Center mind map
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Nature of Business Activity
3 phases of Business Activity
Factors of Production
Cover unprocessed raw materials derived from earth or water
Services given by all employees in the business
Money, or assets, such as buildings, plants and equipment that was bought to be used for production process
The 'Spark' or idea!
Production (Operations Management)
New Production Development
Association with marketing department
Research and Development
Systematic investigations or innovations. To improve.
To maintain and enhance reputation, quality of product and service is vital.
Distributing the products, where production department organizes the distrubution.
Purchasing and Stock Control
Production department responsible in purchasing stocks or raw materials required.
Heart of business/Most direct contact with customers
Researching the Market
Identifying marketing opportunities, examining nature of customers, and understanding target market for goods and services.
New Product Development
Developing new products to market.
Develop the mix of strategies to help selling the product.
Accounting and Finance
Involves collecting, recording, presentation and analysis of financial data.
Sources of finance
Decision on the most appropriate source
The way money is transferred in and out of the business.
Process of collecting debt and managing payments.
Human Resource Management
Process find right people for the job.
Current workers are trained to help develop and improve their skill.
Since people work for money, process needs managing.
Employee Relations and Welfare
Pay negotiations with employees, disciplinary procedures, consider grievances of employee, and health and safety.
Human Recource Labour or Workforce
Group of individuals
People appointed by owners to look after their interest.
People responsible for the planning and control of the business.
People who operate the business on a day to day basis.
Needs and Wants
Place where buyers and sellers exchange goods, services, and information.
Goods and Services
Solid items that can be seen or touched (Tangible)
Provides service and can not be seen or touched (intangible)
Selling Goods and Services
Those who enjoy or serve products
Purchasers of product in a market.
Types of Goods or Product
Plant and equipment used to produce consumer goods.
Items with short life and little value.
Goods that has long term value and many uses.
Fast moving consumer goods; items bought on a regular basis.
Sectors of the Economy
Extraction of Raw Materials
For Secondary Sector
Manufacturing or construction area.
Consist of tertiary businesses, associated with technologies dealing with information and communications.