market Environment

The immediate external factors affecting a business, including customers, competitors, and suppliers.

Stakeholder Engagement

The process of involving individuals or groups that may be affected by or can affect a business’s operations.

SMART Goals

A framework for setting clear and achievable goals that are Specific, Measurable, Attainable, Relevant, and Time-bound.

Contingency Theory

A leadership theory that suggests there is no single best way to lead; effective leadership depends on the context.

Organizational Structure

An arrangement of activities such as task allocation, coordination, and supervision, which directs the organization toward its goals.

Leadership Styles

Different approaches to leading individuals or teams, including autocratic, democratic, and laissez-faire styles.

SWOT Analysis

A strategic planning tool that evaluates the Strengths, Weaknesses, Opportunities, and Threats of a business.

Operational Control

A type of control focused on the methods and procedures used to ensure the daily operations of a business are effective.