Business Structures, Objectives, and Strategies
SOLE TRADERS
Most common type of business form. An individual owns the business.
Sole Traders can employ people, but these people are not business owners.
Personally responsible for the business debts and has unlimited liability.
SOLE TRADER
Advantages:
- Simple to run
- Quick and easy to set up
- Easy to close/shut down
Disadvantages:
- Full personal liability
- Can pay a higher tax rate than a company
- In charge of everything (paperwork, business debt)
- The business is the owner (the business suffers if the owner becomes
Growth Strategies, Human Resources, and Recruitment in Business
Growth Strategy in Dispute at Fashionista® PLC
Internal vs. External Growth
Internal growth, also known as organic growth, occurs when a company expands its operations and increases its revenue and market share through its own resources and activities. This growth strategy involves investing in existing operations, products, or services to improve efficiency, expand production capacity, enter new markets, or develop new products or services.
External growth involves expanding a company’s operations
Read MorePublic Administration: Concepts, Theories, and Practices
1) Explain the meaning of public administration.
Ans)
Public administration refers to the management, implementation, and coordination of government policies, programs, and activities in order to effectively deliver public services and achieve the goals of a society. It encompasses the planning, organizing, directing, and controlling of various government functions, resources, and personnel to ensure the efficient and equitable provision of services to the public.
At its core, public administration
Read MoreIndifference Curves and Utility: A Comprehensive Guide
Indifference Curves
Indifference curves are graphical representations of combinations of goods that yield the same level of satisfaction to a consumer. They are typically bowed inward, indicating that consumers prefer combinations of goods that provide a balance of both goods.
Properties of Indifference Curves
- Indifference curves are downward-sloping, indicating that consumers are willing to give up some of one good to obtain more of another good while maintaining the same level of satisfaction.
- Indifference
Market Research and Consumer Behavior: A Comprehensive Guide
Study Questions 4.1
A lot of modern market research is about? A. Identifying customer needs and wants B. Developing new products and services
Exploratory research is used to help define the problem.
Data collection is the third step in the market research process.
The most difficult step in the market research process is defining the problem and research objective.
The study of whether redesigning an online site increases the sales to click conversion rate is cause and effect research.
A lot of data-mining
Glossary of Human Resource Management Terms
1. SWOT Analysis
A comparison of one’s strengths, weaknesses, opportunities, and threats.
2. Organizational Culture
Refers to the shared values, beliefs, and assumptions people in an organization have.
3. Protected Class
Individuals of a minority race, women, older people, and those with disabilities who are covered by federal laws on equal employment opportunity.
4. Wage Compression
When the pay range increases but wages do not.
5. Agility
A firm’s ability to make quick changes to gain a competitive advantage.
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