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1. Aims- are the long term of a business, often expressed in the firm’s mission statement. They are a general statement of a firm’s purpose or intentions and tend to be qualitative in nature.

2. Ansoff Matrix- is an analytical tool to devise various product and market growth strategies, depending on whether businesses want to market new or existing products in either new or existing brands

3. CSR - is the conscientious consideration of ethical and environmental practices related to business activity. A business that adopts CSR acts morally towards its various stakeholders groups and the wellbeing of society as a whole.
4. Ethical code of practice- is the documented beliefs and philosophies of an organisation, so that people know what is considered acceptable and not acceptable within the organisation.

5. Ethical objectives- are the organisational goals based on moral guidelines, determined by the business and/or the society, which direct and determine decision making.

6. Ethics- are the moral principles that  guide decision making and strategy. Morals are concerned with what is considered to be right or wrong, from society’s point of view.

7. Diversification - it is a growth strategy in the Ansoff matrix, which involves an organisation launching new products in new markets

8. Market development- is a growth strategy in the Ansoff matrix, which focuses on using customer loyalty to persuade them to purchase a new product form the business.

9. Market penetration- is a growth strategy in the Ansoff matrix that focuses on developing existing markets with existing products, in order to increase the organisation’s sales revenue and market share.

10.Product development- is a growth strategy in the Ansoff matrix that involves introducing new products to existing customers, by developing or replacing current products.

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11.Mission statement- refers to the declaration of an organisation’s overall purpose. It forms the foundation for setting the objectives of a business.

12. Objectives- are the relatively short term targets of an organisation. They are often expressed as SMART objectives.

13. SMART objectives - are targets that are specific, measurable, achievable, realistic and time constrained.

14. Strategic objectives- are the longer term goals of a business, such as profit maximisation, growth, market standing, and an improved corporate image.

15. Strategies- are plans of action that  businesses use to achieve their targets, i.e. the long term plans of the whole organisation.

16. SWOT analysis- is an analytical tool used to access the internal strengths and weaknesses and external opportunities and threats of a business decision, issue or problem.

17. Tactical objectives- are the short term goals that affect the a section of the organisation. They are specific goals that guide the daily functioning of certain departments or operatives, eg. survival and sales revenue maximisation.

18. Tactics- are the short term plans of action that firms use to achieve their objectives.

19. Them and us culture- exists in a workplace if there is a psychological divide between senior management and subordinates.

20. Vision statement- is an organisation’s long term aspirations, i.e. where it ultimately wants to be.

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1.5 Business organisation and environment

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1.5 Business organisation and environment

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1. Business cycle- Refers to the fluctuation in the level of business activity over time. Countries tend to move through the cycle of booms, recessions, slumps, recovery and growth.

2. Business ethics- Are the moral principles that are, or should be, considered in business decision-making, i.e. what is judged to be wrong or right.

3. Deregulation- Is the removal of government rules and regulations that constrain an industry to enhance efficiency and encourage more competition within the industry.

4. Economic growth- Measures changes in the Gross Domestic Product of a country over time. It occurs if there is an increase in GDP for two consecutive quarters.

5. Environmental factors- Are the ecological influences that have a direct impact on the operations of an organisation, e.g. adverse weather, climate change and green technologies.

6. Ethics- Are the moral values and judgements that the society believes businesses ought to consider in their decision-making.

7. External environment- Refers to a framework of the factors that are beyond the control of any individual organisation, but which affect all businesses and their operations.

8. Fiscal policy- Is the use of taxation and government expenditure policies to influence business activity.

9. Inflation- Occurs when the general price level in an economy continuously rises. It is measured by changes in the cost of living for the average household in a country.

10. Interest rate- Is a measure of the price of money in terms of the money supply and exchange rates in order to influence business activity.

11. Monetary policy- Is the use of interest rate policy to affect the money supply and exchange rates in order to influence business activity.

12. Political factors- In a STEEPLE analysis refer to influences from the role that governments play in business operations, e.g. tax laws and rules or restrictions on trade.

13. Protectionist measures- Are any measure taken by a government to safeguard its industries from overseas competitors. They are a threat to businesses trying to operate in foreign markets.

14. Social factors- In a STEEPLE analysis are the influences on business related to people in society , their lifestyles and their values or their beliefs.

15. STEEPLE analysis- Is an analytical framework used to examine the opportunities and the treats of the external environment on the business activity.

16. Unemployment- Refers to the number of people in the workforce who are willing and able but cannot find employment.

17. Frictional unemployment- Occurs when people change jobs as there is usually a time lag between leaving a job and finding or starting other.

18. Seasonal unemployment- Is caused by the periodic and reoccurring changes in demand for a product, e.g. beach resorts tend to suffer from a lack of tourists during the winter months.

19. Technological unemployment- Results from the introduction of labour-saving that are capital intensive technologies, which can cause mass scale unemployment.

20.Structural unemployment- Occurs when the demand for products produced in a particular industry continually falls, resulting in structural and long term changes in demand.

21. cyclical unemployment- Is caused by a lack of demand in the economy. It tends to affect all industries.

22. Regional unemployment- Refers to the different unemployment rates in different areas of a country. Remote rural areas tend to have higher levels of employment than busy districts.

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1. Competitors- are the rival businesses of an organisation. TO remain competitive, businesses need to be aware of and respond to the practices of their rivals

2. Conflict- refers to the situation where stakeholders have disagreements on certain matters due to differences in their opinions. This can lead to arguments and tension between various stakeholder groups.

3. Stakeholders- are individuals or organisations with direct interest in the activities and performance of a business, e.g. shareholders, customers, suppliers.

4. Stakeholder conflict- refers to the inability of an organisation to meet all of its stakeholder objectives simultaneously , due to differences in varying needs of all its stakeholder

5. Customers - are the clients of a business. They seek to have value for money, such as competitive prices and good customer service.

6. Directors- are the senior executives who have been elected by the company’s shareholders to direct business operations on behalf of their owners

7. Employees- are the staff of an organisation. They have a stake in the organisation they work for, eg. improved working condition, job security and opportunity for career progressions.

8. External stakeholder- are individuals and organisations not part of the organisation but ave direct interest in its activities and performance, e.g. customers, suppliers, pressure groups.

9. Internal stakeholders - are members of the organisation, e.g. employees, managers, directors and shareholders of the organisation.

10. Financiers- are the financial institutions and individual investors who provide sources of finance for an organisation. They are interested ni the organisation’s ability to generate profits and repay the debt.

11. Government- refers to the ruling authority within a state of country. As an external stakeholder group, the government is interested in businesses complying with the law, such as paying the right amount of taxes.

12. Local community- refers to the general public and local businesses that have direct interest in the activities of the organisation. They are interested in the organisation’s ability to create jobs and to conduct its business in a socially responsible way.

13. Managers- are the people who oversee the daily operations of a business. They aim to maximise their own benefits, such as annual bonuses and other perks.

14. Pressure groups- consists of individuals with a common concern, who seek to place demands on organisations to act in a particular way or influence a change in their behaviour.

15. Stakeholder mapping- is a model that assesses the relative interest of stakeholders and their relative influence on an organisation.

16. Shareholders- are the owners of a limited liability company. Shares in a company can be held by individuals and other organisations.

17. Suppliers- provide a business with stocks of raw materials, component parts and finished goods needed for production. They can also provide commercial services, such as maintenance and technical support.