Nature of Business

Importance of Business
1. Wealth Creation
2. Generation of Profit
3. Employment
4. Innovation
5. Choice
6. Provider of Goods/Services
7. Quality of Life
8. Soure of Gov. renvue
Goals
1. Financial
  1. Profit Maximisation
  2. Return on Investment
  3. Increased Market Share
2. Social
  1. Community Service
  2. Environmental Protection
3. Personal
  1. Job Satisfaction
  2. Power and Influence
Stakeholders
1. Customers
2. Owners
3. Employees
4. Government
5. Suppliers
6. Society
7. Comp.
Types of Businesses
1. Legal Stucture
  1. Sole
  2. Partnership
    1. 2 or more
  3. Private
    1. 1-50 Shareholder
  4. Public
    1. Unlimited Shareholders
2. Size
3. Industry/Classification
  1. Primary
    1. Production with Natural Resouces
      1. Farming and Mining
  2. Secondary
    1. Taking raw materials and making them into semi-finished products
      1. Carpentry and Ford
  3. Tertiary
    1. Selling and Transportation
      1. Myer and Lyn Fox
  4. Quinary
    1. Domestic Services
      1. Nursing,Tourism, Hospotality
  5. Quaternary
    1. Transfer and Processing of Information
Business Environment
1. External Influences
  1. GEMSPLIT FC
    1. Geographic
    2. Environment
    3. Market
    4. Social
    5. Political
    6. Legal
    7. Institutional
    8. Technological
    9. Financial
    10. Competition
2. Internal Influences
  1. LaMB RaP
    1. Location
    2. Management
    3. Business Culture
    4. Resource Management
    5. Product
Business Lifecycle
1. Establishment
  1. Sales Low, establishing costs high
2. Growth
  1. Increased Sales, Diversification
    1. Eg. Ripcurl moved away from prime function to reap benefits from other areas
3. Maturity
  1. Business becomes steady
4. Post-Maturity
  1. Renewal
  2. Steady
  3. Decline - Cessation
    1. Voluntary
    2. Involuntary

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Nature of Business

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