Business Management

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Business Management by Mind Map: Business Management

1. Business Organization and Management

1.1. Types: Sole trader, Partnership, Limited company (public or private)

1.2. Everyone can invest in a public company

1.3. Sole trader and partnership has unlimited liability (some partnership can be limited liability)

1.4. Public sector means government owned business

2. Marketing

2.1. Product differentiation means to e.g. add some characteristics to a product to make it unique besides competitors, or create unique selling point

2.2. Market penetration for entering existing market with existing product, market development for using existing product to create new market, product development means to develop a product for existing market and diversification means to create a new product and new market

2.3. Achieve Economic of scale to sell more product and low price per unit

2.4. Unique selling point can be useful during competition as

3. Finance and Accounts

3.1. Financial Aids includes: overdraft, grants, short and long term loans, etc

3.2. Overdraft is useful for short term cash problems

3.3. Fixed assets includes the machinery needed for the company

3.4. Government Grants can be applied when the business helps society and this no need to return