1.1 What is a business?
This refers to intangible products provided by a business. These are consumed/provided/used at the time of purchase.
Services
Businesses that operate in this sector are involved in the manufacturing or construction of products. Building construction, bottlers and clothing manufacturers would be examples of businesses that operate in this sector.
Secondary Sector
This is a profit-seeking business owned by two or up to twenty owners.
Ordinary Partnerships
will accept: Partnerships
This describes the core purpose of an organization. It answers the question, “Who are we today?”
Mission Statement
This refers to physical products that are bought by businesses to produce other goods and services.
Capital Goods
Businesses in this sector are involved in intellectual, knowledge-based activities that generate and share information. Examples may include Research and Development firms or information communication technology providers.
Quaternary Sector
What does IPO stand for…..
Initial Public Offering
A business that adopts this as part of its operations will have initiatives or specific actions focused on being a “good corporate citizen” considerate of the wellbeing of society as a whole.
CSR
or Corporate Social Responsibility
What are the four functional areas of business?
Human Resources, Operations Management, Finance & Accounting, and Marketing
Of all the types of business entities, which one is the easiest to set up and usually has the lowest start-up costs?
or
"Sole Proprietorship"
Businesses that are owned by their shareholders, who are family & friends, there is a legal difference between the owners of the company and the business itself.
Privately-held companies
This describes the plans of action that businesses use to achieve their long-term plans of the whole organization.
Strategies
What is the calculation for Revenue?
Price x number of units sold
Functions of the marketing department can be summed up as the four Ps of marketing, which are………..
Product, Price, Placement and Promotion
The share of profits paid back to shareholders as a return for investing in the company.
Dividends
These social enterprises are owned and run by their members, with the common goal of creating value for their members by operating in a socially responsible way.
Cooperatives
Where on the SWOT analysis would you categorize recent bad press about employee relations?
Weaknesses
List three components of a typical business plan
“The Business”, The Product, The Market, The Finance, The Personnel, The Marketing
The four business sectors are linked through the
“_________ of ____________” which tracks the stages of an item’s production, from the extraction of raw materials used to make the product all the way through it being delivered to the customer.
Chain of Production
A type of business organization that is government owned but run like a private sector work together to provide certain goods/ services.
Public Sector Company
This is a non-profit enterprise that operates to promote or defend a cause.
NGO
Refers to the published documented beliefs & philosophies of the business. It covers what is considered right & wrong conduct of employees and other stakeholders (such as suppliers).
Code of Ethics
True / False
The shares of a privately held company cannot be bought or sold without prior agreement from the Board of Directors.
TRUE