IB Business and Management Vocabulary Flashcards - Quizlet

2021. 4. 10.
IB Business and Management Vocabulary Flashcards | Quizlet
IB Business and Management Vocabulary

Terms in this set (230)
Businesses involved in the extraction of natural resources, such as

Primary Sector
farming, mining, fishing, etc.
Business activity is concerned with the construction and

Secondary Sector
manufacturing of physical products.
Business activity is concerned with the provision of services to

Tertiary Sector
customers
Part of the economy under the control of private individuals and

Private Sector businesses, rather than the government. (sole traders, partnerships,
corporations)
Public Sector Part of the economy under the control of the government
There is a legal difference between the owners of a company and the

Incorporation business itself. Ensures that the owners are safeguarded against any
losses made by the companies.
Restriction on the amount of money that can be lost from the owners
Limited Liability
of a business if it goes into bankrupcy
No limit to how much debt a sole trader is legally responsible to pay

Unlimited Liability
if failure
Any private sector organization that does not primarily aim to make
Non - governmental organization (NGO)
profit. Instead, they operate for the benefit of others in society
Business organization owned by shareholders with limited lability but

Private Limited company whose shares cannot be bought or sold to the general public (stock
exchange)
Incorporated business organization that allows the general public to

Public Limited company
buy and sell shares in the company via stock exchange
Form of private sector business owned by 1 - 20 people. They share

Partnership
the responsibilities and burdens of running and owning the business.
Self - employed person. He or she runs the business on their own

Sole trader
and has sole responsibility for its success or failure.
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2021. 4. 10. IB Business and Management Vocabulary Flashcards | Quizlet
The owner is legally the same as the business (he or she is treated as
Unincorporated a single entity) Owner is personally responsible for all debts
Outlines a business's aspirations (where it wants to be) in the distant

Vision statement
future
A simple declaration that broadly states the underlying purpose of an

Mission statement
organization's existence
Aims General long - term goals of an organization.
Short term and more specific goals of an organization based on its

Objectives
aims.
Short - term objectives that affect a segment of the organization.

Tactical Objectives Specific goals that guide the daily functioning of certain operations
that are in line with the primary objectives of the business
Long term aims of a business organization. For example: profit

Strategic Objectives
maximization, growth, image and reputation, and market standing.
SMART Objectives Specific, measurable, agreed, realistic and times
Businesses that act morally towards their stakeholders such as their

Corporate Social Responsibility
employees and the local community.
Social Audit Independent assessment of how a firm's actions affect society
Any person or organization that has a direct interest in and is affected

Stakeholder
by the performance of a business
Internal Stakeholders Employees, shareholders, managers and directors of the organization
Suppliers, customers, special interest groups, competitors and the

External Stakeholders
government
Allows managers to assess how to deal with conflicting stakeholder

Stakeholder mapping
objectives
A framework used to analyse the opportunities and threats of the

PEST Analysis political, economical, social and technological environments on
business activity
Analytical tool used to assess the internal strengths and weaknesses

SWOT Analysis and the external opportunities and threats of an organization or a
decision
Systematic process of dealing with business problems, concerns or

Decision making framework
issues in order to make the best decision
Quantitative decision-making tool that allows firms to calculate the

Decision Tree
probable values of different options if they are pursued
Fishbone Model Identifying the root causes of a problem or issue
Lower average costs of production as a firm operates on a larger

Economies of Scale
scale
Technical, Financial, Managerial, Specialization, Marketing,

Internal economies of scale
Monopsony, Commercial, Risk-bearing
Those that arise form outside the firm due to its favorable location or
External economies of scale
growth in the industry.
Cost disadvantages of growth. Unit costs are likely to eventually rise

Diseconomies of scale
as a firm grows in size due to internal factors and external factors
An increase in the average costs of production as a firm grows due to

External diseconomies of scale
factors beyond its control
When a business grows internally, using its own resources to increase

Internal (organic) growth
the scale of its operations and sales revenue
External growth Dealings with outside organizations.
Two or more businesses seek to form a mutually beneficial affiliation

Strategic alliances
by cooperating in a business venture.
Form of business ownership whereby a person or business buys a

Franchise license to trade using another firm's name, logo, brands, and
trademarks
Porters generic strategies Outlines the ways that any business can gain a competitive advantage
Analytical tool that helps managers to devise their product and

Ansoff matrix
market growth strategies
The growing integration and interdependence of the worlds

