Chapter 1: Motives and Functions of a Business 1. The goal of a business: * Businesses are established to serve the need of customers. A business can provide products or services. * The goal of a business is to make profits. a. Where the profits come from? * Revenue is generated when selling products or services. * Expenses are incurred when paying employees and purchasing machinery or facilities. * The difference between the revenue and expenses is the profit: Revenue
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1 | Characteristics of “Partnership” | Chapter 3 | Third Question | Chapter 3.1 | Characteristics of “Business Environment” | Chapter 3.2 | Characteristics of “Porter’s Five Forces” | ADIL ZHAXYLYKOV TP029709 UCFF1207(G2-T2) BM004-4-0 ITB 1. What would be the aims and objectives of the business Luke is planning to implement after graduation? The main aim of the Luke’s business idea is to provide lessons to people especially older people‚ on how to use the internet and e-mail. He would
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environment all affects in the activity of the business. This article focuses on how they do this on Tesco in the UK and also in China. Tesco’s in UK Tesco’s started operating in the UK 1924 and by now‚ the run 3054 stores just in the UK. Tesco is a worldwide business‚ but over 60% of group sales and profits come from the UK business. I will be investigating at external environment for Tesco’s in UK – political‚ legal and social and how these affect the business activity of Tesco. Political Factors Looking
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Assessment 1: Individual Assignment Question 1 (a) Consideration is one of the four main elements to be present in order to have a legally binding contract. Consideration can be anything of value (such as an item) which each party must agree to exchange for the contract to be valid. For consideration to be sufficient‚ both parties have to have an agreement. If only one party agrees to it‚ then the agreement is not consider a legally binding contract. Something must be given or promise in exchange
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Introduction to Skills A successful manager possesses a lot of skills. The skills have opened a pathway for him to the way of success. Is it important for a manager to possess a certain skills? Is it important for a manager to learn those skills? The answer is yes. A manager needs those skills to ensure they can work with more effectively and efficiently. There are four main general skills that a manager needs to equip with. An effective manager must be proficient in these four main general skills
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standards of right and wrong. -Why are employees and the public cynical about the ethics of business and its leaders? How does cynicism affect your thinking as an employee‚ manager‚ or business student? They are cynical about it because they believe that not everyone is representing their true motives. Cynicism can affect the overall functionality of a company. People that are cynics about business ethics tend to not trust management or they don’t believe that management actually pays attention
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Book 4 An Introduction to Marketing in Business Session 1 What is marketing? 1.1 The marketing concept: • Marketing is a business philosophy of doing business which start with a focus on customer needs and expectations. • The UK Chartered Institute of Marketing (CIM) defined marketing as: "Marketing is the management process which identifies‚ anticipates‚ and supplies customer requirements efficiently and profitably". • In 2004‚ the American Marketing Association (AMA) defined
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Business Environment Business environment refers to the conditions prevailing in a society in which a business is to be operated. It is defined as the total of all things external to business firms and industries‚ which effect their organization and operation. The number and scope of environmental factors‚ which effect business‚ is broad. There should be included all aspects of our social‚ scientific‚ economic‚ political and cultural life which have some bearing upon business. Relationship
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MODULE: BUSINESS ENVIRONMENT LEARNING OUTCOME ONE | ASSESSMENT CRITERIA | Understand theorganisational purposes ofbusinesses | 1.1 identify the purposes of different types of organisation1.2 describe the extent to which an organisation meets the objectives of different stakeholders1.3 explain the responsibilities of an organisation and strategies employed to meet them | What is a business? It is a system whose performance is influenced by a whole range of phenomena in its environment
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Analysis for financial management (Robert C. Higgins) Summary of the used chapters in the lecture (WM0609LR) Chapter 1 Interpreting financial statements Accounting Information provided by 3 annual reports: Balance Sheet Cash-Flow statement Income statement Figure 1 Cash flowproduction cycle (Operating) working capital: movement of cash into inventory Investment: flow from cash into new fixed assets Depreciation: the loss in value of fixed assets ⇒ increase in value of merchandise made + needed for
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