Areas of a Business Flashcards
List 3 aspects of Production
- Transforming raw materials into finished products
- Sceduling the production process
- Maintaining factory equipment
- Engaged in Inventory Control measures
- Warehousing finished goods
List 3 aspects of Marketing
- Public Relations
- Developing sales and promotion strategies for the product
- Distrubution and transportation of goods
- Providing after-sales service and support
List 3 aspects of Finance
- Establish hire purchase and credit control measures
- Developing and maintaining payroll system
- Budgeting for the company and disbursement of financial resources
- Produce financial reports
List 3 aspects of Human Resources
- Recruitment and selection
- Training and development
- Performance management
- Resolving conflict between managers and employees
- Maintaining staff records
List the 2 aspects of Research and Development
- Conducting varied types of research
- Feasibility for new products or business ideas
List the 2 aspects of Informtaion Technology
- Developing and maintaining I.T. systems
- Ensuring the security of corporate information and assets
What is a Business Stakeholder?
An individual or group with a direct interest in the operations and performance of the business.
The roles of the Owner/Shareholder are:
- To provide capital
- Ensure managers are fulfilling the business’ objectives and are using resources effectively
- Attend general meetings to receive annual reports and elect directors
The roles of the Board of Directors are:
- Develop strategies for the company to achieve goals for sales, profits and company value
- To make decisions as to how the business profit and capital contribution by the owner should be invested
- To ensure the business’ activities and financial statements line up with government regulations
The roles of the manager are to:
- Maximize profits or make minimum returns on the owner’s investments
- Ensure that the owner’s and B.O.D.’s goals are achieved
- Ensure the employees are being productive and treated fairly
External stakeholders are not ________ or _________ of the business but have a vested interest in the business’ ________ _________
External stakeholders are not employees or members of the business but have a vested interest in the business’ financial performance
The function of the supplier is:
To supply goods ordered in the time and condition laid down by the purchase control or suppliers’ service agreement
Three roles of the consumers are to:
- Purchase goods to provide revenue that allows the business to function
- Provide feedback on the business’ performance
- Not make false claims about poor service or faulty goods
- Report unethical practises of the business
The roles of lending institutions are to:
- Provide financial assistance in the forms of loans or financial advice
- Ensure businesses can reply loans
The roles of the community are to:
- Ensure that businesses operate within the law
- Cooperate with the business, where reasonable to do so
- Meet reasonable requests from the business for local services
