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Nature of Business
what is business?
A decision making organisation
group made up of workers (employees), manager, etc..
association with customers, suppliers, competitors, government, etc..
uses factors of production
produce and sell goods or services
make a profit
the classification of a business
includes all organisations owned, controlled and managed by private individuals
to provide essential goods and services for the general public.
refers to all organizations owned, controlled and owned, controlled and management by the goverment
level of activity
describes how close the business is to the customer in the distribution chain.
business who makes and produce raw materials
factors of production
the land itself
the services given by all employees of the business
receive wages and salaries
equipment, which it has bought and uses in the production process.
selling that brings up all three
get to keep the profit
Human resources function
the process of finding appropriate people for a given role.
training to help them develop and improve their skills
people work for money and this process needs managing.
Employee relations and welfare
pay negotiations with employees, disciplinary procedures, and more.
labour or workforce
maybe person or a group
Some directors are also employees.
responsible for the planning and control of the business
people who operate the business on a day-to-day basis
Researching the market
understanding the target market for the good or service
New product development
to develop new products and services
develop the mix of strategies that will help with selling the product.
Accounting and finance function
Sources of finance
way in which money moves in and out of the business
process of collecting debts and managing payments.
New product development
association with the marketing departmen
Research and development (R & D)
the outcomes of which are new or improved materials, products, devices, processes, or services.
consider the layout of the facility, the optimum location of production, the method and more..
organise the distribution of the good or service to the customers.
Purchasing and stock control
responsible for the purchase of stocks or raw materials required for production
Goods and services
solid items that can be seen and touched
things that cannot be seen or touched, but have visible results
Items bought on a regular basis.
good which lasts through many uses and has a long-term value.
Items with a short life and little value.
Plant and Equipment used to produce consumer goods.
Sectors of the economy
manufacturing , make things
service sector, more in economic
consists tertiary sector with information and communication