1.1 Introduction To Business Management

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Business plan

Back 1

Refers to the document that sets out the businessidea, its goals and objectives and other details of how thebusiness will operate (such as its marketing, operations andfinance). It is often a crucial part of an attempt to raise external sources of finance.

Front 2

Businesses

Back 2

Are organizations involved in the production ofgoods and/or the provision of services.

Front 3

Consumers

Back 3

Are the people or organizations who actually use aproduct.

Front 4

Customers

Back 4

Are the people or organizations that buy the product.

Front 5

Entrepreneurs

Back 5

Are owners or operators of an organization whomanage, organize and plan the other three factors of production.They are risk takers who exploit business opportunities inreturn for profits.

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Intrapreneurship

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Is the act of behaving as an entrepreneurbut as an employee within a large business organization.Intrapreneurs work in an entrepreneurial capacity, withauthority to create innovative products or new processes for theorganization.

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Primary sector

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Refers to businesses involved in the cultivationor extraction of natural resources, e.g. farming, mining,quarrying, fishing, oil exploration and forestry

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Product

Back 8

Can refer to both goods and services. Goods arephysical products, e.g. cars, books and food. Services areintangible products, e.g. haircuts, bus rides, education andhealth care.

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Quaternary sector

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Is a subcategory of the tertiary sector,where businesses are involved in intellectual, knowledge-basedactivities that generate and share information, e.g. informationcommunications technology and research organizations.

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Secondary sector

Back 10

Is the section of the economy where businessactivity is concerned with the construction and manufacturingof products.