Defenitions Skandvig Terra PLC

==Public limited company (PLC)==: It is an incorporated business with limited liability and is owned by shareholders, where shares are traded on the stock exchange.
==Vision Statement== (1.3): A statement that defines an organisation's goals and aspirations. Outlines the long term aspirations of a business and what it aims to achieve, usually vague , qualitative and inspiring; forms the foundation for the objectives of a business, including its core values and sense of direction, essentially guiding decision-making and setting the tone of how managers and employees behave
==Mission Statement==: A declaration of the underlying purpose of an organisation’s existence and its core values. This statement is updated more frequently than a vision statement.
==Regional Monopoly==: Where a business controls 80% or more of market share and has barriers of entry (such as special licensing from the government, or a high startup cost).
==Monopoly==: A market structure characterised by a single seller of a product that faces no competition from other firms and it has substantial market power and is the price maker of the product in that region.
==Business Sectors== (line 8): Businesses can be classified according to the stage of production that they are engaged in

Primary Sector: Resource Extraction (Mining, Forging etc.)
Secondary Sector**:** Manufacturing
Tertiary Sector: Service
Quaternary Sector: information technology, research, and development, as well as consulting services and education.

==Acquisition==: A takeover (or acquisition) occurs when a company buys a controlling interest in another firm, i.e.. it buys enough shares in the target business to hold a majority stake. Acquisitions are hostile.
==Narrow Span of Control==: A narrow span of control means that there are fewer subordinates who are accountable to a manager. It is therefore easier to communicate and the decision making process doesn't take time.
==Leadership==: Leadership is the process of influencing and inspiring others to achieve organisational goals.

Situational Leadership: Situational leadership is a leadership style that is not based on any single dominant approach. In essence, it is about using the right leadership style for the right situation.
Autocratic Leadership: An autocratic leader is one who makes all the decisions and prefers not to delegate any responsibility. Instead, the autocratic leader (or the authoritarian) simply tells subordinates what to do.

==Internal Growth==: Internal growth (also known as organic growth) occurs when a business grows using its own capabilities and resources to increase the scale of its operations and sales revenue.
==External Growth==: External growth (or inorganic growth) occurs when a business grows by collaborating with, buying up or merging with another firm. Main types include

Mergers and Acquisitions
Joint ventures
Strategic alliances
Franchises

==Motivation==: The managerial process/aspect where intrinsic and extrinsic factors are used to increase employees’ satisfaction as to reflect on improving their productivity.
Economies of Scale: Economies of scale refer to lower average costs of production as a firm operates on a larger scale due to gains in productive efficiency. Essentially, the spreading of fixed costs across a large number of units. EOS can be:

Internal EOS: purchasing, operational, marketing, transportation, managerial, finance. Internal economies of scale measure a company's efficiency of production and occur because of factors controlled by its management team.
External EOS: pool of skilled labour, good infrastructure, growing market no. of buyers), technological advancements. External economies of scale happen because of larger changes within the industry, so when the industry grows, the average costs of business drop.

==Flexible-Working Contract==: A flexible working contract is an employment agreement that allows for a more flexible arrangement of working hours and/or location, as opposed to a traditional 9-to-5, in-office setup.
==Induction Training==: Induction is training done to new recruits to familiarise them with the firm's policies as to decrease the time needed to be familiar, which impacts productivity.
==Labour Turnover==: Labour turnover measures the number of workers who leave a firm as a percentage of the workforce, per year. It is often used to gauge the level of motivation in an organisation.
==Share Price==: The value of the share of a company.
==Market Share==: measures the value of a firm's sales revenues as a percentage of the total sales revenue in the industry. Market share can be calculated in volume (quantity) or value (monetary value).
==Marketing Budget==: How much money a business allocates to spend on marketing purposes.
==Corporate Social Responsibility (CSR):== It’s the conscientious consideration of ethical and environmental practices related to business activity. A business that adopts CSR acts morally towards its various stakeholder groups and the well-being of society as a whole.
==Employment==: Refers to the number of people of the working age who are in the workforce.
==Board of Directors==: A board of directors (BOD) is elected by shareholders to make strategic future-focused decisions on their behalf. Directors are elected because of their skills and expertise and because shareholders do not necessarily want to get involved in the daily running/decision making of the company.
==Pricing Strategy==: Pricing strategies are the methods and procedures companies employ to determine the rates they charge for their goods and services.

