Business studies

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  • Created by: tayloruk
  • Created on: 08-01-18 21:39
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  • Business Studies Mind map
    • Types of Business's
      • Partnerships
        • Most partnerships have unlimited liability.
        • Each owner is legally responsible for the other one's actions.
        • Owners can have a disagreement about the direction the business should be heading
        • More owners means more capital can be invested into the business
      • Public Limited Companies
        • Anyone can buy shares from the firm.
        • Very little say per shareholder in how the firm is run.
        • Someone can take over the company if they buy the shares
        • More capital can easily be earned
      • Sole Traders
        • You are your own boss!
        • You alone decide what happens to all profit.
        • You have unlimited Liability.
        • Work long hours, and no holiday pay.
      • Private Limited Companies
        • You can choose who to sell shares to.
        • has to publish it's accounts every year by law.
      • Franchises
        • Has the right to sell another firm's products.
          • The Franchise will have to pay a fee to the firm to sell their products!
        • Can sell popular brands
        • marketing is often already done for you by the Franchisor.
      • Co-opatives
        • Owned by the workers
        • limited liability
        • can be harder to expand due to reliance on retained profit and owners capital.
        • no conflict between stakeholders due to them all being the workers.
      • Public Corporations
        • Owned and funded by the government.
        • Follow objectives set by government
        • not liable at all
    • Business and people
      • The Law and employment
        • All pay must follow the minimum wage.
        • Employment can not descriminate upon a person's gender, ethnicity, religion or disability
        • The employment act 2002, protects employee's against unfair dismissal.
        • Employees can only be made redundant for a job that no longer exists.
        • New mothers are entitled to 39 weeks of paid maternity leave while fathers can take up to 2 weeks off.
        • The 1961 factories act set minimum ammount of requirements of toilets, washing facilites. lighting and fire escapes
        • Accident books are required to be kept and first aiders trained.
      • Motivation Theory
        • Training can boost motivation as it helps students become better at their jobs.
        • Motivated staff can also have a low turnover rate in the business.
        • The style of managment can also change the motivation of a employee.
    • promotion of product
      • Business and people
        • The Law and employment
          • All pay must follow the minimum wage.
          • Employment can not descriminate upon a person's gender, ethnicity, religion or disability
          • The employment act 2002, protects employee's against unfair dismissal.
          • Employees can only be made redundant for a job that no longer exists.
          • New mothers are entitled to 39 weeks of paid maternity leave while fathers can take up to 2 weeks off.
          • The 1961 factories act set minimum ammount of requirements of toilets, washing facilites. lighting and fire escapes
          • Accident books are required to be kept and first aiders trained.
        • Motivation Theory
          • Training can boost motivation as it helps students become better at their jobs.
          • Motivated staff can also have a low turnover rate in the business.
          • The style of managment can also change the motivation of a employee.
      • Firms advertise for various reasons like, making consumers aware of a new product, promote brand image and remind customers of existing products
      • Though advertising can be good for a firm, for example sales might increase due to it, it can also damage smaller firms and so have social costs.
      • Businesses can use organisations and events to promote its products, for example sport, television and the arts all can be used to advertise products.
      • There are 7 main points of sale promotion, these are Buy one get one free, discounts, competitions, free gifts, product trials, point of sale and use of credit.

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verry good would recoment 10/10

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