Wirtschaftsenglisch SS20 an der Hochschule Bochum | Karteikarten & Zusammenfassungen

Lernmaterialien für Wirtschaftsenglisch SS20 an der Hochschule Bochum

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What is a business?

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A business is an organisation that create goods or provide services to others to satisfy the desire of customers.

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Define: Product

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A product is a good that brings value to the customer by having specific tangible characteristicts.

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Define: Service

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A service is any activity with intangible chatacteristics that brings any kind of value to the customer.

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Define: Profit

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Profit is the amount of money that the company has left after selling their product or providing their service after paying their bills.

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Define: Stakeholder

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A stakeholder is any person or group that either is affected by a business or have an effect on the business.

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Why can the interests of stakeholders conflikt?

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The interests of stakeholders can conflikt, because they have different goals. For example do the owners and employees want low taxes and a high profit and the society want them to pay high taxes and provide their products and services for a low price.

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What three resources does a business need? 

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  • People to operate the business and develope ideas
  • Ideas to increase the customer satisfaction and the productivity
  • Capital to invest and execute new ideas.
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What are the four basic fusiness functions?

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  • Marketing is finding out what things do satisfy the customer, integrating these things into a products and try to get positive attention by potential customers as possible. 
  • Production is about developing, creating and manufacturing the products bevore delivering them to the customer.
  • Accounting is about analysing and summarizing all financial aspects in the operating business.
  • Finance are all the activities with the goal of getting money for the company by third parties and effective ressource using.
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Is there a one-fits-all formula for business?

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 No there is no one fits-all formula for business, because in the end it’s all about the people that are working in a company and there is not something like two similar people.

It is also about different stakeholders working together. 

Everyone have different strengths and weaknesses with them they work in different ways, even if they have the same task to do.

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What does succsessful management require?

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A succsesful management require individuals that base their actions on a clear strategy.

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How can we define success in management?

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A successful management can be defines by performance in effectivity and efficiency.

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Define: effectiveness and efficiency

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  • effectiveness: doing the thing that lead to a goal - doing the right things
  • efficiency: do the things with a good output-input ratio - doing the things right
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Q:

What is a business?

A:

A business is an organisation that create goods or provide services to others to satisfy the desire of customers.

Q:

Define: Product

A:

A product is a good that brings value to the customer by having specific tangible characteristicts.

Q:

Define: Service

A:

A service is any activity with intangible chatacteristics that brings any kind of value to the customer.

Q:

Define: Profit

A:

Profit is the amount of money that the company has left after selling their product or providing their service after paying their bills.

Q:

Define: Stakeholder

A:

A stakeholder is any person or group that either is affected by a business or have an effect on the business.

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Q:

Why can the interests of stakeholders conflikt?

A:

The interests of stakeholders can conflikt, because they have different goals. For example do the owners and employees want low taxes and a high profit and the society want them to pay high taxes and provide their products and services for a low price.

Q:

What three resources does a business need? 

A:
  • People to operate the business and develope ideas
  • Ideas to increase the customer satisfaction and the productivity
  • Capital to invest and execute new ideas.
Q:

What are the four basic fusiness functions?

A:
  • Marketing is finding out what things do satisfy the customer, integrating these things into a products and try to get positive attention by potential customers as possible. 
  • Production is about developing, creating and manufacturing the products bevore delivering them to the customer.
  • Accounting is about analysing and summarizing all financial aspects in the operating business.
  • Finance are all the activities with the goal of getting money for the company by third parties and effective ressource using.
Q:

Is there a one-fits-all formula for business?

A:

 No there is no one fits-all formula for business, because in the end it’s all about the people that are working in a company and there is not something like two similar people.

It is also about different stakeholders working together. 

Everyone have different strengths and weaknesses with them they work in different ways, even if they have the same task to do.

Q:

What does succsessful management require?

A:

A succsesful management require individuals that base their actions on a clear strategy.

Q:

How can we define success in management?

A:

A successful management can be defines by performance in effectivity and efficiency.

Q:

Define: effectiveness and efficiency

A:
  • effectiveness: doing the thing that lead to a goal - doing the right things
  • efficiency: do the things with a good output-input ratio - doing the things right
Wirtschaftsenglisch SS20

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