Business Studies Flashcards

Flashcards covering business objectives, stakeholder objectives, motivation theories, the marketing mix, and production methods, designed to aid in exam preparation by reviewing key concepts and definitions from the lecture notes.

Business Objective

An aim or target that a business works towards, providing direction, measuring success, motivating employees, and allowing comparison over time.

SMART Principle

Specific, Measurable, Achievable, Realistic, and Time-bound.

Profit

The income remaining after all costs; a key motivator for owners.

Market Share

A larger percentage of industry sales compared to competitors.

Public Sector Businesses

Businesses owned and controlled by the government, focusing on financial goals, service provision, and social objectives.

Corporate Social Responsibility (CSR)

Helping the environment or community through business activities.

Stakeholder

Any person or group with a direct interest in a business.

Workers' Objectives

Fair wages, job security, safe working conditions, and motivation.

Customers' Objectives

Good quality, fair prices, reliable service, and ethical practices.

Government's Objectives

Tax revenue, job creation, and business compliance with laws.

Job Satisfaction

The enjoyment from doing a good job, affected by fair pay, good working conditions, and positive relationships.

F.W. Taylor's Scientific Management

Believed workers are mainly motivated by money and advocated for piece rate pay.

Maslow's Hierarchy of Needs

People must satisfy one level of need before moving to the next, including physiological, safety, social, esteem, and self-actualization needs.

Herzberg’s Two-Factor Theory

Hygiene factors prevent dissatisfaction but don’t motivate, while motivators lead to job satisfaction.

Financial Motivators

Monetary payments that encourage productivity, such as wages, salaries, commission, profit sharing, bonuses, performance-related pay, and share ownership.

Non-Financial Motivators (Fringe Benefits)

Benefits used to increase motivation without direct cash payment, such as company car, health insurance, and flexible working hours.

Marketing

Involves identifying, anticipating, and satisfying customer needs and wants.

Market Share

A percentage of total market sales held by a business or brand.

Market

A particular good or service, defined by the total number of customers, sales, and suppliers.

Mass Market

A large number of sales for a particular product, appealing to most customers.

Niche Market

A smaller, usually specialized segment of a larger market.

Marketing Budget

The financial plan for the marketing of a product, covering aspects like promotion and pricing.

Methods of Primary Research

Questionnaires, interviews, samples, focus groups, and observation.

Internal Sources of Secondary Research

Sales records, pricing data, customer records, sales reports.

External Sources of Secondary Research

Government statistics, newspapers, trade associations.

Product (Marketing Mix)

Focuses on the product’s design, quality, and packaging.

Price (Marketing Mix)

Determines the selling price and compares it to competitors.

Place (Marketing Mix)

Involves choosing distribution channels to get the product to the market.

Promotion (Marketing Mix)

Covers advertising and promotional strategies.

Consumer Goods

Goods bought by people either for long-term use or for daily consumption.

Consumer Services

Services provided for people, such as car repairs or education.

Producer Goods

Goods that are produced for other businesses to use, like machines and tools.

Strong Brand Image

Enables a firm to charge a higher price and can foster brand loyalty.

Packaging

Protects the product from damage and spoilage, and persuades customers to buy it.

Product Life Cycle

Describes the stages a product goes through from its introduction to its eventual decline.

Extension Strategies

Introducing new variations, selling into new markets, and launching new advertising campaigns.

Production

The process of transforming inputs such as raw materials, labor, and capital into outputs.

Job Production

Making one-off, specialized products for each customer.

Batch Production

Identical goods are made in batches or groups.

Just-in-Time (JIT)

Raw materials and stock are ordered only when they are needed.

Flow Production (Mass Production)

A continuous production process often using assembly lines.

Productivity

Output per unit of input (often measured per worker).

Efficiency

Achieving the maximum output with the least input, reducing costs and waste.

Lean Production

Focuses on reducing waste and improving efficiency without compromising quality.

Kaizen (Continuous Improvement)

Small, regular improvements suggested by employees.

Cell Production

A lean method where the production line is divided into teams (cells), each responsible for part of the production

Quality Control

Checking products after production.

Quality Assurance

Ensures quality is maintained at every stage of production.

CAD (Computer-Aided Design)

The use of computer software to help in the design of products.

CAM (Computer-Aided Manufacturing)

The use of computers to control machinery and equipment in the manufacturing process.

Economies of Scale

The cost advantages that a business gains as it increases production, reducing the cost per unit.