Needs & Wants
Producers & Consumers
Fads & Trends
Functions of a Business
ALL
100
Having access to clean drinking water is considered a... ?
Need
100
Define producer
An individual and/or business that makes goods or provides services
100
What is a trend?
Trend
a general direction within society that may last for a long time
they often have a major impact on consumer buying habits and on business
100
Define production.
The process of converting a business's resources into goods and services
100
If I buy something off of Amazon, what type of Business - Consumer relationship is it?
Business to Consumer (B2C)
200
Who was Abraham Maslow?
A psychologist who studied human behaviour, who created the "Hierarchy of Needs" that describes personal motivation in relation to need
People start with the most basic level of Needs and move up the hierarchy as each level is fulfilled
200
Define consumer AND consumer goods
Consumer:
A person or company that buys the good and/or service
Consumer goods - goods that consumers directly buy to satisfy their needs and wants
200
What is a fad AND give an example of a fad.
Fad
a craze that people take up quickly and then drop just as quickly (does not last)
no long term commitment for consumers
usually emphasize fun over practicality
risky for businesses to get involved in
200
Name two ways you can improve productivity in a business.
1. Training employees
2. Capital investments (investing in new equipment, machines, technology etc)
200
If I sell something on Facebook Marketplace, what type of Consumer - Business Relationship is it?
Consumer to Consumer (C2C)
300
Define "needs" as is written in your note.
NEEDS:
basic human forces - necessities
Goods and services that are essential for human survival
Real needs are basic needs that are tangible (such as food, shelter)
Psychological needs are needs that are intangible and emotional (such as friendship, security)
300
What are TWO types of markets?
Industrial market : Individuals and organizations that produce, sell, rent or supply G&S to other businesses
Consumer market : Individuals or households who want goods or services for personal use or consumption
300
What is a SEASONAL trend?
The recurring patterns of behaviour, preferences, and activities that change with the seasons, which can impact business and sales.
300
What are the four factors of production?
1. Land
2. Labour
3. Capital
4. Entrepreneurship
300
What is an ultimate / end consumer?
The consumer who purchases a product or service for his/her own personal use
400
Define wants as written in your note.
WANTS :
Learned behaviour - luxuries
G&S that are NOT essential for survival
adds pleasure and comfort to life, makes people feel good or helps them achieve a goal
400
List the FOUR types of Consumer - Business Relationships
B2C - Business to Consumer
B2B - Business to Business
C2B - Consumer to Business
C2C - Consumer to Consumer
400
Is a fad or a trend safer and more predictable as an investment?
A trend.
400
What are the four Ps of marketing?
Product, price, place and promotion.
400
What does finance do as a function of business?
Keep accurate records and manage money coming into your business and going out.
500
What are the FIVE levels of Hierarchy of Needs?
1. Psychological Needs
2. Safety Needs
3. Belongingness and love needs
4. Esteem needs
5. Self-actualization
500
Explain the FOUR Consumer - Business Relationships AND give an example of EACH one
B2C - Business to Consumer
when a business sells to a final consumer
i.e. Walmart; Zehrs; Expedia, Amazon, Dominos Pizza; hair salon; door dash
B2B - Business to Business
when a business interacts or provides for another business
i.e. Costco buys from multiple clothing, food and furniture manufacturers so they can stock their shelves; Chapters buys from multiple book publishers, grocery stores get food products from farmers; pharmaceutical corporations to pharmacy, Amazon to UPS, McDonalds to Skip the Dishes
C2B - Consumer to Business
when a consumer creates value and the business consumes that value
i.e. customer reviews, photography, book or restaurant reviews, free lancer; investing into a company, thrift store, second hand store, donation centre
C2C - Consumer to Consumer
when one consumer interacts with another consumer (when a consumer buys a product, and then sells the product for more/less on another site
i.e. e-Bay, Craigslist, Kijiji, Facebook Marketplace, Stubtub
500
Name the SIX stages of "Product Life Cycle"
500
What does Human Resources do?
- The people aspect of the business (the owners, managers and employees)
- Outline how people are hired, terminated, compensated/paid, and recruited
500
Retail, manufacturing, and service are types of what... ?
Types of Businesses