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HomeBusiness Theory
Business Theory
Globalisation
Globalisation is a result of the world becoming increasingly interconnected due to the hugely increased trade and cultural exchange. The biggest companies are no longer just...
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...
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...
Responding to social responsibilities and ethics
Businesses work in a wider social environment in which they have a responsibility to a range of stakeholders including the wider community.
The term Corporate...
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...
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...
Constructing accounts
Accounts are records of financial transactions. Information that is used in accounts is initially entered into books of prime entry, which may simply be...
The flow of financial documents used in a business purchase
There are a number of documents that flow between a supplier and a purchaser when purchases are made.
Initially, the purchaser will want to...
Accounting concepts
Accounts are records of financial transactions. Information that is used in accounts is initially entered into books of prime entry, which may simply be...
Financial records and documents
Accounting involves the creation of financial records of business transactions, flows of finance, the process of creating wealth in an organisation, and the financial...
Competition
Competition occurs when two or more organisations act independently to supply their products to the same group of consumers.
There are two bases on which...
Demand and supply
The term demand refers to the quantity of a given product that consumers will be willing and able to buy at a given price....
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...
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...
Marketing and the business environment
Marketing and the business environment demand the identification and understanding of target markets. These are highly dynamic: expanding and contracting, shifting in new directions...
Market research and development
Market research and development involves collecting, recording and making sense of all the available information which will help a business unit to understand its...
Technology
Technology is the process of applying new scientific discoveries and other developments to products and processes. If we look at the development of production...
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...
Production technology
Technology is the process of applying the finding of science and other forms of enquiry to applied situations. Production technology, therefore, involves applying the...
The formal and informal organisation structure
Organisations have a formal structure which is the way that the organisation is organised by those with responsibility for managing the organisation. They create...
Innovation
In business terms, innovation is the commercial exploitation of an invention. This involves dedicating resources and bringing a new idea to market. The succession of...
Location of production
Location of production
Production activity should be located where a firm can be most productive, and yield the highest revenues per unit of investment.
A...
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...
Methods of management
Management has been described as getting things done by other people. Managers have the responsibility of enabling an organisation to achieve its objectives. They...
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...
Investigating job roles
Organisations are structured in radically different ways ranging from relatively fixed structures with positions, rules, and established chains of communication to dynamic structures in...
Training and development
Today people are often the key resource of a firm and their employees can make up at least two-thirds of all costs. Well-managed training...
Human resources planning
Human resources are the people that work for an organisation, and Human Resource Management is concerned with how these people are managed. However, the...
Objectives
Business activity is focused on the achievement of appropriate business objectives as shown below.
Objectives for
Production for a company like Coca-Cola will focus on quality...
Types of organisation
The main types of business organisation in the private sector are illustrated in the chart below:
Criteria For Judging The Success Of Business
Businesses come in...
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...
Measuring performance against objectives
Management accounting uses financial information in order to enable better decision making within the organisation. The format and content of management accounts will depend...
Aims and objectives
Business activity is focused on the achievement of business aims and business objectives.
A business aim is a goal a business wants to achieve. A...
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...