Market share

The amount of competition between businesses of the same type and the percentage of the market each one has.[image]

The Macro environment

The environment of business that involves the way we as a society relate to each other.

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Image source: http://www.history-society.com/im/25.JPG

The Operating Environment

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The environment of business in which contains factors of which the business is involved in, such as business performance, and amount of customers

The Internal Environment

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The business environment that involves communicating new rights and rules within the business

Image source: http://www.agmrc.org/media/cms/picturediagram_26A201BA062A8.jpg

Mission statement

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A sentence that states the business's goal or goals

Image source:pp.234 Business Management VCE Units 1&2 Seventh edition

Communication channels

The way that businesses send and receive information[image]

Market research

[image]Research undertaken by a small business owner prior to starting a business. Usually this is done by the future owner, rather than a market research firm.

Image source: http://www.epiar.com/market-research-blog/files/Wholesale-Chart.GIF

Business classification

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The 3 sizes businesses can be classified as: small, medium, and large

Types of business ownership

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The five ways of running your business: sole proprietorship, partnership, private company, family trust, and franchise.

Image source: pp.55 Business Management VCE Units 1&2 Seventh edition

Recruitment

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The process of gathering people interested in a job position.

Image source: pp.164 Business Management VCE Units 1&2 Seventh edition