Unit 7 The interdependent nature of business

Question 1

What are the features of the interdependent nature of a business?

Answer 1

1) operations, finance, marketing and human resources within a business context

2) How these interdependencies underpin business decision-making

3) The impact of risk and reward on business activity

Question 2

What are the different areas of business?

Answer 2

Marketing, finance, business operations, human resources

Question 3

What are the main aspects of marketing?

Answer 3

Market research, how markets can be broken down into segments, marketing decisions and activities (the marketing mix), consumer laws to consider

Question 4

What are the main aspects of human resources?

Answer 4

How businesses can be organised, communications in business, recruiting and selecting workers, motivating and retaining workers, training and developing workers, laws affecting employment

Question 5

What are the main aspects of business operations?

Answer 5

Production processes or how to make goods and services, sales processes and customer service, where to locate businesses, the supply chain and business operations

Question 6

What are the main aspects of finance?

Answer 6

Why businesses need finance and the sources they can get finance from, revenues, costs and profits, break-even analysis and cash flow in business

Question 7

What is the interdependent nature of business?

Answer 7

Refers to the links between the areas of business that must be considered when business people make decisions, risks and rewards and the use of financial information to aid business decision-making