The nature of business activity

a Business

An organisation that produces a good or supplies a service

A market

Any place which brings together buyers and sellers so that an exchange of goods and services can take place

Business environment

All of the external factors that affect a business, i.e. technological changes, economic changes, legislation, environmental expectations

Competitive business environment

How a business competes with others to attract and keep customers

Local businesses

A business that operates in a small geographic area

National businesses

A business that operates accross an entire country. It sells products or services to customers throughout the nation and may have multiple outlets or branches spread across the country

Global

A business that operates in more than one country, often with a presence in several international markets.

Purchasing(business function)

Responsible for buying anything required by the business, for example, the raw materials for production, finished products to sell or equipment for administration

Logistics(business function)

How the materials and finished products are transported and stored.

Production(business function)

Responsible for all aspects of producing good, from the input of raw materials through to the finished product

Marketing (business function)

Responsible for all aspects of marketing including the products to sell, advertising, promotion, the prices to charg, where to sell the products and market research. In other words it is concerned about meeting customers needs and wants

Sales (business function)

Responsible for finding new customers and looking after existing customers whi have ordered and received goods

Personnel or Human Resources ( business function)

Responsible for all aspects of the relationship between the business and its workers including, recruitment, training, and motivation

Finance or Accounts (business function)

Responsible for all money related aspects of the business, including paying the bills, receiving payments, keeping records and drawing up accounts.

Business interdependence

How the functions of a business are linked together and how they affect each other