Employees to be trained in all aspects of administration to be well Informed. Financing Responsible for provision and utilization 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. ?lancelet 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, organizing, 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 C] products and raw materials from the primary sector by processing them Into Clean (3) Secondary sector changes products into a more useful form that Is useful to Discounters. . (4) Examples of businesses: food, clothing, petroleum products, machinery, C]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 alee to goods and services because the C]products are brought within reach of consumers and are made available at a Outlet and place It Is needed.. Includes all ten services approval Day government to communities.. Examples AT tertiary sector: education, policing, defense, health, welfare, Banking, household and vehicle insurance, transport, storage etc.. Components of the market environment Consumers These people have unlimited needs to be satisfied with limited means. Different behavior patterns. Needs changes over time. Business must be able to adapt to needs of consumers..

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Conflict of interest- promoting self over business Micro or Internal environment The internal environment is the environment within the business. This includes the people who work in the business, the equipment and technology they use, and the systems they have developed to manage their work. Factors of Production For production to take place, four production factors are necessary. The production factors are factors which are involve in the making of the product or the delivery of the service. Factors of production: Land (natural resource/raw Material); Labor; Occipital; and Entrepreneurship (refer to Business venture).

Mission statement A mission statement is a statement of the purpose of a company. The mission statement should guide the actions of the organization, spell out its overall goal, provide a path, and guide decision- making. Market or Task environment This environment influences the organization directly. It includes sectors with which the organization interacts directly and that have a direct impact on the organization’s ability to achieve its goals. Macro-environment The major external and uncontrollable factors that influences an organization’s session making, and affect its performance and strategies.

Economic environment These include interest rates, taxation changes, economic growth, inflation and exchange rates. Economic change can have a major impact on a firm’s behavior. Entrepreneurship Entrepreneurship involves the ability to organism, plan and combine the other three Doctors In order to supply ten goods Ana services. I en entrepreneur must act In order to encourage the involvement of the other production factors. Public company Private company A public company is a voluntary association of 1 or more persons, governed by the many Act 71 of 2008, incorporated in terms of the Memorandum of Incorporation.

Private company A Private company is a voluntary association of 1 or more persons, governed by the The marketing mix The combination of factors which help the business sell a product. Price, product, promotion and place. Gross domestic product The Gross domestic product (GAP) is a measure used in economics of the size of a territory’s economy. It is defined as the total value of all products manufactured and goods provided within that territory during a specified period (most commonly, per year).