Business Environment
1. Types of Businesses:
1. Sole Trader: owned and controlled by one person
2. Partnership: owned and controlled by two or more people
3. Limited Company: separate legal entity from owners
2. Business Objectives:
1. Profit maximization
2. Market share
3. Social responsibility
3. Stakeholders:
1. Owners/shareholders
2. Employees
3. Customers
4. Suppliers
5. Government
Business Organization
1. Business Structure:
1. Functional structure
2. Divisional structure
3. Matrix structure
2. Management Styles:
1. Autocratic
2. Democratic
3. Laissez-faire
3. Motivation:
1. Maslow's Hierarchy of Needs
2. Herzberg's Two-Factor Theory
Business Finance
1. Sources of Finance:
1. Internal sources (retained profit, sale of assets)
2. External sources (loans, shares, grants)
2. Budgeting:
1. Cash budget
2. Production budget
3. Sales budget
3. Break-Even Analysis:
1. Break-even point (BEP)
2. Margin of safety
Business Operations
1. Production:
1. Types of production (job, batch, flow)
2. Production planning
2. Marketing:
1. Marketing mix (4 Ps)
2. Market research
3. Quality Control:
1. Types of quality control (pre-production, in-production, post-production)
International Business
1. Globalization:
1. Advantages (increased market, economies of scale)
2. Disadvantages (cultural differences, logistics)
2. International Trade:
1. Types of trade (visible, invisible)
2. Tariffs and quotas
3. Exchange Rates:
1. Fixed exchange rate
2. Floating exchange rate
