Meet wants and needs of consumers and make a profit.  

Non-government organisations. 

Incorporated Organisations:
Legal process used to form a corporate entity or company. 

Separates the firm's assets and income from its owners and investors.

Liability:
Risk

A statement of what the organisation would like to achieve or accomplish in the long term or future. ​

Mission:
What is our business?​

Declaration of the purpose of an organisation existence and its core value. 

Values:
Fundamental core characteristic traits that a person or business believes is important to be the best that they can be. 

Culture:
Refers to an organization’s set of core values and beliefs, which shape the firm’s attitudes, behaviour, and norms.

 It’s designed to effectively provide four strategic options and highlight the levels of risk associated to those for the business.​

Created when two or more organizations join together to benefit from external growth without having to set up a new separate entity or to make major changes to their own business.

Each partner brings their own unique business expertise to the partnership.

Largest of the 3 in terms of revenue. 

Alibaba, Cosco.

B2C:
Selling of goods and services directly to consumers. 

Apple, Amazon. 

C2C:
Customers selling directly to other consumers. 

Amazon, eBay. 

Distribution:
Process getting a product to consumers.

It is about ensuring the business distributes the right products to the right consumers at the right time, in a cost-effective way.

Distribution Channel:
Path taken to get a product from the producer (or manufacturer) to the consumer.

Intermediary:
People/organizations used to help in the distribution of goods or services. 

These include wholesalers, retailers and agents.

The management process of examining and scrutinising raw data to find meaningful trends and patterns to support decision making and business planning. Data analysts are hired to extract, collate, organize, and analyze raw data, transforming these from incomprehensible data into intelligible (coherent and meaningful) information to support the suggestions or recommendations made by management.

Descriptive Data Analytics

•What happened?

•What does it reveal?

Diagnostic Data Analytics

•Why did it happen?

Predictive Data Analytics

•What is likely to happen in the future?

Prescriptive Data Analytics

•What should be done?

•What is the best course of action?

Focused on costs, revenues, and profits related to business activities, often with a short-term outlook. 

Created a linear approach of products that are created, consumed, and  chucked away (disposed of) as waste. 

Circular
Circular, focus on people. 

Focus on the long-term environmental consequences and sustainability matters related to business activities. 

CBMs are designed to turn all the waste that businesses and consumers produce into valuable and productive resources to be used again. 

The model suggests that only when one level of needs is met is it then possible for the next level to be addressed. 

Physiological, safety, love, esteem, self-actualisation.  

Physical:
Combination of people’s physical and biological needs.  

Physiological needs are the essential things that all human beings must have to survive, such as food, clothing and shelter. 

Link to business: Improve financial reward systems and working conditions. 

Safety:
Requirements that make people feel safe, such as job security.  

 Link to business: Contracts of employment (stability, predictability and security). 

Factors affecting safety: Worker's performance, financial success of business, employment legislation, economic climate.  

Social:
Being accepted by others. 
Link to business: Mentoring, coaching.  

Factors affecting social: Opportunities for team working and social functions.  

Esteem:
Desire of people to feel respected, having value and having self-respect. Intrinsically, self-esteem exists when people can feel good about themselves, as they feel valued by others. 

 Link to business: Recognition, trust and respect. 

Market research is carried out so that the organization can get a better understanding of its customers, competitors, and markets.

Primary:
Or field research, is the gathering of first-hand data, custom-made to an organization’s specific needs.  
About the collection of new data because the information does not currently exist. 

Secondary:
Also known as desk research, refers to the collection of data and information that was previously collected by another source, i.e. the data or information already exists about a product, business, or market.

He named these influences hygiene factors (also known as maintenance factors or job dissatisfiers). 

Improving hygiene factors prevents dissatisfaction but does not boost morale or motivation in the workplace. 

Intellectual property protection (IPP):
Also known as intellectual property rights (IPR), refers to the legal protection of the intangible assets of an individual or organization.​

Low: 

This means that for every $100 of sales revenue generated by LEGO, $68.8 is retained while 31.2% ($31.2) is attributed to the cost of goods sold. 
Furthermore, the desired ratio is 50%, hence 68.8% is above that, therefore they are operating efficiently.  

Net profit margin:
(Net profit)/Revenue  x 100
Measures how many cents of profit does a company keep for every dollar that they spend​.
Assess financial health of a company.
Comparison tool with competitors in the same industry.
Ideal 20%

High: 

Low volume products i.e. luxury products 

Low: 

High volume products i.e. fast food 

20% is the ideal NPM and LEGO is above this at 21.3%. 
For every $100 in sales revenue, LEGO earns profit before interest and tax of $21.3.