OCR Cambridge National in
Business and
Enterprise
(Level 1 / 2)
R061
Introduction to Business
Introduction
Businesses are affected by their
competition, social factors and
how well they perform as well as
by the economy and society they
are a part of.
Businesses come in all shapes
and sizes. Each one will have its
own objectives, type of ownership
and rate of success.
Ownership
There are different types of
business ownership:
• Sole trader
• Partnership
•Each
Private
Limited
Company
type has
its own
as Company
well as its
•characteristics
Public Limited
own benefits and
drawbacks.
Objectives
Success or failure can
depend on the business Every successful business
objectives. It is often true has a set of objectives. They
that as things change will have a plan and a set of
businesses need to alter
goals to get them where
their objectives in order to
they want to be.
remain successful.
Key Concepts
The key concepts in:
Human Resources
Marketing
All companies
need to hire the right
people,
offerPrice,
training
and sometimes
fire
The 4 Ps.
Product,
Promotion
and
Place. them!
Finance
Handling the cash. Raising finance,
Production
even the
or making
Making, testingbreaking
and ensuring
quality a profit are all
part of the finance dept.
of the product.
Economic Factors
The state of the economy affects day-today business as we go through times of
plenty and times of hardship.
When times
customers
spend
This obviously
affectsare
thegood
success
or
their
money but
times are
hard they
failure of
a business
andwhen
sometimes
even
cut back.
the largest of organisations
go under.
Quality Control
It is very important that the services or
products a business sells have been
checked to ensure they are fit for
purpose. Customers want value for
AIfsuccessful
company
a
business
gets a
money
and
reliability.
will
make sure
bad
reputation,
forthe
how
long do
you
think
service
and
products
customers
willthrough
continue
they sell go
toquality
buy itscontrol
products?
to
achieve this.
Technology
The internet has seen the rise
of large internet businesses
such as Amazon as well as
many small companies and
sole traders using the web to
In the modern world it is
easily sell their services to the
important that businesses
public.
make good use of technology
to cut down on costs and
promote their services and
products.
You will learn…
About
The How
different
methods
About pay,
technology
of
types
raising
ofand
What
Why
helps
working
environmental
business
finance
and
businesses
to makeand
a
conditions and
concerns
why
about
theythe
affect
are
business
need
performance
importance
not
modern
all the of
successful.
objectives.
management.
businesses
cash
same.
flow.
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