BUSINESS MANAGEMENT : WHAT IS A BUSINESS?

• BUSINESS MANAGEMENT
• Tertiary Education

BUSINESS FUNCTIONS

WHICH SPECIFIC DEPARTMENT/ BUSINESS FUNCTION IS RESPONSIBLE FOR THESE ACTIONS?

Recruitment of Staff

Setting prices for the firm's products

Deciding where the product should be sold

Stock control and management

Establishing quality management process

Researching the needs, wants, and preferences of customers

Allocating resources to purchase capital equipment

Hiring a new production manager

Financial and non-financial methods of motivating the staff

Strategies to attract and retain customers

These people are willing to buy certain goods and services because the production process adds value to the final products. These people are called:

To produce a car, these 4 factors are needed: 

1. Raw material: steel /rubber/glass 

2. Employees who work at the car company

3. Mass Production lines /robots used to make cars

4. CEO/production director who oversees the whole operations of cars being manufactured

PRIMARY SECTOR

SECONDARY SECTOR

TERTIARY SECTOR

QUATERNERY SECTOR

SECTORS IN BUSINESS

Which of the following is not one of the three basic types of inputs into a business?

1. Financial resources
2. Physical resources
3. Creative resources
4. Human resources

What is the name of the business input that refers to the money needed to start up and operate a business?

How sectors are connected

Name the economic sector in which manufacturing occurs.

Which
sector includes activities like farming, fishing, and mining.

Name the economic sector that includes wholesale and retail stores.
It includes all distribution and service activities.