Review IB Bus. Mngt.

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Fuction of a business

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45 Terms

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Fuction of a business

Human reasources (HR), Marketing, Operations Managment, Fiance.

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Key concepts

Creativity, change, ethics, and sustainability

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3

What is the public sector

run by the government, everyone has access to stocks

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4

What is the private sector

Run with a profit motive

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5

Primary sector

Business that extract resources from the earth (Like fisharies, lumber farm, crop farming)

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6

Secondary sector

Businesses that create/manufacture poducts (factories like clothing stores)

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Tertiary sector

Businesses that provide a service (Retail, spas, etc)

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8

Quaternarysector

Research based (Nasa)

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9

Sole trader/proprietor

When there is only one owner. Adv: Full profit, Autonomy, easy and cheap to start. Dis. Adv: Unlimited liability (responsable for everything)

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10

Partnership

When two or more people own a business. Adv: Specialization in functions. Dis Adv: Unlimited liability, shared profit

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11

Private limited company

Owned by friends and family. Adv: Limited liability. Dis Adv: loss of control, conflict with shareholders,

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Public limited company

Anyone can buy stocks. Adv. Limited liability Dis. Adv: loss of control, conflict with shareholders,

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13

Social enterpirse

Orginazations focused on bringing about change

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14

For-proftit social enterprise

Goal(Social and economic aim) is to generate profit to help the community (World Wildlife Fund raising money to help preserve species)

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Non profit orginazation (NGO)

Operating in the private sector with the goal of helpong others and is not with the gov (like unicef)

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Cooperatives (consumer)

Owned by customers who buy goods

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Cooperatives (worker)

Owned by employees who work there

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Vision statement

A dream or goal that explains where the business would like to be

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Mission statement

The purpose of the business existence realistic gives direction. (No timeframe, guides decisions) Adv: Allows for evaluation, defines organization, core values, understood by all stakeholders, provides direction. Dis Adv: Very expensive, might not be supported by employees, very time consuming to develop

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Social Corparate Responsibility

Businesses give back to the comminity. Done to improve image and reputation but it costs money.

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21

Stakeholder

Any person intersted in performance of business (Ex. customers, employees)

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Shareholder

Is a type of internal stakeholder; they invest in the business with hoopes the value grows.

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Employee (internal stakeholder)

Is a type of internal stakeholder; that financial benifits like salary bonus, insurance, job security, etc

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Dividends

Part of the company profits paid back to investers through capital gains(value of stocks incressing)

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External Stakeholders

supplies, customers, special intrest groups (trade unions, presure groups, local community)

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Stakeholder conflict

Businesses cant please all stakeholders at the same time (Renumeration)

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Renumeration

Benifits from a job in one thing (benifit package), more than one interest

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