The Concept Of A Business Flashcards
What does the quaternary sector comprise?
Intellectual activities and knowledge-based activities aimed at future growth and development
Activities include scientific research, education, consulting, information management, and financial planning.
What is the quinary sector often regarded as?
An extension of the quaternary sector
It refers to decision making at the highest levels of society.
What type of decisions are included in the quinary sector?
Decisions taken at government level, top management operations in large businesses and universities, and cultural activities
Also includes the media.
How is a ‘business’ defined?
Specific processes that add value to an economic society and/or to the particular country in which it operates.
What role do businesses play in society?
Create employment and help improve the general standard of living.
What is the primary goal of businesses?
To provide goods and services in order to make a profit.
What must businesses not lose sight of in their operations?
The responsibility to achieve economic, social, and environmental sustainability.
What sectors can business operations be classified into?
Primary, secondary, tertiary, quaternary, or quinary sector.
What is crucial for a business to survive in a competitive economy?
Awareness of external threats and/or opportunities and their potential impact.
What is the importance of planning for businesses?
Crucial for survival in both long and short-term.
What is a characteristic of a successful business regarding leadership?
Has strong leadership to direct the business to achieve its goals.
What must a successful business focus on to foster loyalty?
Creating a competitive advantage that is meaningful to the target market.
What resources should a successful business use sustainably?
Four factors of production: raw materials, financial capital, human capital, and entrepreneurship.
What is expected of a responsible corporate citizen?
Accountable, transparent, and adds value to all stakeholders.
What does a business formulate to indicate its long-term dream?
A vision.
What does a mission statement indicate?
What needs to be done currently to achieve the long-term dream.
What ensures that a business stays on track?
Long-term and short-term goals.
Fill in the blank: A successful business develops employees through _______.
skills training.
True or False: A successful business uplifts the community through social responsibility projects.
True.
What does a successful business do in terms of taxes?
Pays taxes to government.
