PRELIMINARY BUSINESS STUDIES

- Business management - the management process!

UNDER THE TOPIC OF: BUSINESS MANAGMENT WE HAVE:

1. nature of management2. management approaches

and the most important section which this booklet focuses on which is3. management processwe will then finish with..

4. management and changemanagement process

coordinating key business functions and resources

operations – goods and/or services– the production process– quality management

marketing – identification of the target market – marketing mix

finance

– cash flow statement– income statement– balance sheet

human resources– recruitment– training– employment contracts– separation – voluntary/involuntary

ethical business behaviour

Remember the importance of these key terms

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Analyse Identify components and the relationship between them; draw

out and relate implications

Critically

(analysis/evalua

te)

Add a degree or level of accuracy depth, knowledge and

understanding, logic, questioning,

reflection and quality to  (analyse/evaluation)

Define State meaning and identify essential qualities

Demonstrate Show by example

Describe Provide characteristics and features

Discuss Identify issues and provide points for and/or against

Evaluate Make a judgement based on criteria; determine the value of

Examine Inquire into

Explain Relate cause and effect; make the relationships between things

evident; provide why and/or how

Identify Recognise and name

Interpret Draw meaning from

Investigate Plan, inquire into and draw conclusions about

Justify Support an argument or conclusion

Outline Sketch in general terms; indicate the main features of

operations – goods and/or services– the production process– quality management

Identifying business functions:

Core business function

Other functions

◦ Profit to owners/shareholders

◦ Supply a products/service to consumers

Coordinating business functions

◦ Planning each part of the production of product or any stage or production

Planning operations

◦ Production, marketing, finance and HR are coordinating units

Markets for goods and services

◦ Place where the consumer (buyer) and producer (seller) meet.

◦ Wholesalers and retailers

◦ Today also have stock market/e-commerce

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Questions for review on OPERATIONS

Diagram and comprehension

1 Construct a summary diagram showing the inputs and outputs of a fast-food business.

2 Describe the importance of labour inputs for a service-based business.

3 Analyse the impact of a restaurant using batch production rather than job production.

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4 Describe the objectives of quality management.

5 Explain why improvements to quality cannot occur without improvements to quality control.

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