1
Q
name the 4 business functions
A
finance, marketing, human resources, operation of production
2
Q
what is finance as a function?
A
money to finance the product
3
Q
what is marketing as a function?
A
finding out what the customer wants
4
Q
what is human resources as a function?
A
people + law managing (skills + efforts)
5
Q
what is operation of production as a function?
A
the product
6
Q
what is an enterprise?
A
getting the factors of production, managing them, providing goods + services + making profit
7
Q
what effects these business functions outside the business?
A
technology, legal regulations, economic issues, the change in market (social situations)
Business
flashcards
Decks in class (49)
# Cards
-
Goods/services 1.110
-
Needs/wants2
-
Factors of Production9
-
Opportunity cost2
-
Business Sector4
-
Entrepreneurs 12
-
Ownership types18
-
Business objectives2
-
Stake holders and shareholders18
-
Business planning4
-
Location9
-
nature of business4
-
Costs4
-
Revenue and profit3
-
Internal growth and external growth3
-
economies and diseconomies of scale3
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customer v consumer3
-
the entrepreneur4
-
business functions7
-
changes in a business environment4
-
shares4
-
business locations6
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Business planning10
-
key terms26
-
objectives4
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IMPORTANT EQUATIONS2
-
2.1 Technology4
-
Ethics and environment 2.28
-
the economic climate of business 2.310
-
Globalisation 2.412
-
legislation 2.510
-
competitive environment 2.65
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3.1 production process13
-
3.2 - the role of procurement14
-
The concept of quality 3.39
-
3.4 Good customer service7
-
Recruitment 3.512
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4.1 Organised Structures20
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4.2 Recruitment30
-
4.3 Motivating employees19
-
4.4 training11
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5.1 Identifying + understanding customers5
-
5.2 Segmentation10
-
5.3 The purpose + methods of market research17
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5.4 Elements of the marketing mix7
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6.1 Sources of finance8
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6.2 Cash flow12
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6.3 Financial terms + calculations25
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6.4 Financial statements53
