Durable and non-durable goods
Durable goods are when things last a long time e.g. cars, washing machines
Non-durable goods are things that run out regularly e.g. batteries, food
Functions of a business
Human resources - recruitment, training
Operations - making the product
Administration - office work, memos, paperwork
Finance - accounts, budgets, wages
Marketing - selling the product, customer needs
Private sector
Is owned by partners or partnerships
Primary, secondary, tertiary
Primary= raw materials, farming
Secondary= factories, making things
Tertiary= selling things made, office work
Interdependence
Rely on other people to supply them with the goods they sell
Aims
Provide a good service
Make a profit
Survive/ Help the cause
Stakeholders
Someone with a financial or/ interest in the business
Mission statement
The outlines of what the business want to achieve
Sole traders
They own their own business
Partnerships
2-20 people come together on a business
Franchise
When a successful business supplies someone who owns a shop with training and supplies for another one of their shops
Tall and flat structures
Tall has more levels of management than a flat structure e.g. army different regiments
Dentist receptionist dentist
Span of control
How many people report to one another e.g. teacher to head of department to head of school?
Line and lateral relationships
Is when you report to someone or they report to you it’s a line relationship
ICT software used in a business
Why they use things like memos, faxes, computers, power points
International business
A business that is known all over the world e.g. Nike, Armani
National business
A business only known in certain countries e.g. car phone warehouse, HMV
A local business
A business that only has one or two shops e.g. RSmcalls, barrats
Market-led
When a business finds out what the customer wants before they make it
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