business activity and influence on business Flashcards
what are financial objectives f a business
survival
profit
increase in market share
financial security
what are non financial objects of a business
social objectives
personal satisfaction
challenge
independence and control
why do businesses aims and objectives change as the business evolves
in response to market conditions
technology
performance
legislation
internal reasons
give me four main types of business ownership
sole trader
partnerships
limited companies
public corporations
what are forms of business organization
franchises
social enterprises
multinationals
give me 3 types of business activities and explain them
primary sector-extracting raw materials from the earth
secondary sector-converting raw materials into semi/finished goods
tertiary-provision of a wide variety of services
what are the factors influencing location decisions and relocation of a business
proximity to
market,labour,materials,competion
nature of the business
legal contol, trade blocs
what are the external factors affecting business decisions
social
technological
environmental
political
how to measure success in a business
revenue
market share
customer satisfaction
profit
growth
owner/shareholder satisfaction
employee satisfaction
reasons for business failure
cash flow problems
lack of finance
not competitive
failure to adapt to changes in the market
characteristics of different forms of ownership
growth
size
need for finance
control
limited liability
reasons for public ownership of public corporations
avoid duplication
save jobs
fill gaps left by the private sector
serve unprofitable regions
maintain control of strategic industries
reasons against public ownership of public corporations
cost to government
inefficiency
political interference
difficult to control
whats the meaning of globalization
it is the growing integration of the worlds economies
opportunities of globalization for business
access to larger markets
lower costs
access to labor
reduced taxation