Globalization
economies
Multinational corporation (MNC) Business organization that operates in two or more countries.
A group of countries that agree to freer international trade with each

Regional trading blocs
other through the removal of trade barriers
When two or more businesses decide to split the costs, risks, control
Joint Venture
and rewards of a business project.
Formal process of evaluating the contributions and performance of

Appraisal an employee, usually conducted through observations and an
interview with the appraisees line manager.
When some decision-making authority and responsibility is apssed

Decentralization
onto others in the rganization
There are only a few layers in the organizational hierarchy and hence
Flat organizational structure
managers have a wide span of control
There are many layers in the organizational hierarchy and hence

Tall organizational structure
managers have a narrow span of control
flexible organization of employees from different departments within

Matrix structure
an organization temporarily working together on a particular project.
Involves relocating business functions and processes to another

Offshoring
country
The act of finding external people or businesses to carry out non-

Outsourcing
core functions of a business
Transfer of information between different people and business

Communication
organization
The methods or routes through which information is passed form the

sender to the recipient. Open channels are used when information is
Communication channel not confidential and can be shared by anyone. Restricted channels of
communication are used when information is confidential and is
directed only to those who need to know.
A diagram representing the communication structure within an

Communication network
organization
A method of improving communication by reducing the number of

Delayering
levels in an organizational hierarchy
The official channels of communication that are established by an

Formal communication
organization
Unofficial channels of communication naturally established by

people from within an organization, often based on their common
Informal communication
interest
Any form of communication other than oral communication.

Non-verbal communication (electronic systems such as email, written methods such as letters,
visual stimulus such as body language)
Communication via the use of spoken works, such as meetings,

Verbal communication
interviews, and appraisals
Communication methods that use visual images and stimuli, such as

Visual communication
poster displays and a person's body language
Managers and leaders that adopt an authoritarian style by making all

Autocratic the decisions rather than delegating any responsibility to their
subordinates. They tell others what to do.
Leadership model based on the belief that the best leadership style
Contingency theory for a business depends on a range of interconnected factors, such as
the size, skills, and abilities of the workforce
Democratic leader Decision-maker who takes into account the views of employees.
The skill of getting things done through other people by inspiring,

Leadership
influencing and motivating them
The practice of achieving an organization's objectives by using the

Management
available resources of the business, including human resources
Management technique whereby employees set their own objectives,

with the help and advice of their manager. Subordinates then decide
Management by objectives
how they will achieve these targets. Progress towards meeting these
objectives is then tracked with follow-up meetings with the manager
Managers and leaders treat their employees as if they were family

Paternalistic members by guiding them through a process of consultation. In their
opinion, they act in the best interest of their workers.
The belief that there is no distinct or unique approach to leadership

and management which suits all organizations and all employees. The
Situational leadership
best style depends on different situations, such as the culture and
attitudes of managers and workers
The traditions and norms within an organization such as: dress code,
Corporate culture
work ethos and attitude towards punctuality
When there is conflict between two or more cultures within an

Culture clash organization. This may exist, for example, when two firms integrate via
a merger or takeover
Difference between the existing culture of an organization and its

Culture gap desired culture. Management will use different strategies to reduce
this gap
Negotiation process whereby trade union representatives and

Collective bargaining employer representatives discuss issues with the intention of reaching
a mutually acceptable agreement
Process that involves an independent person or body, known as the

Arbitration
arbitrator, deciding on an appropriate outcome to dispute.
Conflict resolution Course of action taken to resolve conflict and differences in opinion
A situation where there has been a failure to reach a satisfactory

Deadlock
compromise in the negotiation process
Form of industrial action that involves employees working at the

Go-slow
minimum pace allowable under their employment contract
Contingency planning How to deal with a crisis to ensure the continuity of the business.
The responses of an organization's management team to a crisis

Crisis management situation. It involves setting up measures to allow instantaneous and
constructive action to be taken in the even of a crisis
Being reactive to events and changes that might cause serious

Crisis planning
disruptions and damage to a business.
Wealthy and entrepreneurial investors who risk their money in small

to medium sized businesses that have high growth potential. Their
Business angels
hand-on approach, experience and financial investment can have a
large impact on the success of business start-ups
Spending by businesses on fixed assets such as the purchase of land

Capital expenditure and buildings. Such expenditure is seen as vital to the growth and
survival of businesses in the long run.
Individuals or organizations that the business owes money to that

