Business Environment
PESTLE Framework — Political, Economic, Social, Technological, Legal, Environmental factors affecting business. Remember as "PESTLE" to systematically analyze external environment in case studies and theory questions.
Types of Business Organizations — Sole proprietorship, Partnership, Company, Cooperative. Mnemonic: "S-P-C-C" (Spicy) for quick recall of all four major forms during classification questions.
Maslow's Hierarchy — Physiological, Safety, Social, Esteem, Self-actualization. Remember "Please Send Some Extra Sugar" for bottom-to-top order of human needs in management context.
SWOT Analysis Order — Internal factors first (Strengths, Weaknesses), then External (Opportunities, Threats). Remember: "Inside-Out" – analyze what you control before external forces.
Business Management, Ethics and Entrepreneurship
Management Functions — Planning, Organizing, Staffing, Directing, Controlling. Classic mnemonic: "POSDC" or "Pupils Of School Dance Carefully" for Fayol's five functions.
Leadership Styles — Autocratic, Democratic, Laissez-faire. Remember "ADL" (A Different Leader) to recall all three styles when comparing leadership approaches.
Maslow before Herzberg — Maslow has 5 levels (hierarchy of needs), Herzberg has 2 factors (hygiene-motivators). Number trick: 5 comes before 2, Maslow came before Herzberg chronologically.
CSR Pyramid — Economic (base), Legal, Ethical, Philanthropic (top). Remember "ELEP" backwards as "PELE" (the footballer) – Philanthropic, Ethical, Legal, Economic from top to bottom.
Business Economics
Elasticity > 1, < 1, = 1 — Ed > 1 = Elastic (luxury goods), Ed < 1 = Inelastic (necessities), Ed = 1 = Unitary. Trick: "Luxuries are Loose (elastic), Necessities are Nailed down (inelastic)".
Giffen vs Veblen Goods — Giffen = inferior goods (price ↑, demand ↑) for poor. Veblen = status goods (price ↑, demand ↑) for rich. "G for Ground-level people, V for VIP people".
Perfect Competition Features — Homogeneous product, Many buyers/sellers, Free entry/exit, Perfect knowledge. Mnemonic: "HM-FP" (Hum Free People) for the four key characteristics.
Law of Diminishing Returns — Applies only when one factor is variable, others fixed. Remember: "One Variable, Others Fixed = OVOF" – if all factors change, it's returns to scale instead.