Chapter 1 Flashcards
Non-commercial business
Businesses set up to provide goods and services to meet some needs without the intention to make a profit .eg. SVP
Commercial business
Businesses set up to provide goods and services
Business
An organisation that produces good and services and supplies them to customers .eg. Dunnes Stores
Commercial business
Business that provides goods and services to sell them to customers with the intention of making a profit .eg. Dunnes Stores
Private sector businesses
Run by private individuals .eg. Vitz Drinks
Public sector business
Owned by the state .eg. RTÉ
Stakeholders
The people involved in a business and are directly affected by its decisions
Internal stakeholders ~ owners
External stakeholders ~ customers
Entrepreneurs
People with the initiative to turn an idea into a business and bear the risks involved.
Social and commercial entrepreneurs
Ade Roche - Chernobyl Children’s Project
Gary Lavin
Investors
The people who provide a business with the finance it needs
Gary Lavin
Owners/Equity Capital
Money invested by people/business to become partial owners of the business
Grant
A gift of money that does not have to be repaid as long as certain conditions are met like creating a certain number of jobs
Managers
People responsible for running the business and achieving its goals
Producers
The business that make goods to sell to customers
Vitz Drinks
Suppliers
The business that supply raw materials needed by the producer
Consumers
People who buy goods and services for their own personal use
Customers
People who buy goods and services for their own use or to resell it
Society
Local community where the business it located and the wider society, bot nationally and internationally
Government
Local and national authorities that set the rules and regulations by which businesses must operate
Interest groups
Organisations that represent people who share a common interest or goal
They lobby, negotiate, boycott, legal action
Business interest group
IBEC
Irish business and employers confederation
Large and medium sized business in Ireland
Trade associations
Business interest groups that represent business in similar types of activities
SIMI - Society of the Irish Motor Industry
FDII - Food and Drink Indusrty Ireland
IFA - Irish farmers Association
Trade unions
Represent interests of employees in a business on issues concerning pay or conditions of employment
ASTI
ICTU - Irish Congress trade union
CCPC - Competition and Consumer Protection Commission
Lobbying
A deliberate effort by interest groups to influence decision makers by promoting a particular point of view
Examples of Interest Groups and Trade Associations
IBEC - Irish Business Employers Confederation
ISME - Irish Small and Medium Enterprises
Chambers of commerce
Co-operative Relationship
Businesses work together towards a common goal in a mutually beneficial way
Win - win
Competitive relationship
Both parties want the same thing but only one gets it
Win - lose
Solving conflict in business
Non-legislative: talk, negotiate, arbitration, third party
Legislative: state conflict resolution agency - CCPC, small claims court, WRC
Law: Consumer Protection Act 2007
