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Mind mapping, ((Tool:STEEPLE:A business management tool that analyses the…
Mind mapping
What is business
PRIMARY,SECONDARY,TERTIARY,AND QUATERNARY SECTORS
The primary sector refers to the extraction or production of raw materials from the Earth
The secondary sector refers to manufacturing and processing, where raw materials are made into products for sale
The tertiary sector refers to any business that sells a service
The quaternary sector is a relatively new sector. It refers to services that focus on knowledge
THE NATUER OF BUSINESS
Businesses are systemsA system is a set of interconnected parts that work together to form a more complex whole to achieve a certain goal. The system has inputs, processes, outputs, and feedback.
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Tool:STEEPLE:A business management tool that analyses the external conditions that may be opportunities or threats for a business.
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Concept:Creativity as an outcome has been defined primarily in management as the generation of ideas, solutions, or processes that are novel and useful.
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Businesses need to be aware of current and changing sociocultural conditions, so they can create products and solutions needed by people. Businesses also need to recognise when changing sociocultural factors threaten their business.
2.Technological factors
The state of current technology will affect what products a business offers its customers.Businesses are constantly offering new products based on new technologies.These new technologies may be put into products by businesses to increase the chances that a customer buys a new product, even if they already own a product that is useful.
3.Economic factors
Provide consumer demand for different kinds of products, to achieve a single void.
4.Environmental factors
Provide resources for the natural environment, because some businesses rely on the natural environment for their work.
5.Political factors
Provide some political needs because Politics has a huge impact on business decisions.
6.Legal factors
Businesses must be aware of changing laws so they can adapt their products and operations as needed.
7.Ethical factors
Many businesses, however, have conflicts between the goals of business growth and profit and their social and/or environmental responsibilities.Discuss some ethical considerations.
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