SECTION 1: UNDERSTANDING BUSINESS ACTIVITY: 1.1: Business Activity 1.2: Classification of Businesses 1.3: Enterprise, Business Growth and Size 1.4: Types of Business Organizations 1.5: Business Objectives and Stakeholder Objectives SECTION 2: PEOPLE IN BUSINESS: 2.1: Motivating Employees 2.2: Organization and Management 2.3: Recruitment, Selection, and Training of Workers 2.4: Internal and External Communication SECTION 3: MARKETING: 3.1: Marketing,…
OBJECTIVES: The aim/target a business works for is called an objective BENEFITS: But what are the most common objectives found in private sector businesses? STAKEHOLDERS: INTERNAL STAKEHOLDERS: EXTERNAL STAKEHOLDERS: Objectives: Objectives: Objective: Objectives: Credit for the images: from “Cambridge IGCSE and O Level Business Studies 5th edition (Karen Borrington Peter Stimpson)”
PRIVATE SECTOR – BUSINESS ORGANIZATION: SOLE TRADERS: PARTNERSHIPS: Agreement between 2 or more people to own, run, and finance a business jointly NOTE: an incorporated business is: PRIVATE LIMITED COMPANY: Shareholders: people that buy shares in the company and appoint directors to run business FRANCHISES: Credits of the table: Cambridge IGCSE and O Level Business…
ENTERPRISE: An entrepreneur is a person who organizes and operates a business. But what makes an entrepreneur successful? Being: BUSINESS PLAN: ADVANTAGES: But what does the plan contain? Provides a brief history and objectives of the business GOVERNMENT SUPPORT: WHY DO THEY SUPPORT BUSINESSES? HOW DOES THE GOVERNMENT HELP? BUSINESS SIZE: BUSINESS GROWTH: WHY GROW?…
CLASSIFICATION: PRIMARY: SECONDARY: TERTIARY: *Overall example: extracting wood (primary) —-> furniture makers make a sofa (secondary) —-> retailers sell sofa (tertiary) PRIMARY —-> SECONDARY —-> TERTIARY = CHAIN OF PRODUCTION —-> Results: country X focuses more on extracting oil than making manufactured goods, so it is known as a developing country. On the other hand, country…
Businesses provide us (the customers) with goods and services that meet our needs and wants. GOODS AND SERVICES: Goods are considered products that a person can PHYSICALLY TOUCH such as cars, water, food, etc. On the other hand, a service is something intangible (you cannot touch) yet still maintains its value such as car insurance, knowledge,…
MARKETING STRATEGY: WHAT IS A MARKETING STRATEGY? FACTORS THAT AFFECT THE MARKETING STRATEGY: Credit of the image: Cambridge IGCSE and O Level Business Studies 5th edition (Karen Borrington Peter Stimpson) LEGAL CONTROLS ON MARKETING: ENTERING NEW MARKETS: WHY ENTER NEW MARKETS? PROBLEMS WITH ENTERING FOREGIN MARKETS: HOW TO OVERCOME THESE PROBLEMS?
Marketing Mix refers to the different elements involved in marketing a good or a service. These elements include the 4P’s – short for Product, Price, Place, and Promotion THE PRODUCT: ELEMENTS THAT MAKE PRODUCTS SUCCESSFUL: NEW PRODUCT DEVELOPEMENT: Credit to the image: Cambridge IGCSE and O Level Business Studies 5th edition (Karen Borrington Peter Stimpson) WHAT…
MARKET RESEARCH: PRIMARY/FIELD RESEARCH METHODS: What is the purpose of the market research? Decide on the most suitable research method Decide on the size of the sample needed and who will be asked Carry out the research Collect and analyze data Produce a report on the findings METHODS OF PRIMARY RESEARCH: METHODS OF SECONDARY RESEARCH:…
MARKETING: MARKET CHANGES: WHY CUSTOMER SPENDING PATTERNS CAN CHANGE? THE IMPORTANCE OF CHANGING CUSTOMER NEEDS: WHY SOME MARKETS HAVE BECOME MORE COMPETITIVE: HOW CAN A BUSINESS RESPOND TO CHANGING SPENDING PATTERNS AND INCREASING COMPETITION? NICHE AND MASS MARKETING: NICHE MARKET: MASS MARKET: MARKET SEGMENTATION: