Case Study Vocab
Case Study Vocab
1. Economies of scale- reduction in a firm’s average costs of production that result from an increase in the scale of operations
2. Internal growth- business, expansion by means of operating new branches, shops or factories (organic growth)
3. External growth- business expansion achieved by means of merging with or taking over another business, from either the same or a different industry
4. PEST analysis- acronym standing for political, economic, social, technological that refers to an analytical framework for external environmental factors
5. SWOT analysis- strategic analysis that identifies the main internal strengths and weaknesses and external opportunities and threats
6. Product line- a set of related products sold by a business
7. Product mix- the variety of product lines that a business produces or a retailer stocks
8. Product range- all of the types of products made by a business
9. Product life cycle- the pattern of sale recorded by a product from launch to withdrawal from the market
10. Total quality management- an approach to quality that aims to include all employees in the quality improvement process
11. Extension strategies- marketing plans that extend the maturity stage of a product before a brand new one is needed
12. Job enlargement- attempting to increase the scope of a job by broadening or deepening the tasks undertaken
13. Job enrichment- aims to use the full capabilities of workers by giving them the opportunity to do more challenging and fulfilling work
14. Internal stakeholders- people or groups of people within the organization who can be affected by, and therefore have an interest in, any action by an organization (managers, employees)
15. External stakeholders- people or groups of people outside of the organization who can be affected by, and therefore have an interest in, any action by an organization (suppliers, surrounding community, costumers)
16. Shareholders- a person or institution owning shares in
1. Economies of scale- reduction in a firm’s average costs of production that result from an increase in the scale of operations
2. Internal growth- business, expansion by means of operating new branches, shops or factories (organic growth)
3. External growth- business expansion achieved by means of merging with or taking over another business, from either the same or a different industry
4. PEST analysis- acronym standing for political, economic, social, technological that refers to an analytical framework for external environmental factors
5. SWOT analysis- strategic analysis that identifies the main internal strengths and weaknesses and external opportunities and threats
6. Product line- a set of related products sold by a business
7. Product mix- the variety of product lines that a business produces or a retailer stocks
8. Product range- all of the types of products made by a business
9. Product life cycle- the pattern of sale recorded by a product from launch to withdrawal from the market
10. Total quality management- an approach to quality that aims to include all employees in the quality improvement process
11. Extension strategies- marketing plans that extend the maturity stage of a product before a brand new one is needed
12. Job enlargement- attempting to increase the scope of a job by broadening or deepening the tasks undertaken
13. Job enrichment- aims to use the full capabilities of workers by giving them the opportunity to do more challenging and fulfilling work
14. Internal stakeholders- people or groups of people within the organization who can be affected by, and therefore have an interest in, any action by an organization (managers, employees)
15. External stakeholders- people or groups of people outside of the organization who can be affected by, and therefore have an interest in, any action by an organization (suppliers, surrounding community, costumers)
16. Shareholders- a person or institution owning shares in