BUSINESS MANAGEMENT CHAPTER 1

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Author:
laurenjudd
ID:
224414
Filename:
BUSINESS MANAGEMENT CHAPTER 1
Updated:
2013-06-19 21:44:26
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business management
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chapter 1
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  1. DIFFERENT TYPES OF LSO'S
    • public sector = economy operated by the government 
    • private sector = private individuals and companies, either private (pty ltd) or public (ltd)
    • government business enterprise (GBE) =government owned and operated eg. vic roads, hospitals, schools
    • profit = profit attainment, market share and growth
    • not for profit = provides specific service to community
  2. INDUSTRIES
    • 496 industries, 17 categories
    • primary = mining, agriculture, fishing & forestry (land and sea)
    • secondary = manufacturing, processing, construction and fabrication of final product
    • tertiary = wholesaling, retailing, and transport
    • a quaternary = finance and insurance property and business services and education
    • b quinary = hospitality, health and social assistance, personal
  3. HIERARCHY OF OBECTIVES
    • mission statement / vision statement / values statement
    • corporate objectives / tactical objectives
    • operational objectives / operational planning
    • individual department members objectives
  4. WHAT IS AN ORGANISATION
    two or more people who work together in a structured way to achieve a specific goal or set of goals
  5. SMART
    outlines that goals / objectives must be specific, measurable, achievable, relevant and time bound
  6. MANAGEMENT FUNCTIONS
    • areas = 
    • operations
    • finance
    • HR
    • marketing
    • R & D
    • senior - middle - frontline
    • POLC
  7. TYPES OF OBJECTIVES
    • financial
    • service
    • ethical and socially responsible
    • environmental
  8. CHARACTERISTICS OF LSO'S
    • substantial assets
    • more than 200 employees
    • substantial gross revenue
    • substantial gross profits
    • market share
    • size of operations
    • number of business locations
  9. CONTRIBUTION TO ECONOMY
    • + AND -
    • gross domestic product (GDP)
    • employment
    • balance of payments
    • R + D
    • infrastructure growth

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