IB BM Unit 1

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Across
  1. 2. - any business organisation that is owned by its shareholders, who have limited liability.
  2. 3. Total revenue - total cost
  3. 4. - The group of senior managers who run a company on behalf of the owners of the company.
  4. 6. - This growth strategy involves the right to trade using another company's products, brand name and corporate logo.
  5. 7. - Breaks down goals into more detailed statements of intention, and are often set as SMART objectives
  6. 9. - Can refer to both goods and services. Goods are physical products, e.g cars, books, and food. Services are intangible products e.g. haircuts, education and health care.
  7. 11. Price x Quantity sold
  8. 12. - Occurs when the general price level in an economy continuously rises. It is measured by changes in the cost of living for the average household in the country.
  9. 13. - The process of making goods and providing services from the available resources of a business to meet the needs and wants of its customers.
  10. 15. - These are the firm's clients, individuals and other businesses, who purchase the organization's goods and/or services. Their interests include competitive prices, fit-for-purpose products and overall value for money.
  11. 17. - Any arrangement that allows buyers and sellers to exchange things.
  12. 19. - Physical products, such as food, clothes, furniture, cars and smartphones.
  13. 20. - Describes the traits of individuals who work for an organization (so are not self-employed) but act as entrepreneurs.
  14. 22. - There is a legal difference between the owners of a company and the business itself.
  15. 23. - A philosophy, vision, or set of principles which steers the direction and behaviour of an organisation. What a business hopes for in the future
  16. 24. - Strategies are the ways in which a business plans to reach its long-term organizational aims.
  17. 27. - The people or organizations that actually use a product.
  18. 29. - Function of identifying the needs and wants of customers so that the business can provide goods and services to meet these requirements and desires, usually in a profitable way.
  19. 31. - The process of creating goods and/or services using the factors of production available to the business.
  20. 34. a business minded person who manages, organizes and plans the proudction process, taking risks with business decision - making
  21. 37. The knowledge, skills and experiences of individuals who have the capability to manage the overall production process.
Down
  1. 1. - A strategy where companies expand on a particular area of their business by introducing a new product in a new market
  2. 2. - Non-profit social enterprises that provide voluntary support for good causes.
  3. 5. - A business alliance consisting of between 2 and 20 individual owners who are jointly responsible for the business (although this number can vary between countries).
  4. 8. - The people or organizations that have shares in a company. Their interest is financial, i.e. regular dividends and a higher share price.
  5. 10. - Organizations that provide the goods and support services for other businesses. Their interests include receiving regular orders and receiving payments from their business customers on time.
  6. 11. - For-profit social enterprises set up, owned and run by their members, who might be employees and/or customers.
  7. 14. - The excess of the total revenue paid by buyers for goods over the seller's total expense of producing those goods.
  8. 16. - The declaration of the organisation's overall purpose. It forms the foundation for the setting of objectives of a business. It describes what the business is doing now and may need to be altered as time passes
  9. 18. - Refer to the various methods that firms can use to achieve their objectives
  10. 21. - The total amount of income generated by the sale of goods and services related to the primary operations of the business.
  11. 24. - The individuals, organizations or groups with a vested interest in the actions and outcomes of a specific organization. They are directly affected by the performance of the business.
  12. 25. - These are the long-term aspirations of an organization.
  13. 26. - The concept that the value and performance of two companies combined will be greater than the sum of the separate individual parts. If two companies can merge to create greater efficiency or economies of scale, the result is what is sometimes referred to as a synergy merge.
  14. 28. - These are the workers within an organization. Their interests include: job security, a competitive remuneration package, a safe working environment, and opportunities for career development.
  15. 30. - These are the firm's rivals, which operate in the same industry and contest for the same customers.
  16. 32. - A growth method that involves two parties, with the franchisor giving the licensing rights to a franchisee to sell goods and services using the franchisor's brands and products.
  17. 33. - People's desires i.e. things they would like have, e.g. a larger home or a new smartphone.
  18. 35. a decision making organization established to produce goods and/or produce services
  19. 36. - The basic necessities that a person must have to survive, e.g. food, water warmth and clothing.