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Susritha Suresh
Course title9410077300
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Susritha Suresh
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Introduction
What is a Business?
A business is an enterprise that produces goods or provides services to the public. Businesses are responsible for identifying the consumers basic needs and wants and need to find ways to improve their satisfaction which in turn, would help a business earn higher profits. In a country’s economy, there are various types of businesses which are classified according to the sectors of an economy. These sectors include; Primary, Secondary and Tertiary sectors.
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SECTORS OF THE ECONOMY
PRIMARY SECTOR
347657639109650047576391096500Primary sector includes activities such as agriculture, mining (such as iron and coal), forestry, fishing, extraction of minerals, and so on. This sector is mostly common in under developed countries, which embraces a vast part of the economy. Primary sector extracts natural resources. Recent research shows that, around 33.5% of the world’s population are engaged in the primary sector – in developed countries less than 10% of the active population are occupied in the primary sector whereas, in the developing countries more than 40% are occupied in primary sector.

Fishing, logging, agriculture
SECONDARY SECTOR
Secondary sector involves the activities of manufacturing goods for consumers, such as, cotton textile production, automobile production, construction, manufacturing of steel, and so on. Raw materials extracted in the primary sector are transformed into physical goods in the secondary sector. It is this sector that adds value to the goods and services. Most of the industries involved in this sector require machines and factories to create physical goods – however, these industries produce waste that causes pollution which harms the environment.
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Automobile Production and Manufacturing of Steel
TERTIARY SECTOR
Tertiary sector includes providing services such as, health facilities, education, tourism, transport and so on. It is known to provide impalpable goods. In this sector, the distribution of goods and services are done. People involved in this sector provide services rather than producing physical goods. Tertiary sector increases the welfare of the public and in turn, helps in developing a country’s status.
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Education
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Information Communication Health care services
Questions
Give two examples of primary sector businesses, explaining why they are classified in this sector.
Ans. There are several sectors of industries that contribute to the UAE’s economy. Primary sector of the UAE includes;
Extraction of crude oil and natural gas
Fishing
Crude Oil and Natural Gas Extraction
Oil in the UAE was discovered in the 1950’s. Since its discovery, UAE’s economy has influenced many other sectors as well. Extraction of crude oil and natural gas is the most significant economic sector in UAE. It contributes 34.3% to the GDP.
This industry is classified under the primary sector because in this sector extraction of raw materials from nature begins. Therefore, extraction of oil is considered to be classified in this sector.
There are plenty of Oil industries in UAE, to name a few:
RAF Oil Industry
Al Masaood Oil & Gas
Dubai Petroleum Company, etc.

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Fishing
Before UAE’s development, it was mainly concerned with fishing, pearl diving and seafaring. The UAE is known to have consume around 70 to 100 tonnes of seafood per year. Traditionally, people of UAE used to use various methods to fish such as, ‘Hadra’ (fence traps are used to lead fish into a maze), ‘Gargour’ (trap is made out of palm leaves), and ‘Al Salia’ (trap that resembles an umbrella).
Fishing is classified under the primary sector because we are procuring fish as raw materials. Hence, fishing can be classified in the primary sector.

Few of the Fishing industries in the UAE are:
Bin Laheg Fish Trading
Al Ras Fish Trading
Al Basra Frozen Fish and Seafood LLC
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Give two examples of secondary sector businesses, explaining why they are classified in this sector.
Ans. UAE is popular when it comes to building huge skyscrapers which requires stainless steel and glass. Industries involved in the secondary sector are:
Steel Industry
Glass Industry
Steel Industry
Steel is required for the construction of buildings. In UAE, every year there is a construction boom, therefore the demand for steel increases. Total Employment percentage in this sector is 38.9 %. According to sources, the demand for steel is expected to grow from 1040 to 1050 million tonnes. Stainless steel is popular in UAE as it withstands the heat and humidity, it is also known to bear the weather changes for more than 100 years.
Manufacturing of Steel falls under the category of Secondary sector as it concerned with using raw materials from the primary sector (carbon and iron; in this case) and producing finished goods (steel).
Steel Industries in UAE are:
Arabian Gulf Steel Industries LLC
Gulf Steel Industries FZC, etc.

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Glass Industry
Recently, glass industry has gained immense propulsion because of the increase in construction in UAE. There are a variety of glass available are adaptable compared to other building materials used. The reason to why glass has become popular in UAE is because it’s less costly, recyclable, gives protection to building in times of change in weather, environmental friendly, provides light and hence, reduces light bills and heat in the building.
Glass is made of liquid sand; this liquid sand is received from the primary sector. This liquid sand is heated and then cooled. It is classified under the secondary sector because in the secondary sector transformation of raw materials (Liquid Sand) into products (Glass).
Glass industries set up in the UAE:
Dubai Glass Industry
Emirates Glass L.L.C
Burhani Glass Factory L.L.C
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Give two examples of tertiary sector businesses, explaining why they are classified in this sector.
Ans. In UAE, the tertiary sector is said to contribute 49.2% of GDP. When considering the percentage of Total Employment in the services sector is 60.7 %. Industries involved in the tertiary sector are:
Tourism Industry
Wholesale and Retail Trade
Tourism Industry
Tourism sector in UAE will continue rising above over the years due to its luxurious attractions. This industry contributes AED 72.5 billion to the UAE’s GDP. UAE is best known for its leisure activities, pleasurable accommodations and world record breaking sights. At present, UAE is looking for new ways to promote tourism in the country.

It is classified under the tertiary sector because it is in this sector consumers are able to use goods and get services – in this situation, consumers are able to get services from hotels, etc.

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Wholesale and retail trade
Wholesale and retail trade involves activities such as selling any of the wholesale’s products. In UAE, the activities in this industry are mainly of wholesale and retail trade and repair of vehicles and bikes. This sector contributes 25-30% to the GDP of UAE. Wholesale and retail trade is said to be the second largest contributor to UAE’s GDP.

-17784969346900This industry is classified under the tertiary sector because it is in this sector the distribution of goods and services occurs. Here, consumers are able to consume the good that are distributed from the wholesalers to the retailers.

Introduction to Public sector and Private sector
Public Sector
This sector involves the part of a country’s economy that is being owned and controlled by the government or local authorities. These organizations are known for providing services to the public without seeking to generate revenue. Public services require funds, these funds are raised through taxes, fees, etc.

Examples of Public Sector:
Schools, National Libraries (Education)
Hospitals (Healthcare)
Postal Service
Infrastructure, etc.

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Private Sector
This sector involves organizations that are being owned and controlled by individuals and companies that are not owned by government. These organizations have the main purpose of earning profit. Free enterprise economies consist of private sector companies, for instance, the United States of America.
Examples of Private Sector:
Sole Proprietors
Large Multinationals (Apple, Disney, etc.)
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Questions
List two organizations in your country that are in the public sector and private sector each and why do you think they are so?
Ans. Public Sector Organizations in UAE:
KHDA (Knowledge and Human Development Authority)
Dubai World Central – Al Maktoum International Airport
KHDA (Knowledge and Human Development Authority)
The Knowledge and Human Development Authority (KHDA) is an authority of the Government of Dubai, UAE. It assures the quality of education in the schools of Dubai. It is responsible for assuring the educational quality of early childhood education centres, schools, providers of higher education, and training institutes. It makes sure that there is growth and quality of education in Dubai.
It is a public sector because of mainly two reasons:
It is controlled by the government of Dubai, UAE and,
Its main aim is to assure quality education for its citizens and residents rather than having the aim of gaining profit, in other words, it is a public service done for the people.
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Dubai World Central – Al Maktoum International Airport
Al Maktoum International Airport is an international airport situated in Jebel Ali. It is owned by the Government of Dubai, United Arab Emirates and it covers an area of 35,000 acres. Annually, the airport has projected a capacity of 12 million tonnes of freight and around 260 million passengers.
It is a public sector because:
It is owned and controlled by the government of Dubai, UAE and,
Its main mission is to create a great customer experience by running a great business, which is a public service.
It owes accountability to the public as they are using public money.
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Private Sector Organizations in UAE:
Al Futtaim Group
Majid Al Futtaim Group
Al Futtaim Group
Al Futtaim Group is a diversified organization which is owned by Abdulla Al Futtaim, a billionaire in UAE. The group was founded in the 1930’s, however, started growing rapidly in 1940’s and 1950’s. It started to become an integrated commercial, industrial, and services industries. Al Futtaim Group has 44,000 employees in total. It comprises eight divisions; automotive, real estate, electronics, retail, insurance, services, industries and overseas.
It is a private sector business because:
It is owned and controlled by private entrepreneurs.

