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16 Cards in this Set
- Front
- Back
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Business |
A decision-making organization involved in the process of using inputs to produce goods and or provide services. |
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Inputs |
The resources that a business uses in the production process
EX: Labour and raw materials |
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Product |
Can refer to both goods and services |
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Goods |
Physical products
EX: cars, computers, books, and food |
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Services |
Intangible products
EX: Haircuts, bus rides, education, and healthcare |
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Needs |
The basic necessities that a person must have to survive |
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Needs |
The basic necessities that a person must have to survive |
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Wants |
Peoples desires |
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Main Functions of a Business |
~Human Resources ~Finance and accounts ~Marketing |
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Human resources |
This department is responsible for managing the personnel of the organization. Likely to deal with: workforce planning, recruitment, training, appraisal, dismissals |
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Finance and Accounts |
This department is in charge of managing the organizations money. The director must ensure that accurate recording and reporting of financial documentation takes place. |
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Marketing |
This department is responsible for identifying and satisfying the need and wants of customers. It is ultimately in charge of ensuring that the firm's products sell. |
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4 P's of Marketing |
Product Price Promotion Place |
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4 P's of Marketing |
Product Price Promotion Place |
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Operations(operations managements or production) |
Responsible for the process of converting raw materials and components into finished goods, ready for sale and delivery to customers. |
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Business Sectors |
~Primary Sector ~Secondary Sector ~Tertiary Sector ~Quaternary Sector |
