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BUSINESS YR7 & YR8 by ZL - Coggle Diagram

- - - - Need
        
        water
        
        food
        
        clothing
        
        shelter
      - Want
        
        ECONOMICAL PROBLEM
        unlimited wants+limited resources= oppurtunity cost
        
        leads to oppurtunity cost
        
        factor of production
        
        Land
        
        Labour
        
        Capital
        
        Enterprise
      - Specialisation and division of labour
        
        specialise workers in particular skills
        
        Advantages
        
        increase efficeincy
        
        less time wasted
        
        quick and cheap
        
        Disadvantages
        
        workers might become bored
        
        if one worker is absent, there is no one to replace
      - Understanding Added Vale
        
        Advantages
        
        can't pay other cost
        
        calculating the difference between market value of a product or service, and the sum value of its constituents.
        
        basically: Selling price of product - Cost of raw materials
    - - stages of economy
        
        primary
        
        woodcutting
        
        farming
        
        fishing
        
        oil mining
        
        secondary
        
        baking
        
        aircraft making
        
        construction
        
        clothes manufacturing
        
        tertiary
        
        insurance
        
        baking
        
        hairdressing
        
        travel agent
        
        hotel
        
        Industrialisation
        
        increase in manufacturing
        
        deindustrialization
        
        increase in services
      - Mixed economy
        
        Public Sector
        
        run by goverment
        
        Private Sector
    - - Entrepreneurs
        
        beneits
        
        indepndence
        
        high income
        
        disadvantages
        
        risk
        
        lack of experience
        
        capital needed
        
        characters
        
        hard working
        
        risk taker
        
        leadership
        
        creative
        
        confident
        
        innovative
      - Business plan
        
        uses
        
        gain finance
        
        to reduce risk
        
        should include
        
        location
        
        marketing strategy
        
        product
        
        organisation structure
        
        market
        
        finance
      - comparing business size
        
        number of employees
        
        value of output
        
        sales
        
        capital employed
      - how business expand
        
        horzontal
        
        Congromolate
        
        Vertical
        
        forward
        
        backward
    - - private sector
        
        sole trader
        
        joint ventures
        
        private limited sector LTD
        
        public limited sector(PLC)
        
        partnership
        
        franchise
      - public sector
        
        run by government
        
        public section cooperation
    - - business objective
        
        profit making
        
        growth
        
        increase market shares
        
        survival
        
        provide service to community
      - Stakeholders
        
        internal
        
        manager
        
        control
        
        salary
        
        status
        
        worker
        
        job security
        
        job satisfactury
        
        income
        
        owner
        
        return on capital
        
        profit
        
        external
        
        media
        
        customers
        
        good and service in good quantity
        
        good value
        
        community
        
        safe product
        
        clean enviroments
        
        jobs
        
        goverment
        
        employment
        
        taxes
        
        increase national output
        
        competition
        
        suppliers
        
        shareholders
  - - - F W Taylor
        
        money is main motivator
      - Herzberg
        
        7 hygiene
        
        status
        
        security
        
        work condition
        
        company policies and administration
        
        relationship with supervisor
        
        salary
        
        relationship with subordinates
        
        5 motivation
        
        achievement
        
        recongizition
        
        promotion
        
        personal growth
        
        the work itself
      - Maslow
        
        Hierarchy of needs
        
        phycologial needs
        
        food
        
        water
        
        shelter
        
        safety/security needs
        
        protection from danger and poverty
        
        health
        
        property
        
        social needs
        
        friendship
        
        recognition
        
        self actualisation
        
        reward
        
        promotion
        
        Esteem
        
        recognition
        
        strength
        
        freedom
    - - financial motivators
        
        Wages
        
        Time rate
        
        Piece rate
        
        Salary
        
        Commision
        
        profit sharing
        
        bonus
        
        share ownership
        
        performance-related-pay
      - non financial motivators (perks)
        
        company car
        
        discounts on company product
        
        free children education
        
        free trips
        
        health care
      - job satisfaction
        
        job rotation
        
        job enrichment
        
        job enlargement
        
        teamwork
        
        training
    - - organisation chart
        
        levels of management and division of responsibilities in a company
        
        span of control
        
        how narrow
        
        chain of command
        
        how tall
        
        delegation
        
        giving subordinate authority to perform tasks
        
        ADVANTAGES
        
        less mistakes made
        
        efficiency
        
        quick
        
        interesting and rewarding
        
        DISADVANTAGES
        
        subordinate might fail
        
        jealousy that subordinate did task better
      - effective manager
        
        intelligence
        
        self-confidence
        
        determination
        
        initiatve
        
        good communication skills
      - styles of leadership
        
        autocratic
        
        laissez-faire
        
        democratic
      - managers
        
        line managers
        
        achieve primary goals in the business
        
        Marketing
        
        Finanace
        
        Operations
        
        Retail
        
        staff managers
        
        support line managers
        
        HR
        
        ICT
    - - HR
        
        recruitment and selection
        
        steps
        
        vacancy arises
        
        job analysis
        
        job description
        
        job specification
        
        job advertised in media
        
        application forms sent
        
        CV
        
        name
        
        address
        
        phone number
        
        education
        
        nationality
        
        interest
        
        why you want to apply for the job
        
        receive application form
        
        shortlist
        
        interview
        
        selection
        
        vacancy filled
        
        why recruit
        
        employee leaves
        
        new business starting up
        
        business want to expand
        
        recruitment
        
        internal
        
        recruit people in the company
        
        cheaper
        
        reliable
        
        motivation to friends
        
        external
        
        recruit people outside of company
        
        external ideas available
        
        selection
        
        work experience
        
        education
        
        age
        
        skill it gain
        
        trainning
        
        full time VS part time
        
        full time
        
        opposite of part time
        
        part time
        
        flexible amounnt of time of work
        
        extend business opening hours
        
        look after children
        
        reduced costs
        
        ADVANTAGES
        
        help new worker settle their jobs faster
        
        legal requirement of health and safety
        
        less likely to make mistakes
        
        on the job VS off the job
        
        on the job
        
        learn from an experienced worker
        
        less costly
        
        off the job
        
        workers go away from where the work
        
        train them
        
        cheaper
        
        be multi-skilled
        
        Dismissal
        
        have to leave the job for have unsatisfactory behavior
        
        Redundancy
        
        occasion where a number of employees will not be needed for an economic reason
    - - occur when a message pass on to a person who understands it
        
        internal communication
      - Effective Communication
        
        Internal
        
        to people in same organisation
        
        External
        
        to people in other organistion/customers
        
        one way communication
        
        Two way communication
        
        formal
        
        meetings, or discussions related to the company
        
        informal
        
        discussion that is not related to the business
      - how to choose methods of communicaton
        
        leadership style
        
        cost
        
        speed
        
        feedback
        
        receiver
      - Communication Channel
        
        W-Written
        
        letter, report, magazine, minutes
        
        O-Oral
        
        Face to Face, phone call
        
        V-Virtual
        
        poster, images, videos, chart
        
        E-Electronic
        
        E-mail, telegram, Whatsapp
        
        N- Non-Verbal
        
        body language
      - Barriers of Communication
        
        jargon
        
        wrong info received
        
        information is too long
        
        wrong channel
- - - - making a profit
      - mantain customer oyalty
      - identify and satisfy customer needs
      - Changes
        
        consumer taste and fasion change
        
        fiercer market
        
        change in technology
        
        income
        
        ageing population
      - Market
        
        for particular product/service made for potential customers and sellers
        
        mass market
        
        many people buy the product
        
        appeal market
        
        very high sales
        
        niche market
        
        small number of customers who form a small segment of a big market
        
        reduce competition
        
        specialised
        
        led to customer loyalty
        
        segmenting a market
        
        age
        
        region
        
        socio-economic
        
        gender
        
        lifestyle
    - - product orientated
        
        business that know what is best for consumer
      - market orientated
        
        identify customer wants
      - Primary Research(Field)
        
        collected data by you where you are the first one to ask
        
        relevant
        
        slow
      - Secondary Research(Desk)
        
        data collected by others who done it
        
        fast
        
        cheap
        
        may not be relevant
      - Quantitative data
        
        response from consumers which is impossible to chart:
        How do you feel about the colour purple?
      - Quantitative data
        
        valueble
        
        a lot of data
    - - Place
      - Price
      - Product
      - Promotion
      - https://coggle.it/diagram/ZhjFJjc90NTClUli/t/marketing-mix
  - - - goals for operation management
        
        work with suppliers
        
        design to attract customers
        
        use technology to ensure the whole process is smooth
      - Labour production=
        
        Output per period/ number of employees per period
      - how to increase productivity
        
        motivation
        
        introduce automation
        
        improve quality control
      - maximising effeciency
        
        labour intensive
        
        more towards human labour
        
        capital intensive
        
        investing in machinery and technology
      - types of stock
        
        raw materials
        
        work in progress
        
        finished goods
        
        Control of Stock
        
        Importance
        
        High storage, maintenance and security costs
        
        Theft by employees
        
        damaged costs
        
        insurance
        
        lighting and handling
        
        Stock control chart
      - Lean Production
        
        7 wastages
        
        overproduction
        
        waiting
        
        transportation
        
        over-processing
        
        motion
        
        unnecessary inventory
        
        defects
        
        Lean production methods
        
        Kaizen (Japanese)
        
        Benefits
        
        improve factory layout
        
        increase productivity
        
        reduce space in factory
        
        work in small groups
        
        share and discuss ideas
        
        JIT (Just In Time)
        
        making of parts are finished just in time when supplier arrive
        
        Benefits
        
        reduced costs
        
        finished goods are immediately sold, cash flow quickly
        
        warehouse not needed
        
        Cell Production
      - Production methods
        
        Job Production
        
        Batch Production
        
        Flow production
      - Factors affecting production
        
        nature of demand
        
        size of market
        
        nature of product
        
        size of business
    - - https://coggle.it/diagram/ZvE11_Z59F_N6DRw/t/costs%2C-scale-of-production-and-break-even-analysis
    - - Quality
        
        to produce goods or services
        
        Importance
        
        Establish brand image
        
        brand loyalty
        
        attract customers
        
        have good reputation
      - Quality Control
        
        Check quality of the product at the end of the production stage
      - Quality Assurance
        
        Check quality of product throughout the production stage
      - TQM (Total Quality Management)
        
        Continuously improving products and production
        
        focus on quality throughout the whole project
        
        expensive