Knowledge Is Power

T3 Hierarchy Of Business Objective

Business as an activity quite a little be divided into:

* People demanding goods and services. These are consumers.
* People tortuous in obtaining, arranging and transforming basic materials into finished goods and products.
* People who are not in the above categories are those involved in distributing the products to consumers.

Business organizations can be classified by the level of activity, by sector or by legal structure.

variety by level of activity

* Primary firms involved in the first gear stages of production. These are the extractive industries (e.g. quarrying, mining, agriculture)
* Secondary this second stage of production is manufacturing. both manufactured goods are included, e.g. capital or investment goods (e.g Plant, buildings and machines), stable consumer goods (e.g cars, washing machines) or Non-durable goods (e.g. Foods, clothing)
* Tertiary firm providing services, e.g. police, education and some other services such as banking, insurance and catering

Classification by sector

This is simply grouping into head-to-head or public area.

* The private sector includes on the whole firms whose ownership is by private effort (e.g. IBM)
* The public sector includes business which controlled by government e.



g British Rail, UK.

Classification by legal structure

The term legal someone can refer to any person who can revel certain legal rights and who has certain legal duties. Some do not enjoy full legal capacity e.g. Children.

When a company is formed, this is an example of a group of people sightly a legal person which can enjoy all legal rights that individual has e.g. it can own property. This concept is in truth important for business organization. A company formed it rush separate rights and responsibilities from the firm itself.

Individuals who enter business as a legal person, in their own right, have no rights or responsibilities other than those of an ordinary...If you want to get a full essay, entrap it on our website: Orderessay



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