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Businesses
Markets
Costumers
Consumers
Needs
Wants
Decision-making organization
Made up by Employees
Coexisting with
Customers
Competitors
Suppliers
Environment
Governments
Local
National
Factors of Production
Sell Goods/Services
Make Profit
Decisions to make
What to produce?
How to produce and in what quantity?
Who to sell the goods or sevices to?
High Importance Decisions
Strategic Decisions
Low Importance Decisions
Tactical Decisions
Factors of Production/
Factor Inputs
Land
Land Owners recieve rent
Labour
Services provided by all employees
Employees recieve Wages and Salaries
Capital
Money
Buildings
Equipment
Providers of capital recieve interest
Enterprise
Idea creation
Creativity
Entrepeneurs keep the profit
Outputs
Goods
Solid items
Types
Consumer Products
FMCG's
Fast Moving
Consumer Goods
Bought regularly
Consumer Durables
Have long-term value
Bought infrequently
Producer Products
Capital Goods
Items with short life and
little value
Consumables
Plant and equipment
requiered to make
consumer goods.
Services
Intangible yet cause
visible results
Sectors of Economy
Primary
Extraction of raw materials
Secondary
Manufacture raw materials into
goods that are ready to be sold.
Tertiary
Service sector
Quaternary
Information and communication
technologies.
Classification of a Business
By Sector
Private
Owned by private individuals
Public
Owned by the government
By Level of Activity
How close the business is to the customer
regarding the distribution chain
By Size
Small
Large
By Legal Structure
Labour-Intensive
Depends heavily on labour
Capital-Intensive
Depends heavily on capital
Departments of a Business
Human Resource Management
Recruitment
Training
Payment
Employee Relations and welfare
Human Resources
Owners
Individual Owner
Group of Owners
Directors
Appointed by the Owners to look after
their interests.
Managers
Responsible for planning and controlling
the business
Employees
Accounting and Finance
Financial Data
Collection
Recording
Presentation
Analysis
Responsibilities
Sources of Finance
Cash Flow
Credit Control
Marketing
Functions
Resarching the Market
New Product Development
Marketing Mix
Mix of strategies to help sell
a product or service.
Operations Management
Functions
New Product Development
Research and Development
Production Planning
Quality Control
Distribution
Purchasing and Stock Control
Responsible for the purchase of
stocks or raw materials required