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Business Studies - Business Activity (Market types (Services (Personal /…

- - - - Owned by central government or regional authorities
      - Run for benefit of everyone or one particular group
    - - Run to make a profit
      - Owned by by private companies and individuals
  - - - Extraction / production of raw materials
    - - Manufacturing or construction
        
        Importance : UK specialises in high added value goods
    - - Commercial services
      - Enabling good to get to the final consumer
      - Direct services
    - - Research and development (into new technology)
- - - - Furniture manufacturer
        
        Furniture shop
- - - - Ensuring long term future in market
    - - Ensuring a porfit on finance invested
  - - - Increasing business size
    - - High levels of customer satsifaction
    - - Maintaining and improving staff working for the business
- - - - Increased monopoly power
    - - Takes away revenue from competition
  - - - Merger
        
        Two businesses agree to join to make one larger
      - Takeover
        
        One business buys control of another
      - Types of integration
        
        Backward Vertical
        
        With a supplier
        
        Diversification / Conglomerate
        
        Unrelated business activity
        
        Forward Vertical
        
        Another business that is forward on chain of production (outlet or retailer for goods and services)
        
        Horizontal
        
        Same industry and same stage of production
    - - Firm uses its own resources
      - Investment in factors of production