Business Theory

External Environment

PEST analysis

Before creating business plans or making decisions, it is important to 'scan' the external environment. This can...

Globalisation

Globalisation is a result of the world becoming increasingly interconnected due to the hugely increased trade and cultural exchange....

How businesses are affected by international competitors

In the modern world, businesses are increasingly affected by the actions of international competitors as a result...

International trade

For centuries Britain has been a country that relies on international trade. We purchase goods and services...

Finance

Financial advice, sources of credit and savings and investments

Sources of finance are where finance comes from.For example,Bank loans,Owner's (share) capital,Trade credit,The Times 100 MFI case...

Use of personal income

There are a number of ways of raising finance for a business. The type of finance chosen...

Using a cash flow forecast

A forecast is an estimate of future figures based on experience. You can make forecasts about all...

Fixed, variable costs and break-even

The break-even point of a business is the level of output or sales at which the revenue...

Marketing

Market analysis and market planning

Marketing is the process of developing and implementing a plan to identify, anticipate and satisfy consumer demand,...

Aims of the marketing department

Marketing involves a range of processes concerned with finding out what consumers want and then providing it...

Marketing and the business environment

Effective marketing demands the identification and understanding of target markets. These are highly dynamic: expanding and contracting,...

Measuring customer satisfaction

Customer satisfaction refers to the extent to which customers are happy with the products and services provided...

Operations

Technology

Technology is the process of applying new scientific discoveries and other developments to products and processes. If...

Production specialisation and division of labour

Specialisation is a key feature of complex industrial societies like our own. It takes place at a...

Location of production

Production activity should be located where a firm can be most productive, and yield the highest revenues...

Planning controlling and reporting

Planning, control and reporting are three important aspects of effective production. Production plans set out the targets,...

People

Human needs and rewards

People being human need to be rewarded and encouraged for their endeavours. A number of researchers have...

Employment legislation

Over time a body of law or legislation has developed governing employer/employee relations and the rights of...

Skills and Competencies

Core competencies are the skills that allow a business to deliver a benefit to customers, capabilities that are critical...

Communication

Communication is the passing on of ideas and information. In business we need good, clear communication. The...

Strategy

Business structure

Every organisation made up of more than one person will need some form of organisational structure. An...

Business expansion

Business expansion presents potential benefits and drawbacks, some owners are even unwilling to take the risk of growing...

Organisational structures

Organisations have a formal structure which is the way that the organisation is organised by those with...

Business activity

Business activities are those which are concerned with seeking to meet the needs of customers by providing...

Business Theory

Types of business organisations

The main types of business organisation in the private sector in the UK are:sole traderspartnershipscompaniesfranchises.The sole traderThe...

Industrial sectors

The main types of business organisation in the private sector in the UK are - sole traders,...

Decision making

A business organisation is a decision-making unit that sets out to produce a product in the form...

Business strategy

A business strategy is the means by which it sets out to achieve its desired ends (objectives)....

Business structure

Every organisation made up of more than one person will need some form of organisational structure. An...

The Business Cycle

Economic growth is measured by changes in the size of a nation’s income. There are a variety...

Skills and Competencies

Core competencies are the skills that allow a business to deliver a benefit to customers, capabilities that are critical...

Recruitment and selection

Recruitment is the process of identifying that the organisation needs to employ someone up to the point...

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