Understanding Business

hollyemmakerr
Mind Map by , created almost 6 years ago

national 5 Business (Understanding Business) Mind Map on Understanding Business, created by hollyemmakerr on 12/19/2013.

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hollyemmakerr
Created by hollyemmakerr almost 6 years ago
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Understanding Business
1 Sectors of Industry
1.1 Primary
1.1.1 take raw materials from the ground eg farming, fishing, mining
1.2 Tertiary
1.2.1 provide a service eg hairdressers, hotel
1.3 Secondary
1.3.1 use raw materials and make something with them eg builder, cake baker
2 Types of Businesses
2.1 Sole Trader

Annotations:

  • Owned and controlled by one person All the profits kept by owner No one to share responsibility 
2.2 Parternership

Annotations:

  • Owned by 2-20 people Ran by partners  Workload can be shared Profit needs to be split
2.3 Private Limited Companies

Annotations:

  • Owned by shareholders Ran by Board of Directors eg Fly High Travel Ltd
3 Sectors of the Economy
3.1 Private Sector
3.1.1 owned by individuals
3.1.2 aim to make a profit
3.2 Public Sector
3.2.1 owned by the government on behalf of taxpayer
3.2.2 funded by taxes
3.2.3 eg hospitals, schools
4 Objectives
4.1 an objective is an AIM, a TARGET or a GOAL the business wants to acheive
4.1.1 survival
4.1.1.1 to continue trading

Annotations:

  • *this is the first objective a business has 
4.1.2 profit
4.1.2.1 more income than costs

Annotations:

  • *Main objective of any business in the private sector 
4.1.3 customer satisfaction
4.1.3.1 to make customers happy, encourage repeat custom
4.1.3.2 high quality
4.1.3.3 trained employees

Annotations:

  • employees who are knowledgeable about products=able to handle queeries=happy customers
4.1.3.4 customer care strategy
4.1.3.5 customer complaints procedure

Annotations:

  • aims to make sure complaints are handled best way possible 
4.1.3.6 after sales service

Annotations:

  • gives customers opportunity to ask questions about their purchase 
4.1.4 social responsibility
4.1.4.1 provide people with a service they want

Annotations:

  • Eg a local government might aim to provide children with the best education at school
4.2 help businesses FOCUS on what its doing

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