Understanding business
Role of business in society
A business aims to satisfy customers’ needs and wants. Businesses operate in the private, public or third sectors of the economy and in the primary, secondary or tertiary sectors of industry.
Customer satisfaction
Customer service is important to every business. For a business to succeed they need to provide good customer service to the customers who buy the goods and services.
Types of business organisations
Different types of organisation have different advantages and disadvantages. These must be considered when owners decide on which form their organisation should take.
Objectives
Businesses have different objectives that are linked directly to the ambitions of the business. These objectives are influenced by the size of the business and its ownership.
External factors
Businesses can’t control external factors but must respond to them. These political, economic, social, technological, environmental and competitive factors are represented by the acronym PESTEC.
Internal factors
Internal factors can influence the operations of a business both positively and negatively. The three main internal factors are labour, finance, and technology.
Stakeholders
Businesses have many different stakeholders who each have a key interest in how a business operates. Stakeholders often have influence over the decisions made by business organisations.
Video playlist
Developing businesses - the Polaroid story. Video
The history of Polaroid and the decision to avoid further development of their product.
Decision making. Video
Students running their own business discuss strategic, tactical and operational decisions.
Stakeholders. Video
How a tidal power company balances the interests of internal and external stakeholders.
Supplying our chocolate. Video
An insight into the farming and marketing of cocoa in the Ivory Coast.
Social enterprise. Video
How social enterprises often focuses on helping a single group or cause.
Creating a brand image. Video
Evan Davis tells the story of the rollercoaster rise and fall of Sunny Delight.
Market research and branding mistakes. Video
Evan Davis tells the story of 'the biggest brand mistake ever made'.
Crisis management in business. Video
Evan Davis tells the story of the way Apple dealt with a corporate crisis.
Franchising. Video
Looking at a franchise business from the view of a franchisee and the franchise owner.
Lagos cattle market. Video
Lagos cattle market shows a market price being established by negotiation.
Breaking even. Video
How businesses need to adapt – an example of one business changing its focus.
The sectors of industry and economy. Video
The different sectors of industry and the economy explained.
Customer service. Video
The importance of good customer service in the success of a business.
New technology. Video
How new technology has changed the working habits of a design company.
Objectives. Video
The objectives important to a business depend on its type and the stage it's at.
External factors. Video
How a sound equipment company deals with external factors.
Young entrepreneur. Video
A young entrepreneur spots a gap for a dry cleaners and gets the start-up finance.
Business start-up. Video
A new business starts up, helped by a small business advisor.
Types of organisations. Video
A look at three different kinds of businesses
Branding - building the value. Video
The importance of own label brands in the food industry.
