Business Studies Core Concepts Term 2 Grade 10

Topics: Economics, Three-sector hypothesis, National accounts Pages: 5 (1218 words) Published: August 20, 2013
Business Studies Notes.
Business functions.
Responsible for the pricing, distribution and marketing of the product.
Ensure the correct marketing mix to boost sales.
Transfer of the goods and services from producer/manufacturer to the consumer. Human Resources

Employment of skilled and unskilled labour. Training schedules to up-skill workers. Appointment, maintenance of human resources Production
Ensure quality products are manufactured. Transformation of raw materials into finished products. Administration
Structuring of activities through administration imperative.
Storage and retrieval of information should be in order.
Employees to be trained in all aspects of administration to be well informed. Financing

Responsible for provision and utilisation of capital.
Control of cash flow.
Preparation of financial statements and reporting to the shareholders. Purchasing
Enterprise must buy products, machinery and raw materials from other suppliers. Suitable quality at the lowest possible prices should be acquired. Responsible for stock management. Public relations

Business cannot exist in isolation.
Interact with the social, political and environmental issues. Develops good relations between the public and the company. General management.
Combines all activities of the other functions into one. Sets up the enterprises’ vision, goals and objectives. Combines the planning, organising, activating and control elements. Sectors of business

.primary sector.
.(1) Businesses involved in the extraction of products and raw materials from natural resources. .(2) These products are required to be processed in final products. .(3) Examples of businesses in this sector: agriculture, forestry, and fishing .Secondary sector:

.(1) This sector also known as the industrial sector.
.(2) Businesses involved in the sector change the form of the unprocessed 
products and raw materials from the primary sector by processing them into 
final products. .(3) Secondary sector changes products into a more useful form that is useful to 
consumers. .(4) Examples of businesses: food, clothing, petroleum products, machinery, 
motor vehicles, furniture etc. .Tertiary sector:

.(1) Businesses that operate in this sector facilitate the flow of goods and services 
from producers to consumers. .(2) This sector adds place and time value to goods and services because the 
products are brought within reach of consumers and are made available at a 
time and place it is needed. . Includes all the services provided by government to communities. . Examples of tertiary sector: education, policing, defence, health, welfare, 
banking, household and vehicle insurance, transport, storage etc. .Components of the market environment

.These people have unlimited needs to be satisfied with limited means. Different behaviour patterns.
Needs changes over time.
Business must be able to adapt to needs of consumers. .Suppliers
.People who provide resources to the business. The right quality, quantity, to be supplied on time. Pricing and credit terms must be considered. .intermediaries/agents
.People who bridge the gap between the business and the consumer.
Bring goods and services within easy reach of the consumer.
Consider their input costs and final price to consumer when making use of the agents. .

.Competition from other businesses selling the same or similar product must be considered.
The price offered must be as competitive as possible to attract customers. Future competition must also be taken into account.

The location refers to where a business enterprise will be set up. The location should attract as many customers as possible Future profit and costs are influenced by this decision. LOCATION FACTORS.

Business has to situated as close as possible to potential customers. Examples: shopping centres, boutiques.
The shortest distance must be...
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