Business Overview
An organization of people engaged in commercial or professional activities, whether for or not profit.
What is a business?
Set of practices and processes of a company for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
What is marketing?
The process of planning, organizing, directing, and controlling the activities of a business or organization to achieve its goals and objectives.
What is business management?
The official process of establishing a business entity with the relevant government authorities, essentially giving the business legal recognition to operate within a specific legal area.
What is business registration?
What does LLC stand for?
Limited Liability Corporation/Company.
Insurance to cover all damages and expenses for workers, inventory, and lawsuits for a business.
What is business insurance?
A company's overall plan for reaching potential customers and turning them into paying customers.
What is a marketing strategy?
Establishing organizational goals and deciding how to accomplish them. It is often referred to as the "first" management function because all other management functions depend on planning.
What is planning?
A business that is owned (and usually operated) by one person.
What is a sole proprietorship?
A legal entity formed by a group of individuals or, in some cases, a single person, to engage in and operate a business enterprise.
What is a company?
A website that details the business and their purpose, while also having much more additional information about the business on the website.
What is a business/company website?
Name the 4ps of marketing.
Product, price, promotion, and place.
Name the three type of plans.
Strategic plan, tactical plan, and operational plan.
A voluntary association of two or more persons to act as co-owners of a business for profit.
What is a partnership?
A corporation that is chosen to be taxed as a pass through, similar to an LLC.
What is an S corporation?
Name the five foundational pillars of a business.
Idea, product/service, finance/money, marketing strategy, and people.
A strategic tool that outlines the key elements a company uses to promote its product or service and achieve its marketing objectives.
What is a marketing mix?
Explain the three levels of management.
Top manager, middle manager, and first-line manager.
A legal entity, separate from its owners, created to conduct business. It can enter into contracts, own assets, be sued, and pay taxes, similar to an individual.
What is a corporation?
An independent legal entity owned by its shareholders. This corporation's profits go through double taxation.
What is a C corporation?
Name five factors that are important to a business.
Business management, business registration, marketing, money, economics, and products and service.
Name the six key aspects of marketing.
Understanding the market, product development, pricing strategy, distribution of channels, promotional activities, and building relationships.
Name the six styles of leadership.
Autocratic leadership, participative leadership, transformational leadership, charismatic leadership, transactional leadership, and Laissez-Faire leadership.
What's the difference between a company and a corporation?
While all corporations are companies, not all companies are corporations (e.g., sole proprietorships or partnerships).
Official legal documents filed with a state’s Secretary of State to create a corporation, establishing it as a distinct legal entity.
What are Articles of Incorporation?