Pricing strategies include:

Cost-plus pricing
Price discrimination
Skimming pricing
Penetration pricing
Loss leading pricing
Predatory pricing (illegal do not use*)*
Psychological pricing

==Operational Authority==: refers to the power given to an individual or a group within an organisation to make decisions and take action related to the day-to-day operations of the business. This authority allows the individuals or group to manage and direct the resources of the organisation to achieve the desired goals and Objectives.
==Tactical Authority==: refers to the power given to an individual or group within an organisation to make decisions and take action related to the implementation of the organisation's strategy. This authority is focused on the intermediate-term goals of the organisation, typically spanning several months to a few years.
==Distribution Channel==: The channel of distribution refers to the means used to get a product to the consumer.
==Market Research==: Market Research is designed to discover and gather the opinions, beliefs and preferences of the thinking pattern and buying habits of customers.
==Secondary Research==: Involves the collection of second hand data and information that already exists. Secondary research is a cheaper and faster method of data collection.
==Potable Water==: Water that is safe for human consumption.
==Desalination==: A process of removing salts and minerals from seawater to make it suitable for drinking or irrigation.
==Division==: A part of a company that operates as a separate unit with its own management and employees.
==Director==: A person responsible for managing and leading a division or department.
==Productivity per Employee==: The output of a company divided by the number of employees.
==Source==: To acquire a product or resource from a specific place.
==Treat==: To purify or process a product or resource.
==Store==: To keep a product or resource in a safe place for later use.
==Transport==: To move a product or resource from one place to another.
==Reservoir==: A large tank or basin used for storing water or other liquids.
==Income Stream (3.7)==: A source of revenue for a company.
==Market==: A place or system where goods and services are bought and sold.
==One-Time Incentive Pay==: A bonus or a form of compensation for employees in exchange for going above and beyond their normal duties
==Product Portfolio==: all products produced by the firm with different product lines and ranges.

Product Line: Group of connected products marketed under a single brand name by the same company.
Product Range**:** Refers to the different models of the product line.

==Takeover==: When a company buys a controlling interest in another firm, i.e.. it buys enough shares in the target business to hold a majority stake.

Friendly takeover*:* occurs with the consent of the target company's management and board of directors. The acquiring company and the target company work together to negotiate a deal that is mutually beneficial to both parties.
Hostile takeover: Occurs when the acquiring company attempts to take over the target company without the consent of its management and board of directors. The acquiring company may make a public offer to the target company's shareholders to purchase their shares, or may attempt to gain control of the target company through other means, such as a proxy fight.

==Recruitment:== is the process by which the HR department identifies its needs and vacancies to be filled, and begins the processes of finding most suitable candidates until the contract has been signed.
==Brand Leader:== To become the brand with the highest recognition and largest market share in the market. Better definition #54
==Vertical Integration== (line 8-9): occurs when a business grows by acquiring other businesses in earlier or later stages in the chain of production. It is divided into backwards vertical integration and forward vertical integration.
==Horizontal Integration== (line 32-33): a business acquires another business in the same step in the chain of production (i.e. they have the same business activity). It increases market share and economies of scale.

48. ==Redundancy==: when a job is no longer required so the employee doing this job becomes redundant through no fault of their own.

==Less-economically developed countries (LEDC)==: are countries with low levels of economic development and a low standard of living for their citizens. These countries typically have a weak industrial base, low per capita income, high levels of poverty, and a lack of basic infrastructure and social services. LEDCs are often located in less developed regions of the world, such as Africa, Asia, and Latin America.
==Charities==: A charity is a non-profit organization that uses donations and funding to support a specific cause or mission. Charities can take various forms, including foundations, religious organizations, and community organizations. The main purpose of a charity is to serve the public good and provide assistance to those in need, rather than to make a profit for shareholders or owners.
==Non-governmental organisations (NGOs)==: type of non-profit organization that operates independently from any government. NGOs are established to serve a specific social cause or address a particular issue, and they may focus on areas such as human rights, poverty alleviation, environmental protection, or disaster relief. They are funded through donations, grants, and other forms of support, rather than by government agencies.
==Contribution==: Contribution per Unit = Selling Price per Unit - Variable Cost per Unit
==Brand leader==: A brand leader is a product or brand that is recognized as the most popular or dominant within a specific market or industry. It is often the first brand that comes to mind when consumers think of a particular product category and has a strong reputation and customer loyalty. A brand leader typically has a large market share and is often imitated by competitors.
==Outreach program==: An outreach program is an initiative or effort by an organization to reach out to and engage with a specific target audience or community.