Business and Management Paper 2: CUEGIS Concepts for Section C

Definitions:

Change: Driving forces and restraining forces creates change in a business so that they can move forward
and remain competitive. Reflecting the greater speed with which decisions need to be made and
circumstances change in the operating environment of most businesses.

Culture: the norms of an organisation, a country, or other social grouping. Culture shapes the values, beliefs,
and customs of people. (Internal and External sections of the organisation). Appreciating that businesses need
to align a broad spectrum of individual, collective and societal goals.

Ethics: the socially accepted moral principles that guide decision making, based on the collective belief of
what is right and what is wrong. emphasising the fact that the ethical considerations businesses face are
substantial and near all pervasive, instead of being peripheral and isolatable.

Globalisation: worldwide movement toward economic, financial, trade, and communications integration.
reflecting the interconnected patterns of production and consumption shaped by businesses and affecting
them.

Innovation: Innovation generally refers to changing or creating more effective processes, products and ideas,
and can increase the likelihood of a business succeeding. emphasising the need for businesses to renew
themselves in the competitive, technologically advanced market place with increasingly sophisticated
customers.

Strategy: devising plans to achieve the long-term goals of an organisation. Reflecting the importance of
holistic long-term planning in an operating environment with the above attributes