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
The role of the competitors is to:
Stimulate competition for sales and shares
Three roles of the government are to:
- Ensure the business operates by the country’s laws
- Make sure the business publishes accurate financial reports
- Ensure they pay all taxes
- Provide financial, managerial, or technical assistance
- Protect customers from immoral business activities
Persons in advertising and public relations…
Create advertising campaigns using a variety of media
Compliance officers…
Ensure the company abides by the laws of the industry it’s in. It involves creating manuals and training staff
Strategic planners…
Collect and organize information about an industry and its markets to enable strategies for the business
Educators of a business train employees by…
Writing and designing online material, offering workshops, lectures and demonstrations
Information officers provide information about…
Information will appear in…
A company and its products to stakeholder groups.
Packs as well as responses to emails
Entrepreneurs…
Take the risk of starting a business with the aim of gaining profit
The Human Resources personnel deals with all aspects of…
Employee management, from recruitment and training to redundancy and retirement
Web designers…
Create content for the Internet by building web pages
Web planners plan out websites. This involves…
Setting out the objectives of the website and deciding technical details
Software developers…
Design and build programmmes for business, education and leisure activities
What are Ethics?
Ethics are beliefs and principles about what is ‘right’ and ‘wrong’ behaviour or actions
Define what Legal Issues are.
Legal issues are activities guided by the country’s laws and regulations.
What is the difference between legal and ethical issues?
Legal issues are based on written laws and ethical issues are based on opinions of what is right and wrong.
Ethical and Legal practices of a business are:
- Registering the business
- The adoption of an organisational code or ethics
- Policies on environmental issues
- Handling of personal information
What are the effects on customers and the advertiser of misleading advertisements from businesses?
The customers will waste their money that can be spent on a beneficial product and the advertiser will face financial and legal repercussions
What is the effect on the government when businesses with hold their taxes?
The government loses revenue that they need to provide services for the country.
Why do businesses find it easier to harm the environment with waste disposals?
Because it is cheaper and more profitable for them
When businesses engage in illegal activities to obtain money…
The money cannot be legally recorded in the business transactions
The effect of money laundering on the governement is…
They will have an inaccurate measure of the flow of money and their plans for the country will not be as effective
