Business Unit 1 Flashcards
Primary Sector
Primary sector: business operating in the primary sector are invoked with extraction, harvesting,mining,forestry and oil extraction
Secondary Sector
Secondary sector: are businesses that are involved with manufacturing or creating a product.
Tertiary sector:
Tertiary sector: services for the general puvlic
Quaternary sector:
Quaternary sector: are a subcategory of teratory and involved are involved intelligence (ex Ia, tech etc)
Quaternary sector: are a subcategory of teratory and is involved in intellectual, knowlege based activtiies that egnerate and share information
Private sector: Public sector: Sole trader
Private sectors: are owned by private individuals
Public sectors: are owned under the government
Sole trader: someone who runs thier company by themself
:
Limited liablity company:
Private limited company:
Public limtied company:
Limited liability company: shareholders do not stand to lose personal belonging if company goes bankrupt or needs to pay debt
Private limited company: is a company that cannot share capital from the general public
Public limited company: it cansells its shares to the general public
Limited liablity company:
Private limited company:
Public limtied company:
Limited liability company: shareholders do not stand to lose personal belonging if company goes bankrupt or needs to pay debt
Private limited company: is a company that cannot share capital from the general public
Public limited company: it cansells its shares to the general public
Social enterprise
Social enterprise: are revenue streaming business with social objectives at the core of thier operations
Public and private partnerships
Public-private partnership (ppp). Occurs when the government works with a private sector to jointly
Aims:
Aims: are the general and long term goals of an organization
Objective
Objective: short-medium term goals of an organization and the organization takes specific steps to achieve it.
Objectives are specific objectives required to achieve the organisation’s desired aims, defined in measurable outcomes.
Strategis
Strategies: are short-medium term actions to achieve the strategic objective of the organization
Operation straegy:
generic strategy:
Corporate strategy:
operation strategy: are the day to day methods
Generic strategy: are those that affect the entire org
Corporate strategy: are targeted at long term objective
Tactical objective:
Tactical objectives: are the short term goals that affect a section of the business (up to 12 months)
Strategic objective
Strategic objective: refer to the long term goals of an organzation
Market standing
Market standing: refers to the extent of which a business has presence in the industry
Corporate culture:
Corporate culture: the accepted norms and customs of a business
Ethics
Ethics: are the moral principles that guide desicion-making and strategy
Business ethics
Business ethics:is the actions and organization
What is CSR
Socially responsible business( SRS): are Business that act morally towards thier skate holders
Corporate Social Responsibility is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders
And Corporate socal responsibility( CSR) are the obligations help from the socially responsible business
Swot analysis:
study undertaken by an organization to identify its internal strengths and weaknesses, as well as its external opportunities and threats.
Strength
Weakness
Opportunities
Threats
Exterbal factors that present chances for business are called opportunities, such as lower tax. And external factors that can cause harm are called threats such as ressicon.
The advantage of steeple analysis is that is it quite simply to use and the analysis helps mangers to eb through and logical in their analysis of the et=xternal oppoorutines and threats faced by the business
ansoff Matrix
Ansoff Matrix: is a analytical tool that helps managers to choose and devise various product and market growth
Market Penetration (lower left quadrant). This is the safest of the four options. …
Product Development (lower right quadrant). …
Market Development (upper left quadrant). …
Diversification (upper right quadrant).
Business must have SMART objective:
Business must have SMART objective:
Specific
Measurable
Achievable
Realistic
Time constrained s
Skateholders are:
Skateholders is any individual, group or organization with a direct interest in and is affected by the actiiities and preorfmacne of a business.