Syllabus headings Flashcards
Other Roles of Business
Profit, Employment, Choice, Innovation, Income, Wealth, Quality of life, Entrepreneurship and risk
Classification of Business
Size, Geographical Spread, Industry Sector, Legal Structure
Size
Micro, small, medium, Large
Geographical Spread
Local, National, Global
Industry Sector
Primary, Secondary, Tertiary, Quaternary, Quinary
Legal Structure
Sole Trader, Partnership, Public and Private Company, and government enterprise
External Influences on the Business environment
Economic
Financial
Geographic
Social
Legal
Political
Institutional
Technological
Competitive situation
Markets
Internal Influences on the Business environment
Products
Location
Resources
Management
Business culture
Business Growth and Decline
Establishment, Growth, Maturity, Post-Maturity
Skills of management
Interpersonal (people)
Communication
Strategic thinking
Vision
Problem-solving
Decision-making
Flexibility
Adaptability to change
Reconciling the conflicting interests of stakeholders
Main business goals
Profit, Market share, growth, Share price, Social, Environmental
Management approaches
Classical - Autocratic
Behavioural - Democratic
Contingency - adapting to changing circumstances
Business Functions
Operating, marketing, Finance, Human Resources
Business function - Operating
Production Process:
Inputs -> Transformation -> Outputs
Business function - Marketing
7P’s
Product, Price, Promotion, Place
People, Processes, Physical Evidence