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Business Studies
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^„What is Business Studies?^ñ
^„Business studies is the study of how businesses are set up, financed,
organised and controlled, how people are employed, managed and paid, how
goods are developed, produced and sold, how goods and services are
priced and how the local, national and international government help or
hinder businesses.^ñ1
In studying the setting up of a business there are many aspects that
need to be considered. Such as the type of business ownership^ñs which
are suitable for the entrepreneur, where the capital will be coming
from, what goods or services could be considered to sell and where the
business should be located. The extensive amount of research, which is
carried out before the business operates, is also studied.
There are many sources of finance open to the entrepreneur, which also
need to be studied in depth. The business owner has to set the right
price for its goods or services ^… a price which is of convenience to the
consumer and which is affordable for the owner. This is possible by
using break-even analysis, and again market research. Owners of
businesses need to constantly consider the financial situation of the
firm this may include constructing various balance sheets and a
monthly/annually profit and loss account ^… construction of these are
important in business. Charts and graphs are also constructed so that
the state of the business can be analysed in depth.
Labour in a business involves many aspects. The recruitment of new
employees ^… from the advertising of the post right through to the
selection of the most appropriate candidate. It also includes
training/education involved in business and even how to motivate an
employee and the different payment methods they can receive. The main
sections in an organisation chart actually breaks up the sections in
business ^… marketing, finance, production and labour. Trade unions are
also a part of labour in business ^… employees can sometimes cause
potential harm to the business as well as being a valuable asset, the
stages of what a trade union can do are also studied.
Market research is also very important to any firm the marketing mix
breaks it down into individual sections which are important in business
studies ^… product, place, price and promotion. There are many different
types of research and different types of sampling methods, which the
researcher has to consider before preceding.
The source of the good or service is a part of business studies, what
raw materials are needed, how was it made and why was the product made ^…
is there a market for it. The life of a product before production is
studied as well as the life of a product when it is in the market and
also when it leaves.
External influences such as the government can help or destroy
businesses. Many different types of external influences and other
matters that cause harm to businesses are looked at.
It is also important to be aware of the various automation methods used
in business to improve efficiency. Many firms use information technology
in various ways such as ^… EPOS systems and banking, business studies
involves briefly the studying of this.
Overall, business studies is not just about simply looking at how to run
a business it is about finding out how businesses and other
organisations actually operate and how the factors that influence modern
businesses are dealt with. All the above points and possibly more are
studied in great depth in a business studies course.
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