Business

• Business objective

  A goal that a business aims towards
• Stakeholders

  • Customers
  • Owners
  • Suppliers
  • Banks/investors
  • Government
  • Community
• Motivation


  A way of getting people to do something
• Motivating factors

  • Money
  • Job security
  • Socialising
  • Self esteem
  • Love for the job
• Salary


  A fixed regular payment, typically paid on a monthly basis from an employer to an employee
• Bonus


  An amount of money added to wages, reward for good performance
• Job satisfaction


  The enjoyment from feeling that you have done a good job
• Organisational structure

  A system that outlines how certain activities are directed in order to achieve the goals of the organisation
• Organisation chart

  Shows the internal structure of a company, hierarchy, responsibilities and relationships of employees with their supervisors, employees position in the company
• Chain of command


  Clear line of authority, employees know who is above and below them
• Span of control


  The number of employees that report directly to one manager, wide span and narrow span
• Manager roles

  • Plan
  • Coordinate
  • Command
  • Control
• Leadership styles

  • Autocratic
  • Democratic
  • Laissez-faire
• Trade union

  Ensures people interests are protected, improves working conditions
• Recruitment process

  1. Vacancy arises

  2. Job analysis

  3. Job description

  4. Job specification

  5. Job advertisement

  6. Application forms/CV and shortlisting

  7. Interviews and selection

  8. Vacancy filled
• Part time employee


  1. 30 hours a week, more flexible
• Full time employee


  35+ hours a week
• Induction


  An introduction day
• On the job training


  Following someone with experience and learning from them
• Off the job training


  A worker gets trained by a specialist at a seminar
• Dismissal


  Worker fired for doing a bad job
• Redundancy


  Worker fired because they are not needed
• Internal communication


  • Horizontal
  • Upwards
  • Downwards
  • Functional
• External communication


  • Customers
  • Suppliers
  • Public
  • Government
  • Bank
• Communication methods


  • Visual
  • Written
  • Verbal
• Communication types


  • One way
  • Two way
• Communication barriers


  • Language
  • Suitable medium
  • Listening
  • Timing
  • Speed and impatience
  • Organisation
• Feedback


  Allows for two-way communication
• Marketing


  A form of communication between business and customers with the objective of selling a product
• Market types


  • Mass market
  • Niche market
• Market research


  Gathering, analysing and interpreting data about a market to help you understand which products and services are in demand, and how to be competitive
• Market research information


  • Customers wants and needs
  • Selling price
  • Promotion method
  • Competitors
  • Target market
  • Advertisement
  • Number of consumers
• Market research types


  • Quantitative
  • Qualitative
• Primary research


  • Surveys
  • Interviews
  • Focus groups
• Secondary research


  Research that is already made and organised for you
• Product orientation vs market orientation

  • Product oriented
  • Market oriented
• Marketing mix


  • Product
  • Price
  • Promotion
  • Place
• Price


  The amount of money a consumer is willing to pay for a good or service
• Pricing methods


  • Cost-plus
  • Competitive
  • Psychological
  • Penetration
  • Promotional
  • Dynamic (price discrimination)
• Product types


  • Consumer good
  • Consumer service