ocr cambridge national in business and enterprise (level 1 / 2) r061 introduction to business
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OCR Cambridge National inBusiness and
Enterprise(Level 1 / 2)
R061Introduction to Business
Introduction
Businesses are affected by their competition, social factors and how well they perform as well as by the economy and society they are a part of.
Businesses come in all shapes and sizes. Each one will have its own objectives, type of ownership and rate of success.
Ownership
Each type has its own characteristics as well as its own benefits and drawbacks.
There are different types of business ownership:
•Sole trader
•Partnership
•Private Limited Company
•Public Limited Company
Objectives
Every successful business has a set of objectives. They will have a plan and a set of
goals to get them where they want to be.
Success or failure can depend on the business objectives. It is often true
that as things change businesses need to alter
their objectives in order to remain successful.
Key Concepts
ProductionMaking, testing and ensuring the quality
of the product.
Human ResourcesAll companies need to hire the right
people, offer training and sometimes fire them!
The key concepts in:
FinanceHandling the cash. Raising finance,
breaking even or making a profit are all part of the finance dept.
MarketingThe 4 Ps. Product, Price, Promotion and
Place.
Economic FactorsThe state of the economy affects day-to-day business as we go through times of plenty and times of hardship.
When times are good customers spend their money but when times are hard they
cut back.
This obviously affects the success or failure of a business and sometimes even the largest of organisations go under.
Quality Control
A successful company will make sure the
service and products they sell go through
quality control to achieve this.
If a business gets a bad reputation, for how
long do you think customers will continue
to buy its products?
It is very important that the services or products a business sells have been
checked to ensure they are fit for purpose. Customers want value for
money and reliability.
TechnologyThe internet has seen the rise of large internet businesses such as Amazon as well as many small companies and
sole traders using the web to easily sell their services to the
public.
In the modern world it is important that businesses
make good use of technology to cut down on costs and
promote their services and products.
You will learn…
What helps to make a business
successful.
Why businesses
need objectives.
The different types of
business and why they are
not all the same.
About methods of raising
finance and about the
importance of cash flow.
How technology and environmental concerns affect
modern businesses
About pay, working
conditions and performance management.
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