LC Business Notes 2024

Overview

  • Leaving Cert Business Revision Notes for 2024:

    • Designed for revision, not for exam answers.

    • Points should be expanded with examples in the exam.

    • Definitions may not be exhaustive.

    • Not to be claimed as personal work.

    • Best of luck in your studies!

People in Business

  • Business Definition: Organization providing goods/services.

    • Types of Organizations:

      • Commercial (profit-oriented)

      • Social Enterprises (not-for-profit)

      • Private Sector (individually owned)

      • Public Sector (state-owned)

  • Stakeholders: Groups affected by a business's operations.

    • Key Stakeholders:

      1. Entrepreneurs: Initiative-takers for business ideas.

      2. Investors: Provide financial resources.

        • Sources of Finance: Equity capital, loans, grants.

      3. Employers: Rights and responsibilities related to staff management.

      4. Employees: Rights include contracts, wages, and safe working conditions.

      5. Managers: Responsible for business operations and achievements.

      6. Producers and Suppliers: Create products and provide raw materials.

      7. Consumers and Customers: Purchase goods/services.

      8. Society: Influence of community and societal expectations.

      9. Government: Regulates businesses for compliance with laws.

      10. Interest Groups: Advocate specific stakeholder interests (e.g., trade unions).

Conflict Resolution

  • Types:

    • Non-Legislative: Negotiation, third-party mediation.

    • Legislative: Use of state resolution agencies, such as courts.

  • Key Legislation:

    • Consumer Protection Act 2007

    • Unfair Dismissals Act 1997-2007

Contracts

  • Essential Elements:

    1. Offer

    2. Acceptance

    3. Consideration

    4. Intention to Contract

    5. Consent

    6. Capacity

    7. Legal Purpose

  • Termination: Methods including performance, mutual agreement, and breach.

Sales and Consumer Rights

  • Sale of Goods and Supply of Services Act 1980: Consumer rights on goods and services provided.

  • Remedies for Breach: Repair, replacement, refund.

Human Resource Management

  • Functions: Recruitment, training, retention.

  • Methods:

    • Include HR planning, recruitment process outline, staff training, performance appraisal.

    • Fair treatment in employment matters, motivation, rewards, and career advancement.

Marketing and Business Expansion

  • Marketing Strategy: Identify needs, market research, segmentation, and promotion.

  • Business Expansion Methods:

    • Organic growth (e.g., increasing sales)

    • Inorganic (e.g., mergers, acquisitions).

Ethical Considerations in Business

  • Ethics: Set standards guiding business decisions.

  • Social Responsibility: Obligations businesses have towards stakeholders and the environment.

Government’s Role in Business

  • Intervention Reasons: Promote economic growth, ensure fairness, provide essential services and infrastructure.

  • Benefits of EU Membership: Access to broader markets, financial support, and standardized regulations.

Global Business and Trade

  • International Trade: Importing/exporting goods and services.

  • TNCs: Transnational companies affecting local economies through investment and employment.

  • Challenges: Competition, cultural differences, and compliance with different regulations.

Final Note

  • Ensure to prepare adequately by expanding on these points with examples and additional research.