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Business - Coggle Diagram
Business
Stakeholders:
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Managers (e.g. Dr.Brown, other principles)
Employees (e.g. Teachers, other staff)
Owners (e.g. RCHK board, ESF)
Local Community/Environment (e.g. Hong Kong, Ma On Shan/Heng On)
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Government (e.g. EDB, Hong Kong)
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definition of business:
--> a commercial enterprise.
--> can be defined or described by its type of ownership, the goods or services offered, the types of jobs provided, or the functions it performs in a community
Entrepreneur - a person who sets up a business or businesses, taking on financial risk in the hope of profit.
- Stakeholder - a person with an interest in a business
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- Input - raw materials, land, equipment
- Output - goods and services
- Profit - A financial gain
What do businesses do?
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Businesses are started by entrepreneurs (an individual who creates a new business) who see a need and recognise the opportunity, to go into business to meet that need
Business provide jobs for people -- we depend on businesses for products and services, but also for employment / stakeholders (a party that has an interest in a company and can either affect or be affected by the business.) --> Business and people are integrated together
They buy inputs such as raw materials, labour, machinery and equipment, and land, for their products and services. They also produce outputs, which are the goods and services of a business.
diagram about the cycle of business: input --> manufacture/process --> cost - fixed and variable --> output --> revenue --> profit
Businesses focus on efficient use of resources as they need to maximise the use of their input in order to create as much profit they can from their existing materials
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Roles in businesses:
Chief Operating Officer: Also known as the COO -- oversees the group and guides them, ensuring all roles are on track, helping people when they need it. Lead conversations and ideas but not BOSSING them around.
Marketing Director: Conducting market research to find market/product, and follow the 4Ps of marketing. Develop questionnaires and focus groups, as well as other primary and secondary research along with the research director. Figure out products that are likely to sell -- (manages the marketing process from research and planning to execution and analysis.)
Financial Director: In charge of all the work involving money -- identifying costs of production, working with the marketing director to estimate the final price of the product. Works out potential profit and keeping track of all money spent to keep costs down. (manage accounting and financial control functions, and establish a financial strategy for the profitable long-term growth of the business.)
Research and Development Director: Organising the research stage and working with the marketing manager to manage the research and planning process (questionnaires and focus groups) Prototype development and testing of the product(directs and implements an organisation's research and development policies, objectives, and initiatives.)
Industries: A group of businesses that all produce similar products (e.g. the music industry, technology industry etc)
3 Sectors of industries:
Primary production: acquiring raw materials, for example mining coal and metals, drilling oil from the ground, rubber tapped from trees, foods farmed etc. This is also known as extractive production. (the input part)
Secondary production: The manufacturing and assembly process. It is the converting of raw materials into components, such as making plastics from oil, or making paper from trees. This production process also includes the assembling the product, e.g. actually building the houses, and schools etc. (the output part)
Tertiary production: This is the commercial services that support the production and distribution process. This can include insurance, transport, advertising, warehousing and other services such as teaching and health care. (service industries facilitate the transport, distribution and sale of goods produced in the secondary sector) (the marketing and selling, providing goods part)
