Business Management Unit 1

is an any organization that uses resources to meet the needs of customers by providing a product or service that they demand.

• Business

• Corporation

• School

• Sector

is someone who takes the financial risk (and reaps the rewards!) of starting and managing a new venture

• Shareholder

• Manager

• Entrepreneur

• Stakeholder

The commercial processes involved in creating and designing, promoting and selling and distributing a product or service

• Human Resource Management

• Accounts and Finance

• Marketing

• Operation Management

The process of determining human resource needs and then recruiting, selecting, developing, motivating, evaluating, compensating, and scheduling employees to achieve organizational objectives

• Human Resource Management

• Finance and accounts

• Marketing

• Operation Management

is the management of money and credit and banking and investments. The accounts and finance section also provides the business with an array of tools for keeping track of cash flows, judging the viability of an investment and being able to prepare and analyze a financial records to both report on and evaluate the health of a business.

• Human Resource Management

• Operation Management

• Finance and accounts

• Marketing

Goods used in the production of other goods and services

• Investment goods

• Capital goods

• Goods goods

• Expenditure goods

Businesses involved in the cultivation or extraction of natural resources.

• Primary

• Secondary

• Tertiary

• Quaternary

The construction and manufacturing of physical products

• Primary

• Secondary

• Tertiary

• Quaternary

Provision of the services to customers, including, retailing

• Primary

• Secondary

• Tertiary

• Quaternary

The portion of an economy that is based on knowledge applicable to some business activity that usually involves the provision of services.

• Primary

• Secondary

• Tertiary

• Quaternary