Intro to Business
An organization that strives for a profit by providing goods and services desired by its customers.
What is a business
Using the least amount of resources to accomplish the organization’s goals.
What is efficiency?
In marketing, a good, service or idea, along with its perceived attributes and benefits, that creates value for the customer.
What is a product?
The potential to lose time and money or otherwise not be able to accomplish an organization’s goals
What is Risk?
The process of guiding and motivating others toward the achievement of organizational goals.
What is leadership?
Something given in exchange for a product.
What is the price?
The money, people, tools, machinery, equipment, and buildings used to produce goods and services and get them to the consumer.
What is capital.
Manufacturing many identical goods at once, was a product of the Industrial Revolution. Henry Ford’s Model-T automobile is a good example of this.
What is Mass Production?
Some method of getting the product from the creator of the product to the customer.
What is the place?
The study of how a society uses scarce resources to produce and distribute goods and services.
What is Economics?
Goods are produced using mass-production techniques, but only up to a point. At that point, the product or service is custom-tailored to the needs or desires of individual customers.
What is mass customization?
Methods for informing and influencing customers to buy the product.
What is promotion?
Intangible offerings of businesses that can’t be held, touched, or stored.
What are Services?
The supply of goods that a firm holds for use in production or for sale to customers.
What is inventory?
The process of separating, identifying, and evaluating the layers of a market in order to identify a target market.
What is market segmentation?
Tangible items manufactured by businesses.
What are goods?
The process of buying production inputs from various sources; also called procurement.
What is purchasing?
The process of discovering the needs and wants of potential buyers and customers and then providing goods and services that meet or exceed their expectations.
What is marketing?
A set of moral standards for judging whether something is right or wrong.
What are ethics?
The process of smoothing transitions along the supply chain so that the firm can satisfy its customers with quality products and services; focuses on developing tight bonds with suppliers.
The specific group of consumers toward which a firm could direct its marketing efforts. It is often divided into segments so that marketing strategies can be directed to a more specific target.
What is a target market?
A business that is established, owned, operated, and often financed by one person.
What is a sole proprietorship?
Firms that sell finished goods to retailers, manufacturers, and institutions
What is a wholesaler?
The process of collecting, recording, classifying, summarizing, reporting, and analyzing financial activities.
What is accounting?
An association of two or more individuals who agree to operate a business together for profit.
What is a partnership?
Bring buyers and sellers together.
What is a broker?
Things of value owned by a firm.
What are Assets?
A legal entity with an existence and life separate from its owners, who are not personally liable for the entity’s debts.
What is a corporation?
Firms that sell goods to consumers and to industrial users for their own consumption
What are retailers?
Also called debts—are what a firm owes to its creditors.
What are liabilities?