100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
AQA Business A-Level Notes - Unit 1 $7.14   Add to cart

Other

AQA Business A-Level Notes - Unit 1

 58 views  0 purchase
  • Course
  • Institution
  • Book

Detailed notes for unit 1 allowing you to achieve an A/A*

Preview 2 out of 13  pages

  • June 13, 2021
  • 13
  • 2020/2021
  • Other
  • Unknown
avatar-seller
UNIT ONE: WHAT IS BUSINESS?


Chapter 1 – Understanding the Nature and Purpose of Business
What is a Business?

A business is an organisation that exists to provide goods and services on a commercial
basis to customers
 A good is a physical product e.g. cars, houses, phones…
 A service is an intangible product e.g. hairdresser, dental services…
A start up is a new business enterprise, formed by one or more entrepreneurs

Why do businesses exist?

Businesses exist to transform inputs/resources into good/services that are in demand
(adding value)

Inputs: Outputs:
 People  Goods
 Finance  Services Transformation Process
 Capital Process
 Waste Products
 Land & Natural Resources Businesses bring
 Materials & Components benefits to the country, its economy and its
inhabitants…businesses:
 Create employment and develop human capital
 Create wealth by providing returns on investment
 Create new products – they drive innovation through research & development
 Enhance a country’s reputation

Types of Businesses

1. B2C = Businesses that supply products directly to the consumer
2. B2B = Businesses that supply products to other businesses

Business Sectors:

1. Primary
 Extraction of natural resources
 E.g. Mining, farming, energy extraction…
2. Secondary
 Production of finished goods & components
 E.g. Manufacturing, supply of energy…
3. Tertiary
 Providing services
 E.g. Hotels, hairdressers, retailing…
4. Quaternary
 Providing information and ICT
 E.g. Financial services, software development…
The Relationship between Mission and Objectives – The Hierarchy

, UNIT ONE: WHAT IS BUSINESS?


Mi
Increasingly
ssi
Strategic on
Sta
te
me
nt
Corporate
Aims



Corporate Objectives


Increasingly
Functional Objectives Detailed




Objectives set at all levels contribute to the achievement of corporate aims and missions
The hierarchy ensures that at each level the objectives are consistent with the objectives
above them

Mission Statements

A Mission Statement is a qualitative statement that sets out a business’s overall purpose
and aims that uses language to motive employees and convince those outside the firm of its
commitment
Mission Statements commonly focus on…
 Reason for its existence
 The organisation’s values
 Non-financial goals it may peruse
 The benefits of the business to the community
 How consumers are to be satisfied
 Visions for the future

The Value of Mission Statements:

 Should make decision making easier – all actions should be directed to the mission
statement
 Motivate people – they know exactly what they are trying to achieve and this can
give the business a sense of belonging and direction
 Can be a powerful way of uniting people and developing corporate sprit
 Differentiates the business from competitors
Drawbacks of Mission Statements:

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller gcsealevelnotes2021. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $7.14. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

79223 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$7.14
  • (0)
  Add to cart