17 Questions
Question 1
Multiple Choice
Market segmentation
Question 2
Multiple Choice
Break-even point
Question 3
Multiple Choice
Added value
Question 4
Multiple Choice
Outsourcing
Question 5
Multiple Choice
Product life cycle
Question 6
Multiple Choice
Mission statement
Question 7
Multiple Choice
Batch production
Question 8
Multiple Choice
Corporate Social Responsibility (CSR)
Question 9
Multiple Choice
Autocratic leadership
Question 10
Multiple Choice
Capital expenditure
2 Questions were hidden because they are incomplete or invalid.
IB Business and Management HL - Vocabulary
Flashcards generated with inquiziti.com. Cut along the dashed lines. Fold in half on the solid line.
Market segmentation
The process of dividing a broad target market into subsets of consumers with common needs or characteristics.
Break-even point
The level of output where total revenue equals total costs, resulting in neither profit nor loss.
Added value
The difference between the cost of purchasing raw materials and the price of the finished goods.
Outsourcing
The practice of contracting a business process or service to an external third-party provider.
Product life cycle
The stages a product goes through from its introduction to the market until its eventual withdrawal.
Mission statement
A formal summary of the aims and values of a company, defining its core purpose.
Batch production
The method of producing a group of identical products at the same time before switching to another group.
Corporate Social Responsibility (CSR)
The ethical obligation of a business to consider the social and environmental impacts of its operations.
Autocratic leadership
A leadership style where the leader makes decisions unilaterally without consulting subordinates.
Capital expenditure
Spending on fixed assets such as machinery, buildings, or equipment that will be used for a long period.
Price elasticity of demand
A measure of the responsiveness of the quantity demanded of a product to a change in its price.
Working capital
The difference between a business's current assets and its current liabilities.
Span of control
The number of subordinates directly supervised by a single manager.
Organizational culture
The shared values, beliefs, and norms that influence the behavior of people within an organization.
Internal growth
Expansion of a business by means of opening new branches, shops, or factories.