Exam 1

Individuals or groups who have an interest in the success or failure of a project, organization, or decision

Individuals or groups who are directly involved in the project, organization, or decision. They are typically employees or members of the organization.

Individuals or groups who are not directly involved in the project, organization, or decision, but who have an interest in the outcome. They may be customers, suppliers, government agencies, or the general public.

1. Employees

2. Managers

3. Board of directors

1. Customers

2. Suppliers

3. Government agencies

1. Conflict between employees and management over wages and working conditions.

2. Conflict between customers and suppliers over product quality and price.

3. Conflict between government agencies and businesses over environmental regulations.

• Stakeholder mapping can help to identify the key stakeholders in a project or organization, and to understand their interests and concerns. This information can then be used to develop strategies for resolving conflicts.

• For example, if there is a conflict between employees and management over wages, stakeholder mapping can help to identify the key stakeholders in the conflict, such as the union, the human resources department, and the board of directors. Once the key stakeholders have been identified, they can be brought together to discuss the issue and develop a resolution.

A vision statement is a declaration of what an organization wants to achieve in the future. It is a long-term goal that inspires and motivates employees and stakeholders.

A mission statement is a declaration of an organization's purpose. It explains why the organization exists and what it does to achieve its vision.

1. A vision statement is future-oriented, while a mission statement is present-oriented.

2. A vision statement is aspirational, while a mission statement is more practical.

Because they provide a sense of direction for the organization. They help to ensure that everyone is working towards the same goals.

Growth as a business objective means that the organization wants to increase its size or market share. This can be achieved through organic growth, such as expanding into new markets, or through acquisitions.

Profit as a business objective means that the organization wants to generate a profit. This is usually achieved by increasing revenue or decreasing costs.

Protecting shareholder value means that the organization wants to increase the value of its shares. This can be achieved by increasing the company's profits or by paying dividends to shareholders.

Ethical business means that the organization wants to conduct business in a fair and honest way. This includes being honest with customers, treating employees fairly, and protecting the environment.

Strategic objectives are high-level goals that support the organization's vision and mission. They are typically long-term goals that are set by senior management.

Tactical objectives are short-term goals that support the organization's strategic objectives. They are typically set by middle management and are more specific and measurable than strategic objectives.

1. Increase sales by 10% in the next quarter.

2. Reduce production costs by 5%.

3. Launch a new product line.

4. Improve customer satisfaction by 20%.

1. Become the market leader in our industry.

2. Expand into new markets.

3. Diversify our product offerings.

4. Improve our brand reputation

(CSR) is a business approach that involves making decisions that not only benefit the company but also positively impact society and the environment. CSR initiatives can include things like reducing pollution, donating to charities, and providing fair wages to employees.

1. Customer demand: Customers are increasingly choosing to do business with companies that are socially responsible.

2. Employee morale: Employees are more likely to be engaged and productive when they feel like they are working for a company that is making a positive impact on the world.

3. Regulatory environment: Governments are increasingly passing laws and regulations that encourage businesses to be more socially responsible.

4. Public opinion: The public is more aware than ever of the social and environmental impact of businesses. Companies that are seen as being irresponsible can face public backlash.

The private sector is the part of the economy that is owned and operated by private individuals or groups, rather than by the government.

The public sector is the part of the economy that is owned and operated by the government.

a business that is owned and operated by one person.

1. Easy to set up

2. You are your own boss

3. You keep all the profits

1. Unlimited liability

2. Difficult to raise capital

3. Time-consuming

a business that is owned and operated by two or more people.

1. More capital

2. More expertise

3. Shared workload

1. Unlimited liability

2. Potential for conflict

3. Profits are shared

A privately held company is a company that is owned by a small number of shareholders, who are typically family members or friends of the founders.

A publicly held company is a company that is owned by a large number of shareholders, whose shares are traded on a public stock exchange.

1. Limited liability: If the company goes bankrupt, the owners are not personally liable for the company's debts.

2. Easier to raise capital: Limited liability companies can raise capital by selling shares to investors.

3. Perpetual succession: The company can continue to exist even if the owners change.

1. More paperwork: Limited liability companies are subject to more regulations than sole proprietorships and partnerships.

2. Higher taxes: Limited liability companies may be subject to higher taxes than sole proprietorships and partnerships.

3. More expensive to set up: Limited liability companies are more expensive to set up than sole proprietorships and partnerships.

Social enterprises are businesses that have a social mission in addition to making a profit. They are often created to address social or environmental problems.

For-profit social enterprises are social enterprises that generate revenue and profits. They use these profits to further their social mission.

1. They can create jobs and economic opportunities in disadvantaged communities.

2. They can provide goods and services that meet the needs of underserved populations.

3. They can promote environmental sustainability.

companies that are owned and operated by private individuals or groups, rather than by the government.

Public sector companies are companies that are owned and operated by the government.

Public sector for-profit social enterprises are owned and operated by the government. They are often created to provide essential services that are not profitable for private sector companies. Private sector for-profit social enterprises are owned and operated by private individuals or groups. They are created to make a profit, but they also have a social mission

Cooperatives are businesses that are owned and controlled by their members. Members are often the people who use the cooperative's services.

(NGOs) are non-profit organizations that are not part of the government. They often work to improve social, economic, or environmental conditions in their communities or around the world.

1. Non-profit: NGOs do not exist to make a profit for their owners or shareholders. Instead, they reinvest their profits back into their programs and services.

2. Independent: NGOs are not controlled by the government. This allows them to be more flexible and responsive to the needs of the people they serve.

3. Voluntary: NGOs rely on volunteers to help with their work. This makes them more efficient and helps them keep costs down.

An organization that provides goods or services to customers in exchange for money. Businesses can be large or small, and they can be owned by individuals, groups of people, or corporations.

1. Produce goods or services

2. Sell goods or services

3. Make a profit

Goods are tangible products that can be bought and sold. Examples of goods include food, clothing, cars, and electronics

Services are intangible products that are provided by people or organizations. Examples of services include haircuts, medical care, and education.

The primary sector of the economy is the sector that produces raw materials, such as agriculture, mining, and fishing.

the sector of the economy that manufactures goods from raw materials. Examples of secondary sector industries include manufacturing, construction, and utilities.

The tertiary sector of the economy is the sector that provides services to consumers and businesses. Examples of tertiary sector industries include retail, transportation, and healthcare.

The quaternary sector of the economy is the sector that provides information and knowledge-based services. Examples of quaternary sector industries include education, research, and finance.

Entrepreneurship is the process of starting a new business. Entrepreneurs are people who take risks to start their own businesses.

1. Raising capital

2. Finding customers

3. Managing employees

4. Competing with other businesses

1. Being your own boss

2. Making a profit

3. Creating jobs

4. Making a positive impact on your community