Creditors
needs to be settled within the next 12 months.
Long-term loan to a business with the promise of fixed annual interest

payments to the debenture holders. The vast majority of these loans
Debentures
are also repayable on maturity, although some are indefinite so are
classed as permanent capital to the firm as there is no maturity date.
Getting sources of finance from outside the organization such as

External financing
through debt, share capital, or funding from the government
Is suitable if a firm needs to use expensive assets such as equipment

or vehicles. The leasing company owns the equipment and hires it out
Leasing
to the customers. Lessees do not have to commit to large amounts of
their own capital
A service offered by financial institutions that allow a business to

Overdrafts spend in excess of the amount in its account, up to a predetermined
limit.
Spending on the day-to-day running of a business such as, rent,

Revenue expenditure
wages and utility bills
General term used to refer to where or how businesses obtain their

Sources of finance funds, such as from working capital, commercial lenders and/or
government assistance
Day-to-day money that is available to a business. It is calculated as

the difference between a firm's liquid assets (the value of cash, stocks
Working capital
and debtors) and its short-term debts (such as creditors, tax and
overdrafts)
Financial decision-making tool that helps managers to assess whether

Investment appraisal certain investment projects should be undertaken based mainly on
quantitative techniques
An investment appraisal technique that calculates the total

discounted cash flows, minus the initial cost of an investment project.
Net present value
If the figure is positive, then the project is viable and should be
undertaken
An investment appraisal technique that calculates the total

discounted cash flows minus the initial cost of an investment project.
Payback period
If the figure is positive, then the project is viable and should be
undertaken.
Refers to judging whether an investment project is worthwhile

Qualitative investment appraisal through non-numerical means, such as whether an investment
decision is in line with the corporate culture.
Appraisal refers to judging whether an investment project is

Quantitative investment appraisal
worthwhile through numerical means
Working capital The amount of finance available to a business for its daily operations.
Resources that belong to a business that are intended to be used

Current assets
within the next twelve months, such as cash, debtors and stocks
The cash that is left over after cash outflows have been accounted for
Net cash flow from the cash inflows. If it is positive, then this means the value of
cash inflows exceeds that of cash outflows.
The costs not directly associated with the production process but
Overheads
necessary for providing and maintaining business operations
The value of cash left in a business at the end of the month

Closing balance
closing balance= opening balance + net cash flow
Debts owed by a business. Current liabilities are short-term debts

such as an overdraft which need to be repaid within twelve months
Liabilities from the balance sheet date.
Long-term liabilities such as mortgages and bank loans are repayable
over a long period
Ability of a business to convert assets into cash quickly and easily

Liquidity
without a fall in its value
A cash flow emergency situation where a business does not have

Liquidity crisis
enough cash to pay its current liabilities
Financial plan for expected revenue and expenditure for an

Budget
organization for a given period of time
Any discrepancy between actual outcomes and budget outcomes.

Favorable variances exist when the variance is beneficial for the
Variance analysis business, such as sales being higher than budgeted or costs turning
out to be lower than expected. The opposite is true for adverse
(unfavorable) variances
The final section of a profit and loss account which shows how the
Appropriation account net profits of a business are distributed. Profits are appropriated in
three ways: taxation, dividends and retained profits
Financial statement showing a firm's assets and liabilities at a specific

point in time. It shows the sources of funds, such as long-term loans
Balance sheet
and owners equity, which must be balanced with the uses of funds,
such as the purchase of fixed assets
The value of an asset as shown on a balance sheet. The market value
Book value of assets may be higher than its book value because of intangible
assets
Value of all long-term sources of finance for a business, such as bank

Capital employed
loan, share capital and any reserves that the business holds
Shown in the trading account of the profit and loss account. It

Cost of goods sold represents the direct costs of producing or purchasing a particular
level of stock that has actually been sold to customers.
The fall in value of fixed assets over time. The main cause of
depreciation is wear and tear (loss of value due to the asset being
Depreciation
used) although some assets can become obsolete (outdated or out
of fashion)
Method of stock valuation whereby stock is valued based n the order

First in, First out (FIFO) in which it was purchased by the business. This method ensures that
any unsold stock is more realistically valued a its replacement cost
Items of monetary value that are owned by a business but are not
Fixed assets intended to be sold within the next twelve months. They can be used
repeatedly to generate revenue for the business
The difference between the sales revenue of a business and its direct
costs incurred in manufacturing or purchasing the products that have
Gross profit
been sold to its customers. It is calculated by using sales revenue -
COGS
When the value of a firm exceeds its book value (the value of the
Goodwill
firms net assets).
Intangible assets Type of fixed asset but do not exist in physical form.
Method of stock valuation that uses the most recent batches of stock
Last in, Last out (LIFO) first. It is a suitable method for stock that does not need to be
rotated. This method raises the value of COGS
Show the value of a business by calculating the value of al its assets

