Business Studies flashcards

What this deck covers

• Business Foundations (9 cards, 3 dot points)

  • Business Environments and Structures - TCE Business Studies (Tasmania) (3)
  • Marketing and the Marketing Mix - TCE Business Studies (Tasmania) (3)
  • Operations Management - TCE Business Studies (Tasmania) (3)
• Managing a Business (7 cards, 3 dot points)

  • Business Strategy and Change - TCE Business Studies (Tasmania) (2)
  • Financial Management - TCE Business Studies (Tasmania) (2)
  • Human Resource Management - TCE Business Studies (Tasmania) (3)

Sample cards from this deck

1. Definition

   Business Environments and Structures - TCE Business Studies (Tasmania)

   Define Stakeholder

   A stakeholder is any individual or group with an interest in, or affected by, the activities of a business. Internal stakeholders include owners, managers and employees; external stakeholders include customers, suppliers, government and the local community.

2. Definition

   Business Strategy and Change - TCE Business Studies (Tasmania)

   Define Competitive advantage

   A competitive advantage is a feature that lets a business outperform rivals and is hard to copy, such as lower costs, a stronger brand, better service or unique technology. Strategy exists to build and protect this advantage.

3. Definition

   Marketing and the Marketing Mix - TCE Business Studies (Tasmania)

   Define Market segmentation

   Market segmentation is dividing a broad market into smaller groups of consumers with similar characteristics. Common bases are demographic (age, income, gender), geographic (location), psychographic (lifestyle, values) and behavioural (usage, loyalty).

4. Definition

   Financial Management - TCE Business Studies (Tasmania)

   Define Liquidity

   Liquidity is a business's ability to pay its short-term debts as they fall due using its current assets such as cash and receivables. A business can be profitable yet still fail if it runs out of cash, so liquidity is managed separately from profit.

5. Definition

   Operations Management - TCE Business Studies (Tasmania)

   Define The transformation process

   The transformation (or conversion) process takes inputs - raw materials, labour, capital, information and energy - and converts them into outputs (finished goods or services). Value is added at the transformation stage.

6. Definition

   Human Resource Management - TCE Business Studies (Tasmania)

   Define Motivation

   Motivation is the willingness of an individual to expend effort towards achieving a goal. In a workplace, motivated employees tend to be more productive, deliver higher quality and stay longer.