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Some are run by only one person who carry out all of the
required functions
Others employ thousands of people and provide goods
and services to people all over the world
Each business can be defined or described by its type of
ownership, the goods produced or services offered,
the types of jobs provided, or the functions
it performs in a community
Businesses are started by entrepreneurs who see a need,
recognize the opportunity, and go into business to meet
that need
Business and people need each other – there are many
stakeholders – we depend on businesses for products and
services, but also for employment
Buy inputs – raw materials, labour, machinery and
equipment, and land
Produce outputs – goods and services
Focus on efficient use of resources
Generate profit/surplus
Who are the stakeholders? – Anyone who has
an interest in the success of a business
• Customers
• Managers
• Employees
• Owners
• Local Community/Environment
• Suppliers
• Government
• Creditors
Take Inputs Process/Manufacture Output
Profit
A group of businesses that all produce
similar products is called an industry
Example: Automobile manufacturers and
automobile parts is the Automobile Industry
Separated into three categories – primary,
secondary, and tertiary
• Those involved in the first stage of
development of products
• Harvest natural resources that are later
External Objectives
and
Factors Strategy
Internal
and
External
Influences
Accounting Human
and Finance Resources
Production
and
Operations
Management
Market Analysis
• Market Size
• Market Segments
Marketing
Marketing Strategy
Objectives
External
and • Objectives of Business
Factors
Strategy • Niche versus Mass Marketing
Internal • Marketing Portfolio
and
External
Influences Market Research
Accounting Human • Primary and Secondary
and Finance Resources
Production
The Marketing Mix
and
Operations • Price
Management
• Place
• Promotion
• Product
Legal Structure
• Sole Proprietor
Objectives • Partnership
• Corporation
and Strategy
Business Objectives
Human
Marketing
Resources • Mission Statements
Internal
• Starting Business
and
External
Influences
Stakeholders
Production • Customers
External and
Factors Operations • Suppliers
Management
• Employees
Accounting
• Communities
and Finance
SWOT Analysis
• Strengths, Weaknesses, Opportunities,
and Threats
Management Structure
Human and Organizational Design
Resources • Top Managers, Middle
Objectives Production Managers, Front Line Managers
and
and
Strategy
Operations
Management
• Operatives
Internal
and
External
Leadership and
Influences
Management Styles
Accounting
Marketing and Finance • Autocratic, Democratic,
Laissez-Faire
External
Factors
Management by
Objectives (MBO)
Motivation
Human
Resources
Objectives
and
Production
and Recruitment and
Operations
Strategy Management
Training of Employees
Internal
and
External
Influences
Marketing
Accounting
and Finance
Workforce Planning
External
Factors
Communication
Production and Efficiency and
Operations
Management
Effectiveness
Human
Resources
Accounting
and Finance
• Stock and Quality Control
• Capacity Utilization
Internal
and
External
Influences
Objectives
Production Methods
External
and
Factors
Strategy
Objectives
Budgeting
and
Strategy
Revenue
Market Structure
External • Perfect Competition
Factors • Monopoly
• Imperfect Competition
Accounting
Marketing
and Finance • Oligopoly
Internal
and
The Macro-Economy
External
Influences • Business Cycles
Production Objectives • Government Objectives and Policies
and
Operations and
Management Strategy The Legal Environment (The Law)
Human
Resources Social Responsibility
Business Ethics