Net assets
minus the long-term liabilities.
Is the surplus that a business makes after all expenses have been paid
Net profit
for out of gross profit. Calculating: Expenses - gross profit
Profit and Loss Account Financial statement of a firm's trading activity over a period of time.
Appears at the top section of the profit and loss account and shows
Trading account the difference between a firms sales revenue and its direct costs of
trading.
Legal act of manipulating financial information to make the results

Window dressing
look more flattering.
Short - term liquidity ratio that calculates the ability of a firm to meet
Current ratio its debts within the next twelve months. It is worked out by: current
assets/current liabilities
An efficiency ratio that measures the number of days it takes, on

Creditor days ratio
average, for a business to pay its creditors
An efficiency ratio that measures the average number of days it takes

Debtor days ratio
for a business to collect the money owed from its debtors
Shareholders raio which shows the amount of money that

Earnings per share (EPS) stockholders could receive per share if the company allocated all its
after - tax profits to the shareholders.
Assets of a business that can be turned into cash quickly, without

Liquid assets
losing their value
Profitability ratio that shows the percentage of sales revenue that

Net profit margin
turns into net profit
Profitability ratio that shows the percentage of sales revenue that

Gross profit margin
turns into gross profit
Liquidity crisis A situation where a firm is unable to pay its short - term debts
Management tool that compares different financial figure. It requires

Ratio analysis the application of figures found in the balance sheet and profit and
loss account of a business
Efficiency ratio. It measures the profit of a business in relation to its

size. The higher the ROCE figure, the better it is for a business as it
Return on capital employed (ROCE)
shows more profit being generated form the amount of money
invested in the firm
Efficiency ratio that measures the number of times a firm sells its
Stock turnover
stocks within a year
Measures the value of a firms sales revenues as a percentage of the

Market share
industry total
Management role of predicting, identifying and meeting the needs

Marketing
and wants of customers in a profitable manner
A review of a firms current marketing mi in terms of its strengths,

Marketing audit
weaknesses, opportunities and threats
Main elements of a firms marketing strategy. It consists of the 4 P's -

Marketing mix
product, price, promotion and place
The document outlining a firms marketing objectives and strategies

Marketing plan
for a specified time period
Visual aid that shows the customers perception of a product or brand

Position map
in relation to others in the market
Involves data being collected by the researcher since the information

Primary research
does not currently exist
Sampling method that involves segmenting the population and then

Quota sample
selecting a certain number of people in each market segment
Sampling method that gives every person in the population an equal

Random sample
chance of being selected
Strategy that involves changing the markets perception of a product

Repositioning
or brand relative to those offered by rival firms
Quantitative technique that attempts to estimate the level of sales a

Sales forecasting
business expects to achieve
Practice of selecting a representative group of a population for

Sampling
primary research purposes
Involves using data and information that has already been collected
Secondary research
by another party
`Categorizing customers into distinct groups of people with similar

Segmentation characteristics and similar wants or needs for research and targeting
purposes
Any aspect of a product that makes it stand out form those offered
Unique selling point
by rival businesses
Tool used for analyzing the product portfolio of a business. It

Boston matrix measures whether products have a high or low market share and
operate in high or low market growth industries
Use of an exclusive name, symbol or design to identify a specific

Branding product or business
Refers to any product that generates significant sales revenue due to

Cash cow
its large market share in a slowly expanding or mature market
Consumer goods Items bought by the final user for their own personal consumption
Refers to any strategy used to make a product appear to be dissimilar

Differentiation
from others
Attempt by marketers to lengthen the product life cycle of a

Extension strategy
particular product
New product development Process of getting the latest products onto the market
Typical process that products go through form their initial design and
Product life cycle
launch to their decline and often their death
Range of products or strategic business units owned and developed

Product Portfolio
by an organization
Type of cost-based pricing method that focuses on covering all costs

Absorption cost pricing of production. Indirect costs are apportioned to different
departments based on a predetermined set of criteria
Pricing strategies based on the prices charged by the rivals in the

Competition based pricing
industry
Setting prices based on the costs of production rather than on the

Cost based pricing
level of demand or the prices set by competitors
Takes place when a firm calculates its unit costs and then adds a
Cost plus pricing
percentage profit to determine the price
Measures the degree of responsiveness of the level of demand for

Cross price elasticity of demand (CED)
one product due to a change in the price of a related good
Measures the impact on the demand for a firm's product following a

Advertising elasticity of demand (AED)
change in its advertising expenditure
Measures the degree of responsiveness of changes in demand due to

Income elasticity of demand (YED)
a change in consumer income levels
Calculates the cost of supplying an extra unit of output in order to

Marginal cost pricing
determine a suitable price
Market - led pricing strategies Based on the level of customer demand for a firm's products.
Market-led pricing strategy that involves a firm setting low prices to

Penetration pricing
gain entry into a new market.
Competition-based pricing strategy that involves a firm setting prices

Predatory pricing
so low that other competitors cannot compete at a profitable level
Pricing strategy that involves charging different prices to different

Price discrimination
groups of customers for the same product
Measures the degree of responsiveness of changes in demand due to

Price Elasticity of demand (PED)
a change in the products own price
Market-lef pricing strategy that involves charging a high price for

Skimming
innovative or high-tech products for an initial period
Any form of paid-for advertising through the mass media in ordre to

Above the line promotion
reach a wide audience
Method of informative and/or persuasive promotion that has to be

Advertising
paid for
Refers to promotional methods that do not directly use the mass

Below the line promotion
media as a form of promotion
Form of promotional technique that relies on keen and

Personal selling knowledgeable sales staff directly helping and persuading customers
to make a purchase
Component of the marketing mix. Refers to the methods used to

Promotion inform, persuade or remind people about its products, brands or
business.
Promotional mix Combination of individual promotional methods used by business
Negotiators who help to sell the vendor's products, such as real

Agents
estate agents selling residential property on behalf of their clients
Channels of distribution The ways that a product gets from the manufacturer to the consumer
Is the fourth P in marketing mix, placement, refers to the process of

Distribution getting product to customers at the right time and place in the most
cost-effective way
Art of managing and controlling the sequence of activities from the

Supply chain management
production of a good or service to its delivery to the end customer
Retailers The sellers of products to the general public that operate in outlets
Businesses that purchase large quantities of products form a

Wholesalers manufacturer and then separate or break the bulk purchases into
smaller units for resale to retailers
Business-to-business and refers to online trade conducted directly

B2B for the business customer rather than the end-user, such as Amazon
supplying books to other book retailers
Business-to-consumer and refers to online business conducted

B2C
directly for the end-user
E-commerce Trading of good and services via the internet
Batch production Involves producing a collection of identical products
Cell production Production method that organizes workers into independent cells
Form of mass production whereby different operations are

Flow production
continuously and progressively carried out in sequence
Form of flow production whereby a product is assembled in various

Line production
stages along a conveyor belt until a finished product is made
Mass production Manufacturing of large amounts of homogeneous product
Method of production that involves the production of a unique or

Job production
one-off job
Refers ti the method of turning inputs into outputs by adding value in

Production process
a cost-effective way
Buying of raw materials, components and/or equipment needed for

Purchasing
the production process
The division of a large task or project into smaller tasks that allow
Specialization
individuals to concentrate on one or two areas of expertise
Means producing an identical or homogenous product in large

Standardization
quantities such as printing a particular magazine, book or newspaper
The costs that do not vary with the level of output (rent, salaries and
Fixed costs
interest repayments/bank loans)
Costs which do not directly link to the production or sale of a specific

Indirect costs (overheads)
product
Revenue Money that a business collects from the sale of its good and services
Those that change in proportion to the level of output such as raw

Variable costs
materials and piece rate earnings of production workers
Graph that shows a firms costs, revenues and profits at various levels
Break-even chart
of output
Position on a break-even chart where the total cost line intersects the
Break-even point
total revenue line TC-TR
Break-even quantity (BEQ) Level of output that generates neither any profit nor loss
Contribution per unit Used to work out the break-even quantity
The difference between a firms level of demand and its break-even

Margin of safety
quantity
The process of identifying best practice in an industry, in relation to

Benchmarking
products, processes, and operations
Kaizen Those who stive for total quality culture
Lean production The approach used to eliminate waste in an organization.
Methods used by a business to reassure customers about the quality

Quality assurance
of their products in meeting certain quality standards
Traditional way of quality management that involves checking and

Quality control
reviewing work processes
In organizations that embed quality in all aspects of business activity,

Total quality culture (TQC) with every employee accustomed to being responsible for quality
control and quality assurance
The process that attempts to encourage all employees to make

Total quality management (TQM) quality assurance paramount to the various functions of the
organization
A business locates near other organizations that operate in similar or

Clustering
complementary markets
Term used to describe the transportation, communication and

Infrastructure
support networks in a certain area
The commercial development, use and exploitation of an invention or

Innovation
creative idea that appeals to the customers
Legal protection for a finite period of time to the registered producer

Patents
or user of a newly invented product or process
Technological and scientific research that helps to generate a flow of

Research and development (R&D)
new ideas and processes
A form of intellectual property right that uses signs or logos to

Trademarks
represent a business or its brans and products
Financial decision making tool. It compares the financial costs of a

Cost - benefit analysis
decision with the quantitative benefits
Is the traditional stock management system that recognizes the need

Just-in-case to maintain large amounts of stock in case there are any emergencies
or supply and demand fluctuations
Is the stock control system where materials and components are

Just-in-time scheduled to arrive precisely when they are needed in the
production service
Offshoring Overseas firm in another country as the subcontractor
The practice of using external firms to provide goods or services as a

Outsourcing
method of reducing costs
Most efficient sequence of activities in a project which maximizes the

Critical path
time needed to complete a project
Project management tol, which serves to improve the efficiency in the

Critical path analysis
production process by systematically scheduling tasks and resources
Earliest start time (EST) When a particular activity can begin
Float Refers to spare time that is available
The deadline for a particular activity so that the entire project can be
Latest finishing time (LFT)
completed in the minimum time

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2021. 4. 10.

IB Business and Management Vocabulary Flashcards | Quizlet

IB Business and Management Vocabulary

Businesses involved in the extraction of natural resources, such as

Business activity is concerned with the construction and

Business activity is concerned with the provision of services to

Part of the economy under the control of private individuals and

There is a legal difference between the owners of a company and the

No limit to how much debt a sole trader is legally responsible to pay

Business organization owned by shareholders with limited lability but

Incorporated business organization that allows the general public to

Form of private sector business owned by 1 - 20 people. They share

Self - employed person. He or she runs the business on their own

Outlines a business's aspirations (where it wants to be) in the distant

A simple declaration that broadly states the underlying purpose of an

Aims General long - term goals of an organization.

Short term and more specific goals of an organization based on its

Short - term objectives that affect a segment of the organization.

Long term aims of a business organization. For example: profit

SMART Objectives Specific, measurable, agreed, realistic and times

Businesses that act morally towards their stakeholders such as their

Social Audit Independent assessment of how a firm's actions affect society

Any person or organization that has a direct interest in and is affected

Internal Stakeholders Employees, shareholders, managers and directors of the organization

Suppliers, customers, special interest groups, competitors and the

Allows managers to assess how to deal with conflicting stakeholder

A framework used to analyse the opportunities and threats of the

Analytical tool used to assess the internal strengths and weaknesses

Systematic process of dealing with business problems, concerns or

Quantitative decision-making tool that allows firms to calculate the

Fishbone Model Identifying the root causes of a problem or issue

Lower average costs of production as a firm operates on a larger

Technical, Financial, Managerial, Specialization, Marketing,

Cost disadvantages of growth. Unit costs are likely to eventually rise

An increase in the average costs of production as a firm grows due to

When a business grows internally, using its own resources to increase

External growth Dealings with outside organizations.

Two or more businesses seek to form a mutually beneficial affiliation

Form of business ownership whereby a person or business buys a

Analytical tool that helps managers to devise their product and

The growing integration and interdependence of the worlds

A group of countries that agree to freer international trade with each

Formal process of evaluating the contributions and performance of

When some decision-making authority and responsibility is apssed

There are many layers in the organizational hierarchy and hence

flexible organization of employees from different departments within

Involves relocating business functions and processes to another

The act of finding external people or businesses to carry out non-

Transfer of information between different people and business

The methods or routes through which information is passed form the

A diagram representing the communication structure within an

A method of improving communication by reducing the number of

The official channels of communication that are established by an

Unofficial channels of communication naturally established by

Any form of communication other than oral communication.

Communication via the use of spoken works, such as meetings,

Communication methods that use visual images and stimuli, such as

Managers and leaders that adopt an authoritarian style by making all

The skill of getting things done through other people by inspiring,

The practice of achieving an organization's objectives by using the

Management technique whereby employees set their own objectives,

Managers and leaders treat their employees as if they were family