topic 1- what is business Flashcards
what is a business
an organisation to fulfill customers needs. It sells goods and services
why do businesses exist (2)
- satisfy customers needs
- to make a profit
what is a mission
the overall purpose of the business
what is an aim
a general statement of what the business wants to achieve
examples of aims/missions (PIGSS)
- profit
- increase market share
- growth
- survival
- social/ethical
what are public sector businesses
they are government run e.g police, schools
example of a local authority business
local council
example of a public cooperation
BBC
what are private sector businesses
businesses owned by private individuals
what does the human resources department do
it is responsible for all aspects of managing the people who work in a business
examples of activities done by HR (3)
- recruitment
- set up and manage employment rules
- organise training and appraisal
what does the marketing department do
responsible for understanding the needs and wants of customers
activities that the marketing department may do (3)
- research into the market
- set and monitor prices
- obtaining and attaining customer feedback
what dotes the production/ operations department do
organises the transformation process that turns inputs into finished goods and services
activities that the production department may do (3)
- organising a suitable method of production
- managing quality of finished goods
- ensuring that the inputs produce efficiently
