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HomeBusiness Theory
Business Theory
Consumer protection
Consumer protection is the process of defending consumers against unscrupulous practices by producers and sellers. Over time, case law in this country has developed...
Government and EU influences on business activity
Our national government as well as the European Union play a big part in influencing business activity today:
through taxation and spendingthrough laws, directives and...
Legal protection for customers
Consumer protection is the process of defending consumers against unscrupulous practices by producers and sellers. Over time, case law in this country has developed...
Marketing and the law
Marketing is designed to achieve profitable sales. It involves the use of powerful tools to manipulate the decisions of individuals and of other firms...
International issues
The international environment is very important today. Globalisation, the process whereby businesses develop worldwide brands and products which they supply across the world, and...
External influences
Businesses operate in an external environment in which as well as competition from rivals businesses have to take into account legal, political, social and...
Understanding a balance sheet
The Balance Sheet gives a frozen picture of one instant of time. The other two financial statements show movements over a period of time....
Costing and profitability
Knowing the cost of an item, or activity makes it possible to calculate the profit of that item or activity. This is very important....
Interpreting financial information
Business accounts are produced to meet the needs of their users. Typical users and the use they make of accounts are shown below:
Shareholders -to check...
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...
Calculating the profit or loss of a business
Two of the most important financial statements for a business are the Profit and Loss Account, and the Balance Sheet. The Profit and Loss...
International marketing
International marketing involves recognising that people all over the world have different needs. Companies like Gillette, Coca-Cola, BIC, and Cadbury Schweppes have brands that...
Elasticity of demand
When you raise the price of most items, people will buy less of them. For example, when one airline raises its price, air passengers...
The market its definition and structure
A market consists of all the consumers who purchase a particular type of good or service. The market may be subdivided into separate segments...
Business competitors
Businesses exist in a competitive environment. For example, supermarkets are in fierce competition with each other to provide the best possible value for money...
Marketing techniques
A marketing strategy is an overall marketing plan designed to meet the needs and requirements of customers. The plan should be based on clear...
The Marketing mix – price, place, promotion, product
The Marketing mix - price, place, promotion, product, when marketing their products firms need to create a successful mix of:
the right product
sold at the...
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...
Location
The location of a business is where it is situated e.g. in Central London, Silicon Valley, etc. Where to locate a business is a...
Continuous improvement
Continuous improvement is arguably one of the most important concepts in Japanese management, and is the main difference between Japanese and Western approaches to...
Methods of production
Methods of production, two major processes should come together in the preparation of a product or service for the market:
Market research to find out...
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...
Operations
Operating activities (or operations) are the ongoing activities that a business is involved in - e.g. processing a customer's order in an Argos store,...
Human resource management
Human resources are the people that work for an organisation, and Human Resource Management is concerned with how these people are managed. However, the...
Recruitment and training
Recruitment takes place from the point when a business decides that it needs to employ somebody up to the point where a pile of...
Personnel functions
The term personnel department refers to the organisation's function that is responsible for the management and motivation of people in the workplace. The term...
Contemporary work patterns
The UK economy is characterised by a relatively high level of flexibility in work patterns when compared with our continental neighbours. The work force...
Methods of remuneration
Remuneration consists of the rewards that employees receive from their work. Employees that work for modern companies and other major UK companies will receive...
Support and advice to business
There are a number of bodies that provide support and advice to businesses, ranging from the local Chamber of Commerce or Chamber of Trade to...
Financial information and decision making
The finance department of a company generates a variety of financial information that is helpful in decision making, including:
Profit and Loss accounts provide details...
Resources and assistance for a business
Businesses require inputs of time, information, people, raw material, premises, capital, labour and paperwork. You can see from this list that considerable managerial skills...
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...
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...
Internal organisation
The internal organisation of a business is the way in which it is structured to carry out its various activities. A lot of attention...