TYPES OF BUSINESSES
DEFINE BUSINESS
An organisation that produces and sells goods or services to meet customer needs, with the primary goal of making a profit
NAME THE TWO TYPES OF INFLUENCES
WHAT IS MANAGEMENT
Coordinating resources to achieve business goals.
NAME 3 BUSINESS INDUSTRIES
Primary, secondary, tertiary, quaternary, quinary
NAME 4 EXTERNAL INFLUENCES
Economic, financial, geographic, social, legal, political, institutional, technological, competitive situation, markets
NAME 2 MANAGEMENT SKILLS
Interpersonal, communication, strateigic thinking, vision, problem-solving, decision-making, flexibility, adaptability, to change, reconciling the conflicting intrest of stakeholders
NAME 2 LEGAL STRUCTURE
NAME ALL THE INTERNAL INFLUENCES
Product, location, resources, management and business culture.
Achieve goals, make decisions, organise resources, solve problems
A business is owned by two people who share profits and have unlimited liability. Identify the type of business and ONE advantage of this structure.
Legal structure: Partnership
Advantage: Shared responsibility, more capital, combined skills, etc.
Explain how competitors can influence a business.
Businesses may lower prices, improve quality, or innovate products to remain competitive.
A manager divides tasks and assigns resources for a new project. Which management approach are being applied?
Planning and Organising – setting goals and arranging resources.
Identify ONE advantage and ONE disadvantage of a COMPANY compared to a sole trader.
Advantage: Limited liability
Disadvantage: More expensive and complex to set up
A business introduces online shopping to meet customer demand. Explain ONE social and ONE technological influence demonstrated.
Social: Customer preference for convenience
Technological: E-commerce platforms and digital payment systems