What Businesses Do
- Created by: Ali Bland
- Created on: 03-03-15 18:49
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- What Businesses Do
- Adding Value
- A method at which a business adds value to inputs in order to make a profit
- Factors of production
- Land
- Capital
- Enterprise
- Stakeholders
- Owners
- Employees
- Customers
- Lenders
- Government
- Local Community
- What a business needs to be successful
- Good and reliable surrpliers
- Decision making
- Strategic
- Long term about the direction of the business
- Tactical
- Short term about day to day issues
- Intuitive
- Made by a person using their gut feeling - used by small businesses
- Scientific
- Reduces the risk of decisions because they are based on had evidence
- Strategic
- Consumables
- Things that need to be replaced frequently
- Durables
- Things that are long lasting
- Adding Value
- Trained and skilled employees
- What a business needs to be successful
- Good and reliable surrpliers
- What a business needs to be successful
- A product or service customers want
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