Business classifications

At any one time, no two businesses have precisely the same ‘mix’ of objectives, resources, functions or constraints. Products differ, and resource requirements will vary in both size and type. A business whose customers finance their purchases of its product by borrowing money will experience a sharper and more immediate drop in sales when interest rates rise than a business making a relatively cheap product.

Businesses which appear very different may have certain characteristics in common that have a significant effect on their behaviour in certain situations. For example the size of a business will determine the financial resources it has at its disposal. When studying business it can be useful to group together all businesses that share a particular characteristic in order to gain an insight into the problems they face or the advantages they enjoy as a result. This grouping is known as classification. Figure 2 illustrates ten possible classifications. You should remember that grouping disparate items into classes for ease of reference is normal practice. Classes in schools and colleges are good examples. ‘The business studies group’ is a convenient term of reference for staff in some situations. The list of potential classifications in business is not limited to ten.

1. Formulate the main idea of the text.

2. Find in the text English equivalents of these words and phrases.

1. фінансувати	8. відносно дешевий продукт	15.здобувати, одержувати
2. позичати, запозичати	9. здаватися; з’являтися	16. зіткнутися лицем в лице
3. відчувати	10. значний ефект	17.групування, класифікація
4. різке падіння	11.визначати, вирішувати(ся)	18. штат, персонал
5. негайний, невідкладний	12. фінансові ресурси	19. бути обмеженим
6. процентна ставка	13. бути в розпорядженні когось	20. непорівнянний
7. зростати, збільшуватися	14. групувати

3. Are these statements true or false? Correct the false ones.

a) All firms share the same experiences and problems.

b) Different businesses peculiar characteristics in general that have a certain influence on their functioning.

c) In order to gain an insight into the problems that businesses face it is useful to group together all businesses with particular characteristics.

d) It is known that grouping disparate items into classes for the ease of reference.

e) The list of potential business classifications is usually limited to ten.

4. Answer the questions.

a) Do all types of businesses have precisely the same ‘mix’ of objectives?

b) What will determine the size of the business?

c) What is classification?

d) Will it be useful to group together all business activities?

e) How can the business be described?

5. Write a summary of the text.

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