Business Management (Higher)

Alexis Skinner
Mind Map by Alexis Skinner, updated more than 1 year ago
Alexis Skinner
Created by Alexis Skinner about 5 years ago
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Mind Map on Business Management (Higher), created by Alexis Skinner on 04/06/2015.

Resource summary

Business Management (Higher)
1 Business in a Contemporary Society
1.1 Role of Business in Society
1.1.1 Wealth Creation
1.1.2 Production & Consumption of goods and services
1.1.2.1 Good = Things we can touch
1.1.2.1.1 Services = Things done for us
1.1.2.2 Durable Goods = Things we can use again ex. computers
1.1.2.3 Non Durable Goods = Only one use ex. food
1.1.2.4 Consumption = Using up
1.1.3 Satisfaction of Wants
1.1.3.1 This constant creation of new wants stimulates business to supply more goods and services, and so we have this cycle of new wants and new production.
1.1.4 Sectors of Activity
1.1.4.1 Factors of Production
1.1.4.2 Sectors of Industrial Action
1.2 Types of Business Organisations
1.2.1 Self - Employed - Sole traders or Partnerships
1.2.1.1 Sole Trader
1.2.1.1.1 Advanatges
1.2.1.1.1.1 Simple to set up
1.2.1.1.1.2 Make all the decions
1.2.1.1.2 Disadvanatges
1.2.1.1.2.1 Borrowing from bank, difficult
1.2.1.1.2.2 Unlimited liabliltiy
1.2.1.1.2.2.1 Can loose evrything
1.2.1.2 Partnerships
1.2.1.2.1 Advanatges
1.2.1.2.1.1 shared responsibility
1.2.1.2.1.2 More money invested
1.2.1.2.2 Disadvantages
1.2.1.2.2.1 Unlimited Liability
1.2.1.2.2.2 Arguments
1.2.2 Private Limited Company (Ltd) & Public Limited Company (Plc)
1.2.2.1 Requires Registration
1.2.2.2 Minimum of 2 SHAREHOLDERS. Profit is shared in the form of DIVIDENDS
1.2.2.3 Advantages
1.2.2.3.1 Limited Liability
1.2.2.3.1.1 Only Loose what they invest
1.2.2.3.2 Less risk of Liqudation
1.2.2.4 Disadvantages
1.2.2.4.1 Registering = Competitiors can see information
1.2.2.4.2 Cost in setting up in Admin Fee's.
1.2.3 Voluntary Sector
1.2.3.1 Registered
1.2.3.2 Have Objectives: To relieve poverty, to advance Education, To advance religon and benefit the Community
1.2.3.3 To help people, NO PROFIT
1.2.4 Charity
1.2.5 Publicy-Funded Organisation
1.2.6 Multinationals
1.2.6.1 Advantages
1.2.6.1.1 Governemnts entice them to open
1.2.6.1.2 Lower wage rates = Lower production cost
1.2.6.2 Disadvantages
1.2.6.2.1 Legislations may be different
1.2.6.2.2 Currency may be weak = Profits converted into a good rate
1.2.6.3 Globilasation (International Trading)
1.2.6.3.1 Benefits
1.2.6.3.1.1 Larger Market
1.2.6.3.1.2 Develop an International Brand
1.2.6.3.2 Constraints
1.2.6.3.2.1 Competition from others
1.2.6.3.2.2 Language difficulties
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