Business Management Flashcards

1.1.1 Nature of businesses

1.1.2 Business functions

1.1.3 Primary, secondary, tertiary, and quaternary sectors

1.1.4 Process of starting a business

1.1.5 Opportunities of a new business

1.1.6 Challenges of a new business

1.2.1 Private versus public sectors

1.2.2 Sole Traders

1.2.3 Partnerships

1.2.4 Privately Held Companies

1.2.5 Publicly Held Companies

1.2.6 For-Profit Social Enterprises

1.2.7 Cooperatives

1.2.8 Non-Profit Social Enterprises (NGOs)

1.3.1 Vision Statement and Mission Statement

1.3.2 Common Business Objectives

1.3.3 Strategic and Tactical Objectives

1.4.1 Internal and External Stakeholders

1.4.2 Conflict Between Stakeholders

1.5.1 Internal and External Economies and Diseconomies of Scale

1.5.2 The Difference Between Internal and External Growth

1.5.3 Reasons for Businesses to Grow

1.5.4 Reasons for Businesses to Stay Small

1.5.5 External Growth Methods

1.6.1 Economic Contributions of MNCs

1.6.2 Social and Cultural Impacts of MNCs

1.6.3 Environmental Effects of MNCs

1.6.4 Ethical Considerations and Criticisms of MNCs

1.6.5 Dependency on MNCs

2.1.1 Role of Human Resource Management

2.1.2 Internal and External Factors Influencing Human Resource Planning

2.1.3 Reasons for Resistance to Change in the Workplace

2.1.4 Human Resource Strategies for Managing Change and Resistance

2.2.1 Terminology of Organizational Structures

2.2.2 Types of Organization Charts

2.2.3 Appropriateness of Organizational Structures

2.2.4 Changes in Organizational Structures (HL only)

2.3.1 Scientific and Intuitive Thinking/Management (HL only)

2.3.2 Management and Leadership

2.3.3 Leadership Styles

2.4.1 Motivation Theories

2.4.2 Motivation Theories (HL only)

2.4.3 Labour Turnover (HL only)

2.4.4 Types of Appraisal (HL only)

2.4.5 Methods of Recruitment (HL only)

2.4.6 Financial Rewards

2.4.7 Non-Financial Rewards

2.4.8 Teamwork

2.4.9 Types of Training

2.5.1 Organizational Culture

2.5.2 Individuals and Organizational Culture

2.5.3 Cultural Clashes

2.6.1 Formal and Informal Methods of Communication

2.6.2 Barriers to Communication

2.7.1 Sources of Conflict in the Workplace

2.7.2 Approaches to Conflict in the Workplace

2.7.3 Approaches to Conflict Resolution

3.1.1 Role of Finance for Businesses

3.2.1 Internal Sources of Finance

3.2.2 External Sources of Finance

3.2.3 Internal vs. external sources and implications

3.3.1 Types of Costs

3.3.2 Total Revenue and Revenue Streams

3.3.3 Implications of Costs and Revenues

3.4.1 Purpose of Accounts to Different Stakeholders

3.4.2 Final Accounts

3.4.3 Intangible Assets

3.4.4 Depreciation Methods (HL only)

3.4.5 Appropriateness of Depreciation Methods (HL only)

3.5.1 Profitability Ratios

3.5.2 Strategies to Improve Profitability Ratios

3.5.3 Liquidity Ratios

3.5.4 Strategies to Improve Liquidity Ratios

3.6.1 Efficiency Ratios

3.6.2 Strategies to Improve Efficiency Ratios

3.6.3 Insolvency vs. Bankruptcy

3.7.1 Difference Between Profit and Cash Flow

3.7.2 Working Capital

3.7.3 Liquidity Position

3.7.4 Cash Flow Forecasts

3.7.5 Relationship Between Investment, Profit, and Cash Flow

3.7.6 Strategies for Dealing with Cash Flow Problems

3.8.1 Investment Appraisal Techniques

3.8.2 Net Present Value (HL only)

3.8.3 Application of Investment Appraisal

3.9.1 Cost and Profit Centres

3.9.2 Constructing a Budget

3.9.3 Variances

3.9.4 Importance of Budgets and Variances in Decision-Making

4.1.1 Market Orientation vs. Product Orientation

4.1.2 Market Share

4.1.3 Market Growth

4.1.4 Importance of Market Share and Market Leadership (HL only)

4.2.1 The Role of Marketing Planning

4.2.2 Segmentation, Targeting, and Positioning

4.2.3 Niche Market vs. Mass Market

4.2.4 Importance of Having a Unique Selling Proposition (USP)

4.2.5 Differentiation Strategies

4.3.1 Benefits and Limitations of Sales Forecasting

4.4.1 Why Organizations Conduct Market Research

4.4.2 Methods of Primary Market Research

4.4.3 Methods of Secondary Market Research

4.4.4 Qualitative vs. Quantitative Research

4.4.5 Sampling Methods

4.5.1 Product

4.5.2 Branding

4.5.3 Price

4.5.4 Promotion

4.5.5 Place

4.5.6 People

4.5.7 Processes

4.5.8 Physical Evidence

4.5.9 Appropriate Marketing Mixes

4.6.1 Opportunities of International Marketing

4.6.2 Threats of International Marketing

4.6.3 Strategic Considerations for International Marketing

5.1.1 The Role of Operations Management

5.2.1 Job Production

5.2.2 Batch Production

5.2.3 Mass/Flow Production

5.2.4 Mass Customization

5.3.1 Features of Lean Production

5.3.2 Methods of Lean Production

5.3.3 Cradle-to-Cradle Design and Manufacturing

5.3.4 Quality Control vs. Quality Assurance

5.3.5 Methods of Managing Quality

5.3.6 Impact of Lean Production and TQM on an Organization

5.3.7 Importance of National and International Quality Standards

5.4.1 Reasons for a Specific Location of Production

5.4.2 Reorganizing Production Nationally and Internationally

5.5.1 Total Contribution vs. Contribution per Unit

5.5.2 Aspects of a Break-Even Chart

5.5.3 Effects of Changes in Price or Cost on Break-Even Analysis

5.5.4 Limitations of Break-Even Analysis

5.6.1 The Local and Global Supply Chain Process

5.6.2 JIT vs. Just-in-Case (JIC)

5.6.3 Stock Control Charts

5.6.4 Productivity Metrics

5.6.5 Cost to Buy (CTB) vs. Cost to Make (CTM)

5.7.1 Crisis Management vs. Contingency Planning

5.7.2 Factors Affecting Effective Crisis Management

5.7.3 Impact of Contingency Planning

5.8.1 Importance of Research and Development (R&D)

5.8.2 Addressing Customers’ Unmet Needs

5.8.3 Intellectual Property Protection

5.8.4 Innovation

5.9.1 Data Analytics

5.9.2 Databases

5.9.3 Cybersecurity and Cybercrime

5.9.4 Critical Infrastructures

5.9.5 Virtual Reality

5.9.6 Internet of Things (IoT)

5.9.7 Artificial Intelligence (AI)

5.9.8 Big Data

5.9.9 Customer Loyalty Programs

5.9.10 Managing and Monitoring Employees: Digital Taylorism

5.9.11 Data Mining for Decision-Making

5.9.12 Benefits, Risks, and Ethical Implications of Advanced Technologies