Intro to Business Mangement

What is the definition of a stakeholder?

• A person who holds a wooden stake
• A person who owns a steakhouse
• An individual, group, or organization that has an interest or concern in a project, business, or organization.
• A person who is a professional gambler

are not part of the business but have a direct interest or involvement in the organisation. These comprise of customers, financiers and pressure groups

(a)  

Internal stakeholders are..

• Customers of the organization
• Employees of the organization
• Members within an organization who have an interest or concern in the organization's activities, goals, and outcomes.

• Competitors of the organization

CSR includes the actions of

• Thinking morally

• Ethical considerations

• Environmental considerations

• making the dollar bills

Tactical objectives are..

• Longer term goals such as profit maximization

• Short term goals that affect a unit of the organistion. Specific goals that guide the daily functioning of certain departments

• Being smart and decisive about your decision making processes

• Moral principles

Draw a picture of a mission statement

(a)   liability is a restriction on the amount of money that owners of the company can lose if the business fails or goes bankrupt

_ Management is the business function that combines inputs (such as human and financial resources) to produce outputs (goods and services).

• Accounting
• Marketing
• Management
• Production

A privately held company can be defined as ..

• A privately held company is a company that is not publicly traded on the stock exchange. Shares are sold to families and friends

• A privately held company is a company that is owned by a single individual and is great

• A privately held company is a company that is not registered with the government.
• A privately held company is a company that is not required to pay taxes.

A sole trader/proprietor can be defined as..

• An individual who owns and operates a business on their own.
• An individual who owns a business but does not operate it themselves.
• An individual who works for a company but does not own it.
• A group of individuals who own and operate a business together.