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HomeBusiness Theory

Business Theory

SLEPT analysis

Before creating business plans or when evaluating existing ones it is important to 'scan' the external environment. This takes the form of a SLEPT analysis,...

Influences on businesses

Businesses operate in an external environment in which as well as competition from rivals businesses have to take account of legal, political, social and...

The external environment

A business converts inputs into outputs in order to make a profit. However, the business does not exist in a vacuum, it exists within...

Exchange rates

Money is demanded in order for it to be used to buy and sell goods and services. The same applies to international currency. Foreigners...

Economic conditions

Before creating business plans or when evaluating existing ones it is important to 'scan' the external environment. This takes the form of a SLEPT...

Reasons for regulating business activity

Regulation means providing rules and frameworks for business and other activities. Some aspects of business activity are self-regulating - for example, the Advertising Standards...

Analysis of profitability, liquidity and performance

The profit of a business is the difference between its revenues and its costs. It is important to consider two main types of profit: 1.Gross...

The importance of business accounts

Business accounts are produced to meet the needs of their users. Typical users and the use they make of accounts are shown below: There are...

Organisations that provide financial services

Banks like Abbey provide a number of important financial services to businesses: Loans provide businesses with expansion capital. A secured loan is one that is...

Products that can help you manage your personal finances

Banks provide a number of important financial services to business: Loans Provide businesses with expansion capital. A secured loan is one that is guaranteed by some...

Covering the costs of a new product

Costing is an important aspect of production because: By knowing how much it costs to produce an item or to carry out an activity it...

Calculating costs of production

Costing is an important aspect of production because: by knowing how much it costs to produce an item or to carry out an activity it...

Overseas marketing

International marketing involves recognising that people all over the world have different needs. Companies like Gillette, Coca-Cola, United Airlines, BIC, Cadbury-Schweppes and Nissan have...

Marketing model

When looking at the marketing model people often get confused between the marketing of a product and the selling of a product. Marketing is...

Marketing and sales

Marketing is the process of identifying, anticipating and then meeting the needs and requirements of consumers in order to make a profit. In contrast,...

Creating strategies that meet customer needs in the marketing mix

Creating strategies that meet customer needs in the marketing mix, when marketing their products firms need to create a successful mix of: the right product sold...

The principles of marketing

The principles of marketing involves a range of processes concerned with finding out what consumers want and then providing it for them. This involves...

Demand and supply for goods and services

Demand and supply for goods and services The demand for a product is the quantity that buyers will be willing to purchase at a given...

Critical path analysis

Critical Path Analysis (CPA) is a management tool designed to ensure the most efficient scheduling of any project. Suppose that a minor building project consists...

Control of business activity

Control of business activity takes place at two levels - control from within the organisation and external control. Internal control Internal control involves the creation of...

Factors of production

The term factors of production relates to the key factors that go into making goods. It is common practice to break these down under...

Stock control

Businesses hold stocks in a variety of forms: raw materialswork-in-progressfinished goodsconsumablesplant and machinery spares. The aim of stock control is to make sure that a business...

Health and Safety

The health and safety of employees in the workplace are major concerns for employers and employees. Detailed employment laws and legislation have been created...

Quality

Quality is often defined as 'fitness for purpose'. In other words, a product that meets the needs and requirements of its consumer. In his...

Rights and responsibilities of employers and employees

Employers and employees have responsibilities to each other, they should also expect their rights to be upheld. These rights and responsibilities relate to areas...

Management structure and organisation

Managers are people who steer an organisation towards meeting its' business objectives. Management has been described as: 'the process of planning, organising, leading and...

Employer employee relations

Employers and employees need to have some system for communicating their views and requirements to each other. Employee-employer relations take place at two main...

Working together: business communications

Effective communication is an essential part of a smoothly running business organisation. Communication involves the transmission of information from a source (or a number...

Remuneration incentives job satisfaction

Remuneration (pay), incentives (such as bonus payments) and job satisfaction are all important in creating motivation at work. Remuneration and incentives The sum paid for a...

Employee participation

Employee participation is the process whereby employees are involved in decision making processes, rather than simply acting on orders. Employee participation is part of...

Decision making and stakeholders

Decision making lies at the heart of business activity. Typical decisions include: what to produce, and how how much to produce, and what selling techniques to...

Business expansion

Business expansion presents potential benefits and drawbacks, some owners are even unwilling to take the risk of growing a business, instead deciding to stay small....

Growth and decline of businesses

Businesses grow in a number of ways - e.g. by increasing sales and profits, employing more staff, operating from more outlets, producing on a...

Business objectives planning and stakeholders

Business objectives Business objectives are the ends that an organisation sets out to achieve. A business creates business plans to enable it to achieve these...

Creating and evaluating your business plan

A business plan is a description of a business and its plans for the next one to three years. It explains what the business...

Industrial sectors

The main types of business organisations in the private sector in the UK are - sole traders, partnerships, companies and franchises. The sole trader is the...

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