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BUSINESS STUDIES TERMENOLOGY LIST
CONTENTS
1. BUSINESS STUDIES TERMENOLOGY LIST.........................................................................................1
2. MICRO, MARKET, AND MACRO ENVIRONMENT.............................................................................2
3. PROFESSIONALISM AND ETHICS.....................................................................................................5
4. ENTREPRENEURSHIP, MANAGEMENT AND LEADERSHIP................................................................6
5. CORPORATE SOCIAL RESPONSIBILITY AND CORPORATE GOVERNANCE.........................................7
6. CREATIVE THINKING AND PROBLEM SOLVING...............................................................................9
7. ACQUIRING BUSINESS...................................................................................................................10
8. conflict management:...................................................................................................................11
9. Human Resource/Human Capital Management...........................................................................13
10. Marketing and branding...............................................................................................................15
11. Legislation....................................................................................................................................17
12. INDUSTRIAL RELATIONS................................................................................................................19
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MICRO, MARKET, AND MACRO ENVIRONMENT
Term Definition
The internal environment of a business, including its
Micro Environment
resources, structure, and functions.
External environment affecting a business, including
Market Environment
customers, competitors, suppliers, and regulators.
Broad external factors affecting a business, like economic,
Macro Environment
political, and social trends.
A strategic tool used to identify Strengths, Weaknesses,
SWOT Analysis
Opportunities, and Threats.
Strategy focusing on leveraging internal resources to gain a
Resource-Based Approach
competitive advantage.
Analysis of internal activities to improve efficiency and
Value Chain Analysis
create value for customers.
A tool used to evaluate performance in four areas: financial,
Balanced Scorecard
customer, internal processes, and learning.
Model analyzing competitive forces in the market: rivalry,
Porter's Six Forces new entrants, substitutes, supplier power, buyer power, and
complementary products.
The possibility that new companies can enter the industry
Threat of New Entrants
and increase competition.
Bargaining Power of The influence suppliers have on the price and quality of
Suppliers materials or services.
Bargaining Power of The ability of customers to affect pricing and demand quality
Buyers improvements.
Threat of Substitute The likelihood that customers will find alternative products
Products or services.
Rivalry Among Existing The intensity of competition between current businesses in
Competitors the market.
The overall environment that affects how the other forces
Industry Context
operate and interact.
Framework analyzing Political, Economic, Social,
PESTLE Analysis
Technological, Legal, and Environmental factors.
The influence of government policies, regulations, and
Political
political stability on business.
Factors like economic growth, inflation, and exchange rates
Economic
that affect consumer behavior.
The impact of cultural trends, demographics, and social
Social
norms on the market.
The effects of technological advancements and innovations
Technological
on business operations.
Laws and regulations that affect how businesses operate and
Legal
compete.
Environmental factors, including sustainability and ecological
Environmental
impacts on business practices.
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Are plans or approaches that businesses use to achieve their
goals and succeed in the market. They outline how to
Strategies
compete effectively and make decisions about resources and
actions.
Generic strategies are broad approaches that businesses use
Generic Strategies
to compete in the market. They include
A corporate strategy focused on increasing market share,
Growth Strategy
sales, or profits.
A strategy aimed at scaling down operations to minimize
Defensive Strategy
losses or manage decline.
Mergers, joint ventures, or takeovers to improve business
Corporate Combination
functioning.
Competitive strategy based on minimizing costs to offer
Low-Cost Strategy
lower prices than competitors.
A strategy focusing on developing unique products/services
Differentiation Strategy
to stand out from competitors.
A strategy targeting a specific market niche to cater to a
Focus Strategy
unique segment of customers.
Integration strategies involve a company expanding its
Integration Strategies operations either by combining with other businesses or
controlling different parts of its supply chain.
A business strategy where a company takes control of its
Forward Integration
distribution or retail channels.
A business strategy where a company takes control of its
Backward Integration
supply chain, such as acquiring suppliers.
A strategy involving the acquisition of competitors in the
Horizontal Integration
same industry to reduce competition.
Process of analyzing internal and external environments to
Environmental Scanning
identify potential threats and opportunities.
Comparing a business's performance against industry best
Benchmarking
practices.
TQM (Total Quality A management approach focused on continuous
Management) improvement in all aspects of the business.
Long-term strategy designed to create or defend competitive
Corporate Strategy
advantage through growth, decline, or combinations.
Maximizing profits from successful products by optimizing
Harvesting Strategy
operations and cutting costs.
Reducing staff or scaling down operations to improve
Retrenchment
financial performance.
A business agreement between two or more companies to
Joint Venture
work together on a specific project.
The combination of two companies into one to improve
Merger
operations and market position.
