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BUSMAN, Need for changing objectives, Differences between them:, Chapter 1…

- - - - Land - physical and natural rescources used in production
      - Management - organization and planning of other sectors of production
      - labour - the human efforts(mental and physical) involved
      - Capital - the non-natural(monetary and manufactured) rescources involved
    - - Goods( Tangible Products)
        
        Consumer goods: goods sold to the general population
      - Services(Intangible products)
        
        Pure
        
        Knowledge based
  - - - It tracks the stages of an item's
        production
      - All four business sectors are
        interdependent
    - - Newly I.: 2 - 3 - 1
      - Developed E.: 3 - 2 - 1
      - Developping E: 1 - 3 - 2
  - - - All things worker related
      - Recruting, developing and motivating
    - - organizing the organization's money
      - Capital goods
      - Opportunity costs
    - - Product
      - Price
      - Promotion
      - Place
    - - Process and adding value
- - - - related to the VS
      - General and long term goals
    - - S.M.A.R.T
        
        Specific, Measurable, Agreed, Real, Time-related
    - - Short-term goals to achieve the objectives - SPECIFIC
    - - Geral plans to achieve Objectives
      - Operational, corporate, generic
        
        O: day-by-day goals
        
        G: Could affect the entire business
        
        C: longer term goals
    - - Responsability
      - Trust
      - behaviour
      - Morality
      - Principle
      - Reliablity
      - Choice
      - Relationship
      - Pressure might come from within the business or external factors(i.e. PG)
      - CSR
        
        Self-intrest(non compliance)
        
        Altruistic
        
        Strategic
        
        Proving accurate information and labelling;
        
        Adhering to fair employment practices;
        
        Environmental consciousness;
        
        Active community work;
  - - - S/W - internal, O/T - external
  - - - 1 - low risk, 2,3 - medium risk, 4 - high risk
      - Diversification divided into: Related and Unrelated
- - - - Partnerships
        
        Owned and operated by 2-20 people
        
        Silent parters: Raise money but do not actively run the business
        
        Deed of partnership
        
        Trust issues
        
        Financial strength
        
        Division of labour
        
        Unlimited liability
        
        Problems with partners leaving
        
        Raising capital limited
      - Corporations
        
        Owned by shareholders
        
        Permanent capital
        
        Shareholders - Owners of stock
        
        A lot of cash
        
        Stock - Unit of ownership in a corporation (1 share = 1 vote)
        
        Limited liability(Corps are sued, not the owners)
        
        Two documents
        
        Memorandum of association
        
        Articles of incorporation
        
        Annual general meeting
        
        Allow shareholders(owners) to vote on resolutions
        
        Investor questions
        
        Re-election of the board of directors
        
        Annual reports
        
        Bureaucracy
        
        Directors own many shares - better performance
        
        Economics of scale
        
        Advertising
        
        Legal services
      - Sole trader
        
        Owned and operated by one person
        
        Personal finance investment
        
        Unlimited liability
        
        Freedom(be your own boss)
        
        High risk
        
        Workload and stress
        
        Personalized custumer service
      - For profit Social corporation
        
        Micro Finance Providers
        
        Aimed at entrepeneurs of small businesses
        
        Cooperatives
        
        Owned and run by their members
        
        Common goal of creating value
        
        Divided in worker, consumer and Producer
        
        Public Private Partnerships
        
        When the government worls with the private sector
    - - NGOs
        
        Social entrerprise that works in that private sector
        
        Operational vs Advocacy
      - Charity
        
        Its key function is raising funds from individuals and organizations to support a cause that is beneficial to society or a specific organization.
      - *Pressure Groups & Regulatory bodies
        
        RB: Control the performance of private companies
        
        PG: organized group that seeks to influence government policy
      - Goal is providing a service