BUSINESS 1

Types of Business Small business International Public sector Multinational National Secondary Private sector Voluntary Tertiary Primary Goods Large Regional Service 2

Types of Business Small Firms - firms which employ a relatively low number of workers International – firms that engage in the exchange of goods and services between countries Public sector – firms engaged in that part of the economy under state control Multinational - A business organisation operating in a number of countries, or a company producing in more that one country National – a firm operating within its country of origin only Secondary – a firm operating in that part of the economy concerned with the manufacture of goods 3

Types of Business Private sector – firms operating in that part of the economy in the control of individuals and companies Voluntary – firms operating in the voluntary sector. The voluntary sector is generally made up of two groups: charities and non-profit making organisations. In this sector, organisations exist in order to benefit the public or specific groups within society. Working in this sector, however, does not automatically mean that positions are unpaid. Many positions are salaried, while a significant number of volunteer posts also exist Tertiary – firms operating in that part of the economy concerned with the provision of services 4

Types of Business Primary – firms operating in that part of the economy concerned with agriculture and the extraction of raw materials Goods – firms engaged in the production of consumer or intermediary goods Large – firms employing a large number of people Regional – firms operating within a local, rather than the national economy Service – firms engaged in the provision of services to individuals and/or other firms 5

Functional Areas of Business 6

Human Resources Recruitment Retention Training Conditions or work Health and safety Worker representatives Staff associations Trade unions 7

Customer Services Information Customer support After-sales support Customer advice 8

Marketing/Sales Market Research What do customers want? How much will they pay? Can we provide the good/service at a profit? Where will we find this information? 9

Market Analysis Who do we sell to? How much do we sell to different groups? Are there new markets? Who are our competitors? 10

Market Strategy What price? The product? How do we make sure people know about us? Where should we sell our products? 11

Sales Team Local Regional National International 12

Research and Development New product development Research into new products Experimenting with new ideas Improving existing products 13

Administration/IT Support Clerical work Reports on meetings Reception Communications, e.g. receiving telephone calls, greeting visitors Filing and recording Sorting mail Cleaning and maintenance Technical support Hardware, e.g. computers Software support, e.g. accounts software Network management Security 14

Production/Operations Getting the right materials/equipment Planning production Monitoring production Monitoring budgets Providing services Monitoring quality 15

Finance and Accounts Cash inflows Revenue from sales Cash outflows Paying for materials and equipment Wages Capital Loans Shares 16