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business management - Coggle Diagram

- - - - characteristics of successful managers:
        
        communication skills
        
        determination
        
        knowledge
        
        strong ethics
        
        flexibility
  - - - factors creating market opportunities:
        
        changing demographics
        
        changing societal attitudes and norms
        
        changing laws and regulations
        
        advancements in technology
    - - effect of changing customer needs on goods and services:
        
        convenience
        
        technology
        
        trends
        
        ethical behaviour
    - - steps:
        
        create an idea
        
        gather information
        
        analyse costs and benefits
        
        create and test products
        
        launch products
    - - globalisation: is the increased trade, communication and travel between countries due to decreased trade barriers and increased technology
      - domestic: is within a particular country
  - - - types of business goals:
        
        financial goals: are the targets set by a business for improving the overall financial performance of a business
        
        social goals: are targets set by a business that aim to improve the welfare of the community, environment or employees of a business
  - - - legal barriers that protect intellectual property:
        
        trademark: is a form of legal protection over the rights of the business's name, symbols, colours, packaging or additional tools used to sell its products
        
        patent: is a licence that provides a business with exclusive rights to the use innovative devices, methods or processes
        
        copyright: is a free and automatic protection for original ideas such as writing, art, sounds, films and photographs
        
        domain name: is the unique website address
  - - - areas for feasibility for a prospective business owner to consider:
        
        market feasibility: using market research to develop an understanding of the market conditions can help determine if a business concept has the potential to be successful in the long term.
        
        operational feasibility: to determine the operational feasibility of a business an individual can research what kind of employees they will require and what equipment is needed and determined the accessibility of these resources.
        
        commercial feasibility: distinct feature one: individual must be able to afford the initial costs of setting up the business
        distinct feature two: individual will need to determine if the industry and its customers are likely to support the opening of its potential business.
        
        technical feasibility: examines the current skills of the potential business owners and their ability to help the business achieve its goals
        
        legal feasibility: understand the legal regulations associated with starting their business and determine the likelihood that the business continues to comply with applicable laws and legislation
  - - - examples of economic wellbeing:
        
        employment opportunities
        
        taxation revenue
        
        infrastructure
        
        economic growth
        
        international trade
  - - - examples of government investment in research and development initiatives:
        
        innovation connections
        
        research and development tax incentives
        
        accelerating commercialisation
- - - - factors affecting the choice of a sole trader:
        
        risk - high level of risk as the owner invest their personal saving into the business
        
        resources - financial resources are limited to the sole traders personal finances and it could be more difficult to obtain loans from financial institutions
        
        level of control - there is a high level of control as the owner has full power over all business decision
        
        cost - low set-up costs and the owner can retain all of the business's profits
    - - factors affecting the choice of a partnerships:
        
        risks - is shared between all of the partners, partners are all held personally responsible for business debts