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Business Mind map - Coggle Diagram
Business Mind map
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Business objectives
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Functional objective: A target for one of the functions of the business, such as marketing, finance, operations or Human Resources
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Profits: They are measured by the difference between total revenue and total costs in a given period
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Corporate social responsibility: It is an approach under which businesses consider the interests of all groups in society as a central part of their decision making.
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Transformation process: All business are involved in this process, where it involves inputs into outputs.
Factor of production (Inputs): Land, labour, capital, and enterprise
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Market forces: They are the forces of supply and demand which determines the price of a product and the quantity bought and sold in a market
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Ethical behaviour: Behaviour that is thought to be morally correct, and not necessarily the most profitable
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A business is created with a specific purpose to achieve a given target whether it is an individual or a group of people organising.
USP: A unique selling proposition is a feature of a product that makes it different from competitors for the customer.
Adding value: It occurs in a transformation process when outputs produced are worth more than the inputs brought into provide them.
Nationalisation: Occurs when a government takes ownership of a business from the private sector into the public sector
Privatisation: Occurs when a government transfers ownership of a business from the public sector to the private sector.
Limited liability: Investors can lose the money they have invested into the business but their personal possessions are safe. There is a limit to their risk.
Unlimited liability: Occurs when an individual or a group of individuals are personally responsible for all the actions of their business. A potential risk of losing their personal assets if the business has financial problems.
Share holders: A person or organisation that owns a part of a company. Each share represents a part ownership of the business.
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