An Introduction to Business Management T1.1

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What is the role of the business?
Aims to meet the needs and wants for individuals in forms of: production raw material, creating product or service.
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State the resources imputes and what they are?
Human - amount of people to make a product/service Physical - amount of material, machinery or land in order to make product/service Financial - amount of money to make a product/service Enterprise - something new that is the main idea of the busines
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What is Processes to add value?
It is the process which has two categories: capital intensive is the process of using land/machinery, labour - intensive is a process of large proportion of labour to work parallel to land/machinery
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What is the Product Output?
Goods - tangible/physical Service - intangible
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What are the 4 key functions?
Human Resources - approved people employed Marketing - offences product to desired people Finance - funds available to make a product/service Operations - correct processed used
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What are the Sectors of Business activity?
Goods: Primary - raw material Secondary - manufactured from raw material Service: Tertiary - using manufactured products like transport and edu Quaternary - knowledge of social media and internet
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What is the other name used for Sector of Business activity?
Production chain or Chain of Production
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Explain the process of Integration?
Integration is when two business join together. If it horizontal integration that means that two business from the same market join together into one e.g. two coffees. When the integration is vertical, the business is still the same except it has jo
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What is the difference between Backwards vertical integration and Forwards vertical integration?
backwards - business joins with some other at the start of Chain production Forwards - business joins some other at the end of the chain production.
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What is the difference between Entrepreneurs and Intrapreneurs?
Entrepreneurs - Individual who proposes an enterprise to make profit, employees itself Intrapreneur - Individual who is employed by a company who proposes entrepreneurial thinking to make or develop new products/service
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What are the elements of Entrepreneurship and Intrapreneurship?
Both must balance the risk of failure and success of business. Innovation is the main focus for them: Market research, need seeking of communication with customers and technology the drives investigating in research of opportunities by technology.
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What are the reasons for starting up a business?
Rewards - working with someone | Independence - you are the boss | Necessity - can't find any other work | Challenge - to see if they can make it | Interest - passion/hobby | Finding a gap in the market - find an opportunity
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Other cards in this set

Card 2

Front

Human - amount of people to make a product/service Physical - amount of material, machinery or land in order to make product/service Financial - amount of money to make a product/service Enterprise - something new that is the main idea of the busines

Back

State the resources imputes and what they are?

Card 3

Front

It is the process which has two categories: capital intensive is the process of using land/machinery, labour - intensive is a process of large proportion of labour to work parallel to land/machinery

Back

Preview of the back of card 3

Card 4

Front

Goods - tangible/physical Service - intangible

Back

Preview of the back of card 4

Card 5

Front

Human Resources - approved people employed Marketing - offences product to desired people Finance - funds available to make a product/service Operations - correct processed used

Back

Preview of the back of card 5
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