Business & People

Aim's & objectives?
1. Aim: Long term goal
2. Objectives: Short term goals to help reach your goal
SMART
1. Specific
2. Measurable
3. Acheivable
4. Realistic
5. Timebound
Stakeholders & shareholders
1. A Stakeholder is a person who has an interest in a business
2. A shareholder is somebody that owns a part of a business
Primary, Secondary and Tertiary sectors
1. Primary Sector - Extract raw materials
2. Secondary Sector - Manufacture items using raw materials
3. Tertiary sector - Sells the finished product or service
Key terms
1. Specialisation - When a business operates in one particular sector. It will specialise in this leaving other sectors to do their parts of work
2. Added Value - As raw materials are made into finished goods, secondary sector are adding value tot the raw goods. When the product is sold in the tertiary sector it adds value to the item that has been made as it is sold for more than it cost to make
3. Merger - Two businesses of similar size come together to form one business
4. Acquisition - One larger business takes over a smaller business
5. Conglomerate/Diversification is when a business acquires another business that is unrelated with it
Integration
1. Horizontal integration is when 2 businesses merge together in the same sector
2. Backwards vertical integration is when a business merges with another business in the sector before theirs
3. Forwards vertical integration is when a business merges with a business in the sector after theirs
4. Conglomerate/Diversification is when a business acquires another business that is unrelated with it

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Business & People

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