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3.1 Internal Factors
Internal Operations of a Global Business
| Term | Definition |
|---|---|
| Quality | When a good or service fulfills its purpose to meet or exceed the needs and expectations of the user |
| Quality Control | A reactive, product oriented approach to quality that is primarily about detection. That is testing for and detecting faults. |
| Quality Assurance | A proactive, process oriented approach to quality that is primarily about prevention. That is, making sure things are done in the right way. |
| Total Quality Management | An organisation-wide philosophy with its core values centred on continually improving the quality of its processes, products and services |
| Continuous Improvement | A way of ongoing effort to improve products, services, or processes |
| Quality Circles | Small groups of workers from the same work area who meet regularly to solve problems relating to quality control. |
| Innovation | Creating a new product, process or idea and taking it to the market. Or improving an existing product, process or idea to make it better or more efficient |
| Product innovation | New creations or the development and improvement of existing products |
| Process innovation | Changes to the way production takes place |
| Cost-reducing innovation | Improved processes that reduce the cost of production for a business or industry. |
| Breakthrough innovation | An “out of the blue” solution or discovery that cannot be compared to existing practices or techniques |
| Change Management | A structured approach to transitioning individuals, teams, and organisations from a current state to a desired future state |
| Clustering | The phenomenon whereby firms from the same industry gather together in close proximity. |
| Trade Bloc | A group of countries which engage in international trade together, and are usually related through a free trade agreement or other association |
| Investment | The purchase or creation of assets with the objective of making gains in the future |
| Investment Appraisal | An evaluation of an investment (machinery, plants, products) made by a business to help determine the value and quality of an investment |
| Time Value of Money | The idea that the same amount of money (face value) has a different value at some other point in time |
| Payback Method | The time in which the initial investment is expected to be recovered from the cash inflows generated by the investment |
| Average Rate of Return | ARR compares the amount invested to the profits earned over the course of a project's life. The higher the ARR, the better. |
| Net Present Value Method | NPV is the difference between the present value of cash inflows and the present value of cash outflows. Inflows > outflows = good. |
| Intellectual Property Rights | Legal ownership of creations of the mind that give exclusive rights of use. Examples include patents, copyrights and trademarks. |
| Patent | Legal ownership granting exclusive rights to make, sell or otherwise use a product or process for a limited time. |
| Copyright | Legal ownership granting the exclusive right to the owner of an original work to copy, license or otherwise benefit its use. E.g. software, music, book. |
| Trademark | A unique identifier such as a symbol, word, logo, phrase or combination of these that legally distinguishes one company's product from any others |
| Trade Secrets | Any confidential formula, pattern, idea or information that provides a competitive advantage to the business |
| Indigenous Property Rights | Property rights regarding be carvings, designs, clothing, decorations, jewellery, land, sea, rivers, flora and fauna. |
| Invention | The creation of a new idea, product or process may involve years of research or may have occurred in a flash of inspiration. An invention will hopefully lead to a patent. |
| Inertia | People's resistance to change |
| Loss Curve (SARAH) | The emotional passage experienced with change or loss; shock, anger, rejection, acceptance, healing |
| Bureaucracy | Overly complex and unnecessary official procedures that slow any administration |
| Infrastructure | Facilities and systems serving a country, city, or area such as transportation and communication systems and power plants |
| Compliance | Conforming to a rule, such as a specification, policy, standard or law |
| Competitive advantage | An advantage that a firm has over its competitors, allowing it to generate greater sales or margins and/or retain more customers than its competition. |
| Discounted cash flow | Calculating the present value of future cash flows. |
| Service mark | A trademark to identify a service rather than a product |
| Civil case (IPR) | Seeks to repair through a lawsuit (to sue) to get compensation (damages) or through an injunction to stop infringement of IPR |
| Criminal case (IPR) | Seeks to punish through fines and imprisonment for major or deliberate infringement of IPR. |
Created by:
Mr Jones
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