Introduction to business Flashcards
Accounting and finance
the process of prioritizing and employing business practice designed to achieve maximum efficiency
marketing
promotion, selling, pricing , financing, distributing
primary sector
activities undertaken by directly using natural recourses only 1% of uk economy
mining
fishing
farming
foresting
Secondary sector
converting natural resources into finished goods 19% of the economy
manufacturing
assembly plants
goods can be finished or unfinished
tertiary sector
provision of services 80% of economy
financial services
transport
leisure services
what’s a joint venture
Involves two or more businesses pooling their resources and expertise to achieve a particular good
What’s synergy
The interaction or cooperation of two or more businesses to produce a combined effect greater than the sum of their separate parts
Benefits of synergy
-reduce risk
-customers wants and needs
-recourses
-sharing each others expertise
Drawbacks of synergy
-Disagreements(clash of culture)
-Democratic, workforce has more freedom
operations management
is an area of management concerned with designing and controlling the process of production and redesigning business operations in the production of goods and services
objectives of operation management
-production targets
-quality and religion targets
-increase productivity rates
factors impacting operations objectives
-size and legal status of the business
-state of economy
-Government
-legislation, increase in taxes
