Scribd
Upload
9 views3 pages

IGCSE Business Revision

The document outlines key aspects of business activities, including the purpose, sectors, and objectives such as survival and profit. It details types of business organizations, marketing strategies, human resources practices, operations management methods, financial sources, and external influences like economic and legal factors. Each section provides essential insights into how businesses operate and the factors that affect their success.

Uploaded by

exleduhub
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
9 views3 pages

IGCSE Business Revision

The document outlines key aspects of business activities, including the purpose, sectors, and objectives such as survival and profit. It details types of business organizations, marketing strategies, human resources practices, operations management methods, financial sources, and external influences like economic and legal factors. Each section provides essential insights into how businesses operate and the factors that affect their success.

Uploaded by

exleduhub
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 3

📘 1.

Business Activity & Objectives


✅ Purpose of Business Activity

 Combine factors of production to satisfy needs/wants


 Create employment, income, and innovation

✅ Business Sectors

 Primary: extraction (farming, mining)


 Secondary: manufacturing
 Tertiary: services (banking, transport)

✅ Business Objectives

 Survival
 Profit
 Growth
 Market share
 Social and ethical goals

📗 2. Types of Business Organisation


✅ Types

 Sole Trader – one owner, unlimited liability


 Partnership – 2-20 owners, shared profits, unlimited liability
 Private Ltd (Ltd) – limited liability, owned by shareholders
 Public Ltd (PLC) – shares sold to public, large capital
 Co-operatives, Franchises, Joint Ventures

✅ Public vs Private Sector

 Public: government-owned (e.g. NHS)


 Private: owned by individuals or companies
📙 3. Marketing
✅ Market Types

 Mass vs Niche markets


 Consumer vs Industrial markets

✅ Market Research

 Primary (surveys, interviews)


 Secondary (internet, reports)
 Helps identify customer needs, market trends

✅ Marketing Mix (4Ps)

 Product: design, quality, brand


 Price: skimming, penetration, competitive
 Place: channels of distribution (retail, online)
 Promotion: advertising, sales promotion, sponsorship

📒 4. Human Resources
✅ Recruitment & Selection

 Job description, person specification, advertising, interviews

✅ Training

 Induction, on-the-job, off-the-job

✅ Motivation

 Financial: wages, bonuses


 Non-financial: praise, promotion, job rotation

✅ Organizational Structure

 Hierarchies, spans of control


 Importance of communication
📕 5. Operations Management
✅ Production Methods
 Job, batch, flow production
✅ Lean Production
 Reduce waste: Just in Time, Kaizen, Cell production
✅ Quality Control
 Inspection vs Assurance

📘 6. Finance
✅ Sources of Finance
 Internal: retained profit, sale of assets
 External: bank loans, overdrafts, share issue, grants
✅ Cash Flow
 Importance of managing cash inflows/outflows
 Cash flow forecast
✅ Income Statement
 Revenue - Costs = Profit

📗 7. External Influences
✅ Economic Factors
 Inflation, interest rates, unemployment, exchange rates
✅ Legal & Social Environment
 Consumer laws, health & safety, employment laws
✅ Environmental Impact
 Sustainable production, pressure from stakeholders

You might also like