Mindblown: a blog about philosophy.

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: ADVANTAGES DISADVANTAGES 1. Few legal regulations 1. Unlimited liability 2. Complete control over the business 2. Lack of capital 3. Freedom to choose holidays and working time 3. Likely to remain small 4. Close contact with customers 4. No continuity if the trader died (the business wouldn’t legally…

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:

WHAT IS COMMUNICATION? EFFECTIVE COMMUNICATION INCLUDES: TYPES OF COMMUNICATION: COMMUNICATION METHODS: FACTORS THAT AFFECT THE COMMUNICATION METHODS: COMMUNICATION BARRIERS: