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BUSINESS AND MANAGEMENT

BUSINESS AND MANAGEMENT. MODULE 1 BUSINESS ORGANIZATIONS & ENVIRONMENT. Business Functions & Sectors. A business must carry out several vital functions if it is to operate effectively Businesses usually give departments (or functional areas) the responsibility to carry out these tasks

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BUSINESS AND MANAGEMENT

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  1. BUSINESS AND MANAGEMENT MODULE 1 BUSINESS ORGANIZATIONS & ENVIRONMENT

  2. Business Functions & Sectors • A business must carry out several vital functions if it is to operate effectively • Businesses usually give departments (or functional areas) the responsibility to carry out these tasks • Most businesses have the following areas… Purchasing per Region

  3. Production (Operations) • Responsible for converting raw materials into finished goods; ready for delivery to customers • Several tasks that include: • How the good is to be manufactured and delivered • What resources are needed • How long the production process should take • Inventory management • Quality control • R & D

  4. Marketing • Responsible for identifying and satisfying consumer wants and needs by selling the goods manufactured • Series of activities generally referred to as the 4 P’s of marketing • Product • Price • Promotion • Place

  5. Old Spice Campaign • Using the Internet, trace the remarkable popularity that the new Old Spice campaign has enjoyed • Is this type of social marketing the new wave of product promotion? • Analyze the financial results of this promotion • The following website may be of some use: http://www.bnet.com/blog/publishing-style/why-old-spice-guy-can-turn-sales-for-p-g-around/390

  6. Finance • Managing and organizing the company’s money • Accurate recording and presentation to both internal and external interests • Monitoring overseas markets and political systems

  7. Human Resources • Responsible for managing the workers in the organization • Workforce planning • Training • Recruitment • Payments and benefits • Health and safety

  8. Formative Case Study – Post Secondary Education Education is big business. Schools can earn revenue from numerous sources, such as tuition fees, grants, fund raising and endowments. They might also hire out their facilities. They use revenue to finance their costs, such as wages to the teaching staff. How are post secondary institutions considered specialized? Use the Internet to assist with your answer. Examine how the four business functions outlined in these notes, operate in an organization such as schools.

  9. Business Sectors • Businesses can b classified according to the stage of production that they are engaged in. • There are three main sectors of business activity • Primary • Secondary • Tertiary

  10. Primary Sector • Businesses are involved in extraction, harvesting and conversion of land • Examples of businesses include: • Agriculture • Fishing • Mining • Forestry • Oil extraction • Utilizes specialized equipment and machinery, as a result, these businesses are very capital intensive

  11. Secondary • Businesses are involved in using raw materials and other resources for the manufacturing and construction of finished and useable products • Businesses include: • Airline manufacturing • Construction firms • Clothing companies • Electronics manufacturers • Manufacturing tends to dominate a countries national output (wealth creating sector) – Germany, South Korea • Very volatile to economic conditions

  12. Tertiary Sector • Businesses and people provide services to their private and corporate customers • Also known as the service sector • Examples of businesses include: • Retail • Finance • Heath care • Travel • In some countries, this sector dominates the economy (Canada, Italy)

  13. Chain of Production • Also called the supply chain • The three sectors are linked; from the extraction of raw materials used to produce the product through to it being delivered to the consumer • All three are said to be interdependent, as each sector relies on the other

  14. Communication Exercise • Prepare a two minute speech on the value created by intermediaries for producers in a specific supply chain

  15. DECA Connection • You are to assume the role as the fundraising chair for the school’s DECA team. You have developed a unique board game based on trivia about Kingston. You have identified two target markets within the city – consumers 12 years of age and older and businesses. A local business person has given you a quote on producing the game, but you need to prepare a thorough distribution plan before you ask for investment money. • Prepare a distribution plan that will be presented to the class. • Your evaluation will be based on how well you: • Explain the nature of the supply chain • Explain the relationship between customer service and distribution • Your selection of channels of distribution

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