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Small Firms - Marcador
Small Firms - Detalles
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| > Processing of raw materials into semi-finished and finished goods (both capital and consumer goods) > Covers manufacturing and construction | Stages of production- > Secondary Sector < |
| Includes all services | Stages of production- > Tertiary sector < |
| > First stage of production > Largely includes agricultural (farming, breeding, hunting, fishing) and mining companies | Stages of production- > Primary Sector < |
| > Sub section of the Tertiary Sector > Services involved with collection, transmission and processing of information | Stages of production- > Quaternary Sector < |
| > Age of firm > The availability of financial capital > The type of business organisation > Internal economies and diseconomies of scale > The size of the market | Factors affecting size of the firm- |
| This is considered as some firms do not survive throughout the years. That’s why those who do take time in order to grow. | Size of firms- > Age of firms < |
| The more financial capital a firm spends on to finance its expansion the more capable the firm is of growing. | Size of firms- > Availability of financial capital < |
| If a firm experiences lower than average costs while expanding it can lower the prices of the products. This results in them capturing more market share. If a firm does not experience this(internal diseconomies) it might limit the growth of the firm. | Size of firms- > Internal economies and diseconomies of scale < |
| If there is a large demand for the product then the firm will expand. This is a key factor influencing the size of the firms. | Size of firms- > Size of the market < |
| Some firms want to expand but might fail to do so because of shortage of money. | Reasons for small firms- > Lack of financial capital < |
| The owners of a small firm might not want to grow as they might be worried about- > losing control of the firm > quality control of the products/services | Reasons for small firms- > Owner's preference < |
| Firms with complimentary products and services might decide to join together and support each other. For example- Restraunt owners might | Reasons for small firms- > Cooperation between small firms < |
| Personal services - Caters to consumers on one to one basis making the service more personal and friendlier. | Reasons for small firms- > Preference of consumers < |
| Firms joining with other firms through a merger or takeover > Allows firms to increase its size faster compared to internal growth | Growth of firms- External Growth |
| Merges with another firm producing the same product but at a different stage of production. | Mergers- > Vertical Merger < |
| Merger of two companies making different products. -Main motive: Diversification | Mergers- > Conglomerate Merger < |