1.1 Introduction
Human Resources, Marketing, Operations, Accounting and Finance
What are Business Functions?
This is a sector where organisations are owned and controlled by the government on behalf of its citizens to provide essential and affordable goods or services for its citizens that otherwise might not have been produced/provided. The government controls many aspects of the product or service such as the price.
What is the public sector?
This is a sentence that refers to the ultimate goal of an organisation, what it wants to achieve in the future. It is expressed as a long-term aspiration.
What is a vision statement?
What are "Stakeholders"?
The reduction in average costs that result from an increase in the scale of production.
What is economies of scale?
This sector includes both construction and manufacturing. It uses resources from the primary sector to manufacture finished goods or process raw materials to be used for other manufacturing business.
What is the secondary sector?
This is an incorporated organization listed on a Stock exchange with a legal right to sell shares to the general public.
What is a public limited company? or What is a publicly traded company?
Is the decision/attempt by a business to take responsibility for their action/activities by considering the interests of and the impact on a wide range of stakeholders in society. The business accepts the moral and legal obligations to society, not just to investors, that result from its operation.
What is Corporate Social Responsibility? or What is CSR?
Employees, Managers, Owners, Shareholders.
What are "Internal Stakeholders"?
This refers to an increase in average unit cost as a business increases in size.
What is diseconomies of scale?
Human, Physical, Financial, Enterprise
What are resource inputs?
Do NOT accept "What are factors of production"?
What is a Sole Trader?
This is a statement of a business’s core value/aim and it is phrased in a way that will motivate the employees and attract the interest of external stakeholders.
What is a mission statement?
Government, Suppliers, Media, Customers.
What are "External Stakeholders"?
This occurs when a business expands existing operations rather than growing by merging or acquiring other businesses. Typically, it occurs when a business expands its capacity and sells to a wider market.
What is internal growth? or What is organic growth?
A type of ‘for profit social organization’ that is established owned and managed collectively by members, each of whom has a financial interest in the business and a say in how the business is run. It is operated by its members for their mutual benefit and can be organized by producers, consumers or employees.
What is a cooperative?
Total Revenues - Total Costs
What are Profits?
These are the goals of a business based on a set of values or moral beliefs. They should cover all the actions of an organization and guide its decision-making process and strategies.
What are ethical objectives?
What are "customers"?
This is a company that operates in two or more countries. It needs to have a base in those countries, not just sell goods and services there.
What is a multinational company (MNC)?
What is the quaternary sector?
Greater finance is generally available.
What is an advantage of: limited companies or public limited or private limited companies?
What are Tactical Objectives?
What is "Stakeholder Conflict"?
What is "backwards vertical integration"?