Business Study Notes Essay

3363 words - 13 pages

Business Notes:Chapter 1 - the nature of a businessRole a business plays in society:"±Employs people"±Basis of nations economy"±Brings technological change and innovation"±Offers choices relating to work and consumption"±Provides social interactionDefinition of a business:To produce goods and services to add value in the process of productionValue chain is the concept that value is added at each stage of production process, as inputs are transformed into final productsMaking profit is important to most businesses but not all. Some aim to provide the community with a service eg: the ABC (Australian broadcasting commission)What is a small business:"±Independently owned an operated"±Controlled by owners or managers who also contribute most of the operating capital"±Decisions are made by the owners or managersCan also be defined as:"±A non-manufacturing business employing less than 20 employees"±A manufacturing business employing less than 100 employeesMedium sized businesses employ 20-99 people and a large business employs more than 200 staff. Some times small and medium businesses are grouped together known as SME's (small and medium enterprises)Small businesses play a vital role in Australia's economy. Over 1 million private sector business, employing 3.5 million people. non agricultural and small businesses make up 1/3 of Australia's economy and 40% of the total employment.Contributions made by small businesses to the economy:"±Create jobs"±Help increase national income and living standards"±Increase exports"±Help growth in specific areas and strengthen local communities"±Help innovate"±Improve skills of the workforce"±Strengthen family ties - 2/3 of small businesses are family ownedBusiness goals: 2 different business goals:1.Financial goals2.Social goalsFinancial goals:1.Breaking even: the 1st goal of any business in survival. Business needs to have enough revenue to cover its costs, otherwise it looses money and it cannot survive in the longer term.In the early stages of businesses, it will often make a loss. It can take years until the business sees any profit.2.Making profit: the main aim of most businesses is to make a profit. Adequate profit is usually determined by the return they receive on their investment and the degree of risk involved.3.Product sales and market share: businesses will sometimes aim for increased sales and a larger market share as their main aim in the short term, believing that in the longer term it might make them more profit. Market share refers to the percentage of total sale of a product sold by a business during a set period of time. Market share can be measured by either quantity sold (unit sales) or value of production (dollar sales). To increase market share, business may cut prices and increase advertising which, in the short term, decrease profits.4.Growth and diversification: the broadest...

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