Goals of a Business
What is PROFIT?
This function sets goals and oversees the business.
What is MANAGEMENT?
McDonald's is this type of business
What is MULTINATIONAL?
What is CAPITAL?
This stakeholder is the most important to a business
What is CUSTOMER?
If Chik-fil-a is welcoming, constantly greets their customers with a smile, and responds with "my pleasure" the business is meeting this goal.
What is CUSTOMER SATISFACTION?
What is FINANCEA/ACCOUNTING?
This type of business serves a larger community such as a state or region of the country.
What is REGIONAL BUSINESS?
Natural resources are an example of this type of factor of production
What is LAND?
This is one way for a business to increase profit
What is CUT BACK ON EXPENSES or INCREASE REVENUE?
Apple continues to come out with phones every year. They are meeting this goal.
What is INNOVATION?
Coca Cola’s “Share a Coke” campaign that encourages soda drinkers to find a coke with their name on it and share a coke with a friend. This is an example of this function of business.
What is MARKETING?
What