Category Basic Business Concepts
In this category, you will find definitions and explanations of basic business concepts. You need to have a good understanding of these concepts, as they are used frequently in Business Studies.
This content is in line with the Business Studies, FET Phase Curriculum; CAPS Documents of the South African Department of Basic Education.
If you are in Grade 12, by the time you write your NCS exam, such terms should come naturally to you. You should be able to incorporate them into your answers and essays with ease.
The explanations in this category will also help anyone else who wants to understand business and its language better. These ideas come up frequently in business conversations.
What is Risk Management? In the last video, I explained the four main functions of management according to popular management theory, which are: planning, organizing, leading, and controlling. For clarity, I used the example of a CEO aiming to grow… Continue Reading →
Management Tasks In business, there are FOUR common management tasks, or functions. They are different from Business Functions as they apply mostly to management, whereas business functions refer to whole areas or departments of a business. The Four Management Tasks are:… Continue Reading →
Levels Of Management In business, there are generally three levels of management: Top, Middle, and Lower. Top Management This is the highest level of management, consisting of senior executives like the CEO and directors. They make strategic decisions. Roles: Give… Continue Reading →
The Essence of Business Studies What is business studies? It is a subject that provides you with the basic knowledge and skills required to function in the business world. It teaches you how things get done and by whom, the right… Continue Reading →
Introduction to Business Functions Business functions are the main activities that businesses need to perform in order to operate successfully. In a large company, each function may have its own department (such as the HR, Finance, or Marketing departments), but… Continue Reading →
Definition of Corporate Social Responsibility Corporate Social Responsibility (CSR) is not a once-off project. Instead, it is an ethical approach that guides all the company’s decisions. It is a long-term commitment by the business, to manage its processes in a… Continue Reading →
In the previous post, “What is a Stakeholder?” we defined the term ‘Stakeholder’ and differentiated it from ‘Shareholder’. Now, we are going to look at 6 common examples of stakeholders that are found in business. We will look at 3… Continue Reading →
Definition of Stakeholder What is a stakeholder? In business, a stakeholder is any individual, group or organisation that is influenced by (or influences) an organisation’s actions. They have an interest in the organisation and its performance. They can be within… Continue Reading →
