Introduction to business

Wednesday, January 6, 2021

4:28 PM
29.01.2021-aprox examination date.
 
Objectives of Business
 
Each business can be described by each type of ownership

What Businesses do
We depend on business for products and services, but also for employment.
Buy inputs, equipment, raw material, labour, machinery and land.
Produce outputs-goods and services
Generate profit\surplus
-Who are stakeholders- anyone who has an interest in the success of a business

Factors of Production
 
-Land
-Labor
-Capital
-Entrepreneurship
 
Global Environment
 
We live in a globalization which means the we can easily run a business
Impacts on Globalization
 
Trends in Business- to learn
 
Influences on Business
External and Internal factors-to learn them
 
Marketing-the most important sector
-Market analysis-
Market size- major which kind of market size we have
Market segments- looking to which kind of customers are we gonna sell(poor, medium, reach people)
-Marketing Strategy
-Market Research
-The Marketing Mix
 
Objectives and Strategy !
 
Human Resources
Motivation!!!!- strategies of some companies (is gonna be at the exam)
Recruitment and Training
Workforce Planning
Communication
 
Types of Economic System
 
Market Economy - decisions are made in the marketplace according to the laws of supply and
demand.
Price is given or asked for when goods and services are bought or sold.
Demand quantity of goods that consumers are willing to buy at various prices (3 ECONOMIC
SYSTEM)
Free-market competition
Monopoly
Oligopoly
Monopolistic Competition
Perfect Competition
 
Command economy -central authority makes the key economic decisions. Planned or managed
economy.
Mixed Economy
 
Balance of Trade
 
Business Ethics
 
Types of Business Ownership !!! ( To learn adv and disadv)of each
 
Sole proprietorship-1 pers
Partnership-2 or more
Incorporation( corporation)- owned by many people, but treated by law as 1 person.
 
Franchise system ( adv and disadv )!
 
The ins and Outs of Entrepreneurship
 
Leadership- 1 or 2 questions at exam!!!
Max weber Burocracy
Key Management
 
Management
SWOT
Departmentalization
 
Motivation
Maslow's Hierarchy of Needs !!!