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Unit 1 Mindmap(recall) - Coggle Diagram
Unit 1 Mindmap(recall)
1.1 What is a business
definition of business: an organization that provided goods and services to customers on a commercial bases.
Reasons why people start a business: 1. full control 2. make changes or fulfill a gap in the market. 3. be innovative
what is business plan: A business plan is a tool that shows a business's mission, direction, their products.
advantages of business plan: 1. Help employees and mangers to know the direction the business is heading. 2. show the plan to suppliers and bankers to get financial support
Sectors of production: 1. Primary sector: firms extract raw materials. 2. Secondary sector: firms turning raw materials into valuable products. 3. Teritary sector: places that sell those products. 4. Quaternay sector: technology and information trading
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1.3 Business objectives
vision: A business's long term aspirations, or what they want to achieve eventually
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1.4 stakeholders
internal stakeholders: Group of people or individuals inside of company that are interested in its performance
- employees: people that work in the company and is interested in their wages, welfare, and vocations(maybe)
- managers: interested in making the business long term and earn profit and dividends for shareholders.
- shareholders: people that have a piece of the company that is interested in the company's profit
External stakeholders: Group of people or individuals outside of company that are interested in its performance
- Customers: individuals that buy products from the company and is interested in the price of the products
- Focus groups: groups that monitor business performance and see if they are acting ethically and with moral
- Competitors: aware of the performance of business and identify any gaps or opportunities to outcompete it
- government: see if the business has enough money to pay for taxes and make sure that it does not have monopoly power
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