Business and Management
What makes a good business leader?
- Motivated
- Driven
- Resilient
- Focused
What makes a:
Good workplace environment
- Pleasant workspace
- Motivated colleagues
- Mutual respect between boss and workers
- Good leader/manager
- Access to the right technology/tools needed for the job
- Respecting time/having enough time
Bad workplace environment
- Unmotivated colleagues
- Too much /not enough socializing (distracting)
- Lack of business clarity
- Fear of failure
Who is my customer as a business student and how can we delight them?
- The examiner
- Make sure to have legible handwriting
- Try and get all the marks on the papers
- Knowledge/basic understanding
- Use correct terminology
- Analytical thinking
- Have coherent and structured responses
- Unique ideas/original thinking
- Ourselves/future version of ourselves
- Continue to be motivated in order to achieve your goal
- Have a deeper understanding of the course and business in general
- Learn about ourselves and our subject
- Always making the most out of each lesson
,- Develop a passion
Introduction to Business
- A business exists to fulfil the current and future wants and needs of customers while making a
profit
- Instagram, the customers want: to communicate and see what other people are doing, the
product: an app that makes it easy to do these things
- Tesla: the customers want: an electric car that doesn’t harm the environment, the product: the
vehicle
- Netflix: the customers want to watch movies and series, the product a platform which provides
that
The market
- The market is like a battle ground: on one side there is the business, on the other there is the
customer
- The aim of the business sells products and generate+maximise profit
- The customer’s aims are to satisfy their needs and wants, the customer “enters the
battleground” if they feel that their needs aren’t being satisfied, and so they will buy the
product.
- The customer wants good quality, good customer experience and a good price
Understanding the course
- Objectives:
- Think critically
- Approach things from a different perspective
- Understand the context
- Consider environmental and societal implications
- Think creatively
- Content, context, concepts
- Content- foundation: business, organization, human resources, finance and accounts,
marketing and operations management
- Concepts: change, culture, ethics, globalization, innovation and strategy
- Assessment objectives
- Demonstrate knowledge and understanding
- Demonstrate application and analysis
,- Demonstrate synthesis and evaluation
- Demonstrate appropriate skills (annotation, calculation, graphs)
Assessments:
- 2 exams 1:15 minutes and 1:45 minutes, 1500 words, internal assessment
Entrepreneurship
- An entrepreneur is someone who start something up, they see an opportunity and see whether
or not it could be a potential business.
- The four necessary favors of production that entrepreneurs need to start a business are:
- Capital—> money and machinery
- Labour—> people
- Land—> a place where you can set up your business
- Enterprise—> entrepreneurship
- The entrepreneur is like a match that light a fire, which is made up of land, labour and capital.
Business Functions:
- Primary: a business that grow or extracts raw material from the earth or the sea, e.g mining
(coal or oil), farming, fishing.
- Secondary: manufacturing the raw materials extracted in the primary sector, e.g food
production, manufacturing cars
- Tertiary: providing a service, e.g teacher, hairdresser, cashier, banks, supermarkets,
restaurants, telecommunications
- Quaternary: providing information services, e.g software development, research and
development or research in the scientific sector.
- Production chain: a sequence of parts which lead to the final product, with value add between
each sector
- Vertical integration: when a business owns every company that comes before or after it in the
production chain e.g Oil companies, Shell
- Horizontal integration: similar to vertical, horizontal is when a business acquires another
business at the same point as them in the production chain. Facebook and Instagram
- Backwards integration: when a company merges with another company which completes task
up the supply chain: buying or merging with a company that supplies its products e.g Netflix
- Forward integration: buying other companies that come after it in the production chain.
, - Economies of Scale: the more you make the cheaper it is.
- Finance and accounts
- Marketing
- Human Resources: recruitment and retention (how can I get good people to join my business,
and how can I keep them there)
- Operations Management (how things get done e.g. the construction and manufacturing of a
car)
- Customer service
- Executive leadership
- Research and development, design function
Why are more developed countries run by Tertiary sectors?
- Tertiary sector requires more work and skill that manufacturing for example
- This brings more money in and makes the people richer
- This then allows them to have more money to spend benefiting them
Business Types:
- Private business: privately run, satisfies customers, intentions of making profit (public limited
company, still exists by making a profit) e.g; Facebook, amazon
- Public business: owned and run by the government, satisfies a public need, no intention of
making a profit e.g; NHS (national health service)
- Third sector business: privately run, satisfy public need, and have 0 intention of making a profit
e.g; charities, non-governmental organizations e.g save the children, Oxfam
Can a Business do good and make money?
What makes a good business leader?
- Motivated
- Driven
- Resilient
- Focused
What makes a:
Good workplace environment
- Pleasant workspace
- Motivated colleagues
- Mutual respect between boss and workers
- Good leader/manager
- Access to the right technology/tools needed for the job
- Respecting time/having enough time
Bad workplace environment
- Unmotivated colleagues
- Too much /not enough socializing (distracting)
- Lack of business clarity
- Fear of failure
Who is my customer as a business student and how can we delight them?
- The examiner
- Make sure to have legible handwriting
- Try and get all the marks on the papers
- Knowledge/basic understanding
- Use correct terminology
- Analytical thinking
- Have coherent and structured responses
- Unique ideas/original thinking
- Ourselves/future version of ourselves
- Continue to be motivated in order to achieve your goal
- Have a deeper understanding of the course and business in general
- Learn about ourselves and our subject
- Always making the most out of each lesson
,- Develop a passion
Introduction to Business
- A business exists to fulfil the current and future wants and needs of customers while making a
profit
- Instagram, the customers want: to communicate and see what other people are doing, the
product: an app that makes it easy to do these things
- Tesla: the customers want: an electric car that doesn’t harm the environment, the product: the
vehicle
- Netflix: the customers want to watch movies and series, the product a platform which provides
that
The market
- The market is like a battle ground: on one side there is the business, on the other there is the
customer
- The aim of the business sells products and generate+maximise profit
- The customer’s aims are to satisfy their needs and wants, the customer “enters the
battleground” if they feel that their needs aren’t being satisfied, and so they will buy the
product.
- The customer wants good quality, good customer experience and a good price
Understanding the course
- Objectives:
- Think critically
- Approach things from a different perspective
- Understand the context
- Consider environmental and societal implications
- Think creatively
- Content, context, concepts
- Content- foundation: business, organization, human resources, finance and accounts,
marketing and operations management
- Concepts: change, culture, ethics, globalization, innovation and strategy
- Assessment objectives
- Demonstrate knowledge and understanding
- Demonstrate application and analysis
,- Demonstrate synthesis and evaluation
- Demonstrate appropriate skills (annotation, calculation, graphs)
Assessments:
- 2 exams 1:15 minutes and 1:45 minutes, 1500 words, internal assessment
Entrepreneurship
- An entrepreneur is someone who start something up, they see an opportunity and see whether
or not it could be a potential business.
- The four necessary favors of production that entrepreneurs need to start a business are:
- Capital—> money and machinery
- Labour—> people
- Land—> a place where you can set up your business
- Enterprise—> entrepreneurship
- The entrepreneur is like a match that light a fire, which is made up of land, labour and capital.
Business Functions:
- Primary: a business that grow or extracts raw material from the earth or the sea, e.g mining
(coal or oil), farming, fishing.
- Secondary: manufacturing the raw materials extracted in the primary sector, e.g food
production, manufacturing cars
- Tertiary: providing a service, e.g teacher, hairdresser, cashier, banks, supermarkets,
restaurants, telecommunications
- Quaternary: providing information services, e.g software development, research and
development or research in the scientific sector.
- Production chain: a sequence of parts which lead to the final product, with value add between
each sector
- Vertical integration: when a business owns every company that comes before or after it in the
production chain e.g Oil companies, Shell
- Horizontal integration: similar to vertical, horizontal is when a business acquires another
business at the same point as them in the production chain. Facebook and Instagram
- Backwards integration: when a company merges with another company which completes task
up the supply chain: buying or merging with a company that supplies its products e.g Netflix
- Forward integration: buying other companies that come after it in the production chain.
, - Economies of Scale: the more you make the cheaper it is.
- Finance and accounts
- Marketing
- Human Resources: recruitment and retention (how can I get good people to join my business,
and how can I keep them there)
- Operations Management (how things get done e.g. the construction and manufacturing of a
car)
- Customer service
- Executive leadership
- Research and development, design function
Why are more developed countries run by Tertiary sectors?
- Tertiary sector requires more work and skill that manufacturing for example
- This brings more money in and makes the people richer
- This then allows them to have more money to spend benefiting them
Business Types:
- Private business: privately run, satisfies customers, intentions of making profit (public limited
company, still exists by making a profit) e.g; Facebook, amazon
- Public business: owned and run by the government, satisfies a public need, no intention of
making a profit e.g; NHS (national health service)
- Third sector business: privately run, satisfy public need, and have 0 intention of making a profit
e.g; charities, non-governmental organizations e.g save the children, Oxfam
Can a Business do good and make money?