Its main aim is to earn profits.
Private sectors capitals are arranged by the owners
Management of the firm is done by the owners
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Majid Al Futtaim Group
Majid Al Futtaim group was founded on May 11, 1992 by Majid Al Futtaim, an Emirati billionaire. It runs industries such as property, retail and leisure/entertainment and is located in 13 countries – UAE, Lebanon, Egypt, Saudi Arabia, Oman, Bahrain, Kuwait, Qatar, Jordan, Pakistan, Iraq, Armenia, and Georgia. Areas served involves Middle East, Africa and Central Asia. It employs about 27,000 employees.
It is a private sector because:
It is possessed and controlled by private business people.

Its primary aim is to gain profits.
Private sectors capitals are masterminded by the proprietors
Administration of the organizations is finished by the proprietors.
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(objectives)
Explain why its key corporate objectives might change over time.
Ans. Corporate objectives refers to those objectives that are related to the business altogether. These objectives are usually set up the top-level managers; they create the necessary objectives to run the main functions of the business. Most objectives are met with the following criteria:
S – Specific (targets are set according to what the business does)
M – Measurable (values are added to the objectives)
A – Agreed (objectives are agreed by the concerned managers)
R – Realistic (objectives set should be realistic; be able to achieve)
T – Time Specific (objectives should have a time limit to when they should be achieved)
However, these objectives set up can change over time as the business environment is dynamic in nature and it is uncertain. Changes can happen due to specific forces such as customers, competitors, investors, and suppliers and also due to general forces such as social, political, legal and technological conditions. A business is supposed to adapt the changes that occurs in the business environment as this will guarantee the future of an enterprise and will also help in improving the performance of the company. For instance, a new competition has entered into the market, this would be a warning signal for the other firms in the market and hence, set up objectives such as, improving the quality of products, new advertising skills, etc. If a business has been hit by economic recession may face difficulties in maintaining the same level of output. Therefore, a decline in sales may make the business to change its objective from expansion or making profits, in order to survive.
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Give an example of a SMART objective that you could set for yourself
Ans. Using the S.M.A.R.T system helps people to create objectives and plans that are achievable in schools, work, and individual achievements. S.M.A.R.T stands for Specific, Measurable, Achievable, Relevant, and Time Specific.
Example of S.M.A.R.T goal:
Overall Goal: I want to do well in my studies.
S.M.A.R.T Goal: I want to raise my overall percentage
Specific: I want to achieve higher marks to apply for a scholarship in my preferred university.

Measurable: I will achieve 65+ in my final examination
Achievable: I will attend tuition classes for Accountancy as that is the subject I struggle with the most.

Relevant: I’d like to spend less on my university. Raising my overall percentage will help me in this matter.

Time Specific: I have four months left until I leave for university. This provides me enough of time to work hard, go for classes and decide if any steps are needed further.
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Stakeholder Conflicts
Introduction to SWOT Analysis
SWOT Analysis
SWOT analysis is a method used to identify a business, its materials, and the business environment. The reason to why many business firms use this method is to know how they stand out from the market, how they can improve, to identify potential opportunities and to identify threats.
However, this SWOT Analysis focuses on the firm’s strengths and weaknesses which includes the employees, products and the business. It also identifies the opportunities and threats that may have an impact on the business’s performance. Examples of opportunities; Maruti Udyog became the first leader in the small car market as it realized the need of small cars in the Indian market. Examples of threats: A multinational company entering into the market acts a warning signal for the other existing companies.
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