Business Management

Lewis White
Mind Map by Lewis White, updated more than 1 year ago
Lewis White
Created by Lewis White almost 7 years ago


National 5 Business Management Mind Map on Business Management, created by Lewis White on 05/08/2013.

Resource summary

Business Management
1 Mrs. Shaw's work
1.1 Business Cycle
1.1.1 A business sells goods/a service for money
1.1.2 Uses the money to pay others
1.1.3 Other spend money on the business
1.1.4 Businesses have more money to spend on goods
1.2 Factors of Production
1.2.1 Capital Anything man-made including machinery and money
1.2.2 Enterprise Ideas, risk-taking, decision making etc
1.2.3 Labour Human workers who are paid wages
1.2.4 Land Resources from the land that are part of raw materials
1.3 Added Value
1.3.1 Farmer harvests some wheat A baker buys the grain and makes bread Baker then sells the grain to the consumer for a higher price so that he gains a profit
2 Types of business
2.1 Sole Traders
2.1.1 A Sole Trader is run by one person
2.1.2 It is usually a small business
2.1.3 It has unlimited liability
2.2 Partnerships
2.2.1 A Partnership is run by 2-20 people
2.2.2 It has unlimited liability
2.2.3 It is usually a small company
2.3 Limited Companies
2.3.1 Public Limited
2.4 Public Funded organistaions
2.4.1 These are usually funded by the Government
2.4.2 They are run by multiple people
2.5 Charities
2.5.1 Run by multiple people
2.5.2 Employees are not payed
3 Product Portfolio
3.1 I.e. when a business has a number of products on the market
3.2 This is when brand loyalty has been gained
3.3 When a product has been released, the busines may use that logo for their next product, e.g., coca-cola > diet coke
4 Product Line Extension
4.1 This happens when a product has reached saturation or decline
4.1.1 The product is then introduced to do somthing new or have a new label etc
5 Product Endorsement
5.1 This is when a celebrity is used to advertise the product
6 Research
6.1 Desk
6.1.1 Desk research is finding information on what product/service consumers want through second hand information For example, newspapers, the internet, the radio, etc
6.2 Field
6.2.1 Field research is finding information on what product/serviceconsumers want through first hand information For example, surveys, intervies, focus groups, etc.
7 Branding and Own Label Branding
7.1 Branding
7.1.1 High cost advertising
7.1.2 Manufacturer and Retailer are different companies
7.1.3 More attractive packaging
7.1.4 Advantages Brand Loyalty Higher price means more money earned per product sold
7.2 Own Label Branding
7.2.1 Low cost advertising
7.2.2 Manufacturer and Retailer are the same company
7.2.3 Less attractive packaging
7.2.4 Advantages Loyal customers may also be loyal to brand Lower price = more customers
7.3 Expensive
7.4 Cheap
8 Production
8.1 Job
8.1.1 Job production is when a product is produced using labour (and sometimes minor machinery) usually made by hand
8.2 Batch
8.2.1 Batch production is when a product is produced by an equal split of machinery and labour
8.3 Flow
8.3.1 Flow production is when a product is produced using machinery (and sometimes minor labour) 24/7
9 Intensive production
9.1 Capital
9.1.1 Advantages Can work 24/7 Can do things a person can't
9.1.2 Disadvantegs Initial cost high IT expert required
9.2 Labour
9.2.1 Advantages Can do things Machinery can't
9.2.2 Disadvantages Has to be paid with a wage/salary Staff Moral
10 Keeping excess stock
10.1 The cost for storge space
10.2 No space for new stock
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