1440643
Applied Business
- Primary Sector
- Secondary Sector
- Tertiary Sector
- Selling the product and service
- Selling the product and service
- Making products from raw materials
- Tertiary Sector
- Producing raw materials
- Secondary Sector
- Interdependence
- When a business depends on other
business to suceed
- -Coca beans
-Factories to make
the chocolate
-Shops
- -Coca beans
-Factories to make
the chocolate
-Shops
- When a business depends on other
business to suceed
- Specialisation
- A worker ONLY doing what they specialise in
- A plumber only plumbs if
he gets fired he has no
other GCSE options to
help him get another job.
- A plumber only plumbs if
he gets fired he has no
other GCSE options to
help him get another job.
- A worker ONLY doing what they specialise in
- SMART objectives
- Specific
Measureable
Achievable
Realistic
Timed
- Specific
Measureable
Achievable
Realistic
Timed
- Aims
- Aims are
something
you work
towards
to
- Aims are
something
you work
towards
to
- Objectives
- Objectives are
your long term
goal
- Objectives are
your long term
goal
- Location
- Location is the place where a firm decides to site
its operations. Location decisions can have a big
impact on costs and revenues. A business needs
to decide on the best location taking into account
factors such as: Customers, Staff, Support services
and Cost
- Location is the place where a firm decides to site
its operations. Location decisions can have a big
impact on costs and revenues. A business needs
to decide on the best location taking into account
factors such as: Customers, Staff, Support services
and Cost
- Functional areas
- Departments in a business organization are
structured according to certain functions. Such as;
- Production The production department is responsible for transforming raw materials
into finished products. They are also responsible for quality control to ensure that
required standards are met. Finance/Accounts The accounts department makes and
receives all payments on behalf of the business and records all financial transactions
Marketing This department creates awareness for the firm products and motivates
consumers to buy. They also carry out market research to identify customer’s needs
Human Resources/Personnel The human resource department recruits and selects staff
for the business organization. They are also responsible for staff training and welfare
- Production The production department is responsible for transforming raw materials
into finished products. They are also responsible for quality control to ensure that
required standards are met. Finance/Accounts The accounts department makes and
receives all payments on behalf of the business and records all financial transactions
Marketing This department creates awareness for the firm products and motivates
consumers to buy. They also carry out market research to identify customer’s needs
Human Resources/Personnel The human resource department recruits and selects staff
for the business organization. They are also responsible for staff training and welfare
- Departments in a business organization are
structured according to certain functions. Such as;
- Private Limited Company
- A Company owned by shareholders.
A limited number of shares are
issued, these are owned by family
and friends of the business. The
business has limited liability
- A Company owned by shareholders.
A limited number of shares are
issued, these are owned by family
and friends of the business. The
business has limited liability
- Public Limited Company
- A Company owned by shareholders. It must
have £50,000 of capital when founded, and
may allow its share to be bought by the
general public
- A Company owned by shareholders. It must
have £50,000 of capital when founded, and
may allow its share to be bought by the
general public
- Limited Liability
- Shareholders are only responsible
for the company’s debts up to the
value of their shareholding
- Shareholders are only responsible
for the company’s debts up to the
value of their shareholding
- Unlimited Liability
- A legal obligation on the owners of the business to pay all debts
of the business. Even their personal possessions may be
claimed.
- A legal obligation on the owners of the business to pay all debts
of the business. Even their personal possessions may be
claimed.
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