Unit 3 - A1 Managing a business (sac 1) Flashcards
Types of businesses (6)
-sole trader
-partnership
-government business enterprise
-social enterprise
-public listed company
-private limited company
Sole trader
Partnership
Government business enterprise
Social enterprise
Public listed company
Private limited company
Describe business objectives
List the business objectives
-make a profit
-increase market share
-improve efficiency
-improve effectiveness
-fulfil a market need
-fulfil a social need
-meet shareholder expectations
To make a profit
To increase market share
To improve effectiveness
To improve efficiency
To fulfil a social need
To fulfil a market need
To meet shareholder expectations
What is a stakeholder
List the stakeholders of a business
-Owners
-employees
-customers
-managers
-suppliers
-general community
Owners
Employees
Customers
Managers
General community
Suppliers
Conflicts between stakeholders
Management Styles
-autocratic
-persuasive
-consultative
-participative
-laissez-faire
Autocratic
Persuasive
Consultative
Participative
Laissez-faire
