Definitions
An organization or entity that sells goods or services for a profit.
Business
An organization or association of individuals working together for a common purpose.
Company
A particular form or branch of economic or commercial activity.
Industry
This department deals with buying goods and raw materials
Purchasing
The action or business of promoting and selling products or services.
Marketing
The exchange of a product or service for money
Sales
A person who sets up a business or businesses, taking on financial risks in the hope of profit.
Entrepreneur
This department deals with money matters, from paying bills to projecting sales.
Accounts / Finance
An individual who purchases goods or services for personal use.
Consumer
A financial plan that outlines expected income and expenses for a specific period.
Budget
The exchange of information or ideas between individuals or groups.
Communication
This department ensures all manufacturing stages run smoothly.
Production
Money spent on utilities, salaries, raw materials, and other items that a company incurs while operating the business
Expense
Department responsible for promoting and selling the company's products or services.
Marketing & Sales
This department is responsible for managing the day-to-day operations of the company.
Operations
This department is responsible for managing the company's technology infrastructure, including computer systems, networks, software, and data management.
IT
A newly established business.
Start-up
A team within a company that focuses on employees, including hiring, training, and employee well-being
Human resources
The difference between a business's total revenue and total expenses.
Profit
They focus on innovation and technological advancements within the company.
R & D