Business Activity

This is the land itself on which we work. This also covers the unprocessed raw materials that come from the earth and water.

This is work we hire employees to do.

These are the things we need to create the products for selling. These things could include equipment, machineries, money, buildings. Money is capital when it is used to buy equipment.

this is the whole idea and plans of the business of which th owner or entrepreneur provides. This includes all the planning that help combine the other three factors of production.

Services are not visible but the results can be seen.

Real, visible solid items.

Under this sector of marketing we identify market opportunities, identify the nature of current customers and potential customers, understand the target market for our services or goods, test consumer reaction to potential products, etc.

This section of marketing often works with the production section in order to develop new products and services.

This sector of marketing develops the mix of strategies that will help with selling the products. This is where the prices of the product is decided upon, the promotion, the nature of the product and the channels of distribution for the product.

R&D is usually required for the development of new goods and to design, develop and produce new products.

layout of the facility, the optimum location of production, the method of production, the type of machinery

ensurane that quality of the product or service is great is crucial if the reputation of the firm is to be maintained

Buy all the stocks or raw materials necessary for production.

decisions are to be made about the most appropriate source of finance for each activity that will occur

the way money moves in and out of the business. We must keep a balance and manage the cas flows because if too much money flows at one time, the firm can easiy become bankrupt

Credit control is the process of collecting debits and managing payments if there is a case where a firm will be owed money by its customers and may owe money to its suppliers.

this is where pay negotiations with employees , disciplinary procedures, considering grievances of employees as well as health and safety, social activities, etc are discussed in the business

This sector involves changing natural resources into primary sources. Most products from this sector are considered raw materials for other industries. Some business that fall under this sector would include agriculture, agribusiness, fishing, forestry and all mining and quarrying industries.

The secondary sector processes the raw materials from the primary sector. (Manufacturing)Some industries in this sector are food and drink manufacturing cars, buildings.

This is known as the service sector. This is the substantial part of economic growth in economically developed countries. Some firms here would include banking, accountancy, finance, travel and tourism, hairdressing etc.

this is a combination of tertiary businesses associated with information and communication technologies