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Glossary - Definitions (KEY TERMS)
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The glossary is based on both the green frames in the book and the LA exercises. The course was taught at Carolus campus, in Antwerp.
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9609 Business AS Level Key Terms
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A2 Section 2: Human Resource Management
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A2 Section 1: Business and Its Environment
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Chapter 3 : Size of businessRevenue Total value of sales made by a
business in a given time period
Capital employed The total value of all long-term finance
invested in the business
Market capitalization The total value of a company’s issued
shares
Market share Sales of the business as a proportion
of total market sales
Internal growth Expansion of a business by means of
opening new branches, shops or
factories (also known as organic
growth)
Litigation Process of rules when a company
breaks rules of being good for the
environment
Chapter 4 : Business objectives
Mission statement A statement of the business’s core
aims, phrased in a way to motivate
employees and to stimulate interest
by outside groups
Corporate social responsibility (CSR) This concept applies to those
businesses that consider the interests
of society by taking responsibility for
the impact of their decisions and
activities on customers, employees,
communities and the environment
Profit satisficing Aiming to achieve enough profit to
keep the owners happy, but not to
work longer in order to make more
profit
Management by objectives A method of coordinating and
motivating all staff in an organization
by dividing its overall aim into specific
targets for each department, manager
and employee
Ethical code (code of conduct) A document detailing a company’s
rules and guidelines on staff behavior
that must be followed by all
employees
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,Chapter 5 : Stakeholders in a business
Stakeholders People or groups of people who can be
affected by – and therefore have an
interest in- any action by an
organization
Stakeholder concept The view that businesses and their
managers have responsibilities to a
wide range of groups, not just
shareholders
Corporate social responsibility The concept that accepts that
businesses should consider the
interests of society in their activities
and decisions, beyond the legal
obligations that they have
Chapter 6 : Business structure
Free trade No restrictions or trade barriers exist
that might prevent or limit trade
between countries
Tariffs Taxes imposed on imported goods to
make them more expensive than they
would otherwise be
Quotas Limits on the physical quantity or
value of certain goods that may be
imported
Voluntary export limits An exporting country agrees to limit
the quantity of certain goods sold to
one country
Protectionism Using barriers to free trade to protect
a country’s own domestic industries
Globalization The increasing freedom of movement
of goods, capital and people around
the world
Multinational business Business organization that has its
headquarters in one country, but with
operating branches, factories and
assembly plants in other countries
Privatization Selling state-owned and controlled
business organizations to investors in
the private sector
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, Chapter 7 : Size of business
External growth Business expansion achieved by
means of merging with or taking over
another business, from either the
same of a different industry
Merger An agreement by shareholders and
managers of two business to bring
both firms together under a common
board of directors with shareholders in
both businesses owning shares in the
newly merged business
Takeover (referred to as acquisition) When a company buys more than 50%
of the shares of another company and
becomes the controlling owner of it
Synergy “The whole is greater than the sum of
parts” : it is assumed that the larger
business will be more successful that
the two separate businesses were
Chapter 13 : Further human resource management
Hard HRM An approach to managing staff that
focuses on cutting costs, offering
maximum flexibility but with minimum
training costs
Soft HRM An approach to managing staff that
focuses on developing staff so that the
reach self-fulfillment and are
motivated to work hard and stay with
the business
Part-time employment contract Employment contract that is for less
than the normal full working week
Temporary employment contract Employment contract that lasts for a
fixed time period
Flex-time contract Employment contract that allows staff
to be called in at times most
convenient to employers and
employees
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