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25 Pages • Topic Notes • Year Uploaded: 2022
The nature of business role of business ● the nature of a business - producing goods and services - profit, employment, incomes, choice, innovation, entrepreneurship and risk, wealth and quality of life types of businesses ● classification of business - size – small to medium enterprises (SMEs), large - local, national, global - industry – primary, secondary, tertiary, quaternary, quinary - legal structure – sole trader, partnership, private company, public company, government enterprise ● factors influencing choice of legal structure - size, ownership, finance influences in the business environment ● external influences – economic, financial, geographic, social, legal, political, institutional, technological, competitive situation, markets ● internal influences – products, location, resources, management and business culture ● stakeholders business growth and decline ● stages of the business life cycle - establishment Examine contemporary business issues to: ● discuss the global expansion of one Australian business ● discuss the expansion into Australia of one global business ● explain how changes in external influences have contributed to the growth of the tertiary, quaternary and quinary industries in Australia ● identify problems that arise for stakeholders when companies go into liquidation Investigate aspects of business using hypothetical situations and actual business case studies to: ● distinguish between the different types of businesses ● identify actual businesses at different stages in the business life cycle ● outline possible business strategies appropriate for different stages in the business life cycle - growth - Maturity - post-maturity ● responding to challenges at each stage of the business life cycle ● factors that can contribute to business decline ● voluntary and involuntary cessation – liquidation
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