Unit 1: What is business?
- Created by: tomevans98
- Created on: 24-04-16 20:13
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- Unit 1: What is business?
- Understanding the nature and purpose of business
- Objectives
- Mission and Mission statement
- Types of objectives
- Business
- Corporate
- Common objectives
- Business
- Functional
- Profit
- Growth
- Survival
- Cash Flow
- Social and Ethical
- Common objectives
- Functional
- Why businesses set objectives
- S.M.A.R.T
- Measurement and importance of profit
- Revenue = Price per unit x quantity sold
- Costs = fixed + variable
- Relationship between cost and price
- Revenue = Price per unit x quantity sold
- Relationship between cost and price
- Profit = Total Revenue - Total costs
- Importance of profit:
- Objectives
- Understanding different business forms
- Private sector organisations
- Unincorporated
- Sole trader
- Partnership
- Incorporated
- Private limited company
- Public limited company
- Unincorporated
- Public sector organisations
- Limited and unlimited liabilities
- Shares
- Ordinary share capital
- Dividend
- Market capitalisation
- Role of shareholders
- Influences on share price and importance of changes
- Non-profit organisations
- Effects of ownership on mission
- Private sector organisations
- Understanding that business operate within an external environment
- Influences on businesses
- PESTLE
- Influence of external environment on costs and demand
- Influences on demand
- Competition
- Influences from competition on cost and demand
- Incomes
- Interest rates
- Effects on business costs
- Effects on demand
- Demographics
- Effects on costs
- Effect on demand
- Environmental Issues and fair trade
- Effect on costs
- Effect on demand
- Influences on businesses
- Understanding the nature and purpose of business
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