case study definitions

Entrepreneur:someone who bears the financial risk starting and managing a business or commercial venture
1. Arki entrepreneur behind JAC and Utopia
shares: represents a unit of ownership, owned by shareholders who have limited liability.
Private limited company: incorporated business owned by shareholders who have limited liability.
Position: visual tool used to show customers perceptions about the product or brand in relation to others.
1. Utopia is positioned a luxury hilly, offering exceptional level of comfort and service
service: intangible product provided by an organisation
1. Utopia provides its customers with a once in a life time tourist experience on the island of Ratu
Word of mouth: unpaid form of promotion whereby customers tell others about a business or its products
Promotion: method of communicating marketing messages to customers with the intention of selling a firms product
Viral: form of online promotion whereby content is share rapidly from one person to another
Business plan: written document detailing how a business sets out to achieve its objectives and strategies.
External stakeholders: describes the norms and the other oganizations that are not part of the business but have a direct interest
Culture: describes the norms and traditions within an organisation or community
expand: growth of a business due to an increase in the size of the organisation
1. Utopia has organic growth (expansion due to larger customer base)
Capacity: refers to the maximum output of a worker per period of time
JIT: method of stock control whereby materials and components are scheduled to arrive when they produce the product
Supply: amount of good or service that an organisation is willing and able to produce at different price level
Prices: value of a good or a service
Ethically: moral principles and values that form the basis of how business activity is conductedd
suppliers: external stakeholder group that sell goods and services to other businesses
Brand: distinguishing the name of a product as an intangible asset, differencing from the competition
Paternalistic: someone wo treats the employees as if they were family members
solle trader: individual who owns and operates his or her own business
product orientated: focuses in the products rather than on the wants and needs of its customers
Quality refers to the extent which products fit for its purpose
Distribute: refers to the process of getting the right product at the right time where the customers want them
growth: expansion of a business due to increase in size of the organisation
Business: decision-making organisation involved in the production of goods and services to satisfy needs and wants
chain: series of shops owned operating under the same brand name
retailers: merchant or vendor that sells good and services directly to the consumers
Donations: usually financial gift from one party to another
charities: non-profit organisation set up to provide help and raise money for those in need
aim: long term goal of an organisation
Multinational: organisation oned by shareholders and operates in two or more countries
HQ: location where most of the strategic decisions are made
1. In seattle
Marketing: management process to satisfy the customers requirement in a profitable way
operations: concerned with processing resources to provide outputs in the form of goods and services
product development: growth strategy in Ansoffs matrix that involves Utopia trying to create new goods and services targeted at its existing market
local community: consists of people and organisation in a particularr geographic location that share common resources and interest in the area
Human resources management: change of personnel roles and functions
finance: refers to monetary funds required for the start up of a new business venture
entrepreneurial: describes someone who is an entrepreneur
entrepreneur who has the foresight and driving forces behind companies growth and development
opportunities: circumstance in the external business environment that create a chance or opening for further progress
Brand loyalty: degree which customers consistently purchase the same brand of a product over time
Markets: collective groups of existing and potential buyers and sellers of a particular good or service
customers: individuals or organisations who purchase goods or services from a business
financial loss: when cost of production exceeds the lies revenue during a particular time, year.
crisis management: reactive strategies used by an organisation when faced with a sudden and unexpected emergency
1. CM plan: plan outlining processes and procedures by which an organisation intends to deal with situation that could potentially harm or threaten its survival
2. contingency planning: designing proactive politices and procedures to deal with a crisis to ensure the continuity of the business
  1. John Ariki CP based on cost time risk and safety
Cost: items of expenditure by a business when producing its goods and services
Risks: refers to the situation with unknown outcomes which could damage the financial health and violability of a business
internal growth: when a business expands using its own resources
Internal sources of finance : various methods by which an organisation funs its operation white the use of their part finance
external investors; stakeholders who provide external sources of finance to an organisation
vision: where the business aspires to be in the future
revenue stream: money coming into the business rom particular activity over a period of time.
threat: any external factor that hinders the operation and profitability of an organisation
Social responsibility: is the conscience of a business towards the community and natural environment
Growth options: refers to the genetic ways in which an organisation can expand
Brand development: marketing strategy to move a brand to its desired position in the market
Customised: job production, manufacturing unique products for each customer
Gross Profit margin: profitability ratio that measures the proportion of gross profit generate from the sales revenue of a business
Fixed cost: cost which do not change with level of output
Capital expenditure: refers to spending by a business on acquiring fixed assets in order to broaden capital base
valued brand: prenup that customers are willing to pay in order to buy certain brand of a product rather than a rival product
market research: process of gathering and interpreting information regarding the thinking patterns and buying habits of customers
Stratified sampling: sampling method whereby the researcher splits the sample into groups with a random sample chosen proportionately from each stratum for research purposes.
profit: surplus sales revenue after all the costs have been deducted.
External factors: are those beyond controll of then business yet have a direct impact in its operations and performance
1. STEEPLE
Distribution channels: describes how the good is reached to the producer
Strategic alliances: form of external growth, involving two or more organisations working together on a particular project.
1. ADV
  1. gain synergies
  2. mutual benefit
  3. wider channel of distribution
  4. economies of scale
2. DIS
  1. profits are shared
  2. culture of other business might clash
Joint venture: two or more businesses pooling resources together to establish a new legal entity
1. ADV
  1. Synergy
  2. spreading of costs and risks
  3. entry to foreign markets
  4. relatively cheap
  5. competitive advantages
2. DIS
  1. time and effort to find the right business
  2. clash in culture
  3. research
  4. leadership
Franchising: involves agreement between a business (franchisor) giving the legal rights to other organisation (franchisee) to sell products under the franchisors brand name
1. adv
  1. low risk
  2. greater awareness
  3. best interest of the franchisor to ensure that the franchisee succeeds
  4. low start up cost
2. dis
  1. can't use their own initiative
  2. can be very expensive
  3. Have to pay a significant
Change: arises when factors influence the operations of an organisation do not stay the same
Organisational structure: refers to the various ways that business organise their human resource.
Legal Ownership: refers to the formal type of business organisation, such as sole trader, partnerships and limited liability companies.
sources of finance: refers to the various methods by which an organisation obtains its money
1. Internal: personal savings and retained profit
2. external: bank loans, hire purchase
organisational charts: diagrammatical representation of the internal structure of personnel within an organisation
Fair trade: refers to the social movement for achieving better trading conditions for producers in less economically developed countries.
Commodity markets: where buyers and sellers trade primary sector products, such as coffee beans
Espresso: a specially brewed coffee that thickens the grounded coffee beans to produce a highly concentrated drink
life skills: social and emotional skills needed to survive and thrive in life
trafficking: refers to the trade in something illegal.
Financial year: refers to the fiscal year for business accounting purposes.
Business interest: this term describe the direct involvement that a stakeholder has in a particular organisation

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