Business Fundamentals
This is an organization that provides goods or services to customers to meet their needs or wants.
What is a business?
This business function involves promoting and communicating the value of products or services to customers.
What is marketing?
This term describes the amount of a product consumers are willing and able to purchase at different prices.
What is demand?
This shows how employees, departments, and responsibilities are arranged within a company.
What is organizational structure?
This department is responsible for recruiting, hiring, training, and supporting employees.
What is Human Resources?
This is the commitment to being dependable, responsible, and professional while performing a job.
What is work ethic?
This is the specific group of customers a business wants to reach with its products or services.
What is a target market?
This term describes the amount of a product businesses are willing and able to offer for sale at different prices.
What is supply?
This diagram visually displays the positions and reporting relationships within a business.
What is an organizational chart?
This department manages budgets, financial records, payroll, and business expenses.
What is Finance?
This type of business is owned and operated by one individual.
What is a sole proprietorship?
This is a smaller group of consumers within a larger market who share similar characteristics or needs.
What is a market segment?
This analysis examines a business's strengths, weaknesses, opportunities, and threats.
What is SWOT analysis?
This describes the formal reporting relationship between employees and supervisors.
What is the chain of command?
This department manages production, inventory, and the processes used to deliver goods or services.
What is Operations?
This business ownership structure involves two or more individuals sharing ownership, responsibilities, and profits.
What is a partnership?
This process divides a large market into smaller groups based on characteristics such as age, location, interests, or buying behavior.
What is market segmentation?
This analysis examines political, economic, social, and technological factors affecting a business.
What is PEST analysis?
This organizational structure groups employees according to specialized departments such as marketing, finance, and human resources.
What is a functional organizational structure?
This department focuses on converting potential customers into paying customers and maintaining customer relationships.
What is Sales?
This business structure is legally separate from its owners and generally protects shareholders from personal liability for business debts.
What is a corporation?
A company creates separate advertising campaigns for teenagers, college students, and working professionals. This marketing strategy demonstrates this process.
What is market segmentation?
This term describes the recurring economic pattern of expansion, peak, contraction, and trough.
What is the business cycle?
This organizational structure allows employees to report to both a functional manager and a project or product manager.
What is a matrix organizational structure?
A company is experiencing declining sales during an economic contraction. Management reduces unnecessary expenses while developing strategies to attract customers. This illustrates the importance of this business activity.
What is business decision-making (or strategic planning)?