Decision-Making in Business (AQA A-Level Business): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
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Practise the cards
10 cards from this deck
Six main influences on business decisions
Six main influences on business decisions
Mission, ethics, external env, competition, resources, stakeholders
Definition of a business mission
Definition of a business mission
Fundamental purpose and reason for existing
What ethics means in business
What ethics means in business
Moral principles that guide behaviour and decision-making
What fair trade guarantees to producers
What fair trade guarantees to producers
Better prices, working conditions, and terms
External environment definition
External environment definition
Factors outside the business affecting its operations
First-mover advantage meaning
First-mover advantage meaning
Being first to enter market, launch product, or adopt technology
Three types of resource constraints
Three types of resource constraints
Production capacity, workforce skills, financial resources
Definition of a stakeholder
Definition of a stakeholder
Individual/group with interest in business activities
What employees want as stakeholders
What employees want as stakeholders
Job security, good working conditions, and fair pay
Purpose of stakeholder mapping
Purpose of stakeholder mapping
Analyse and manage stakeholder relationships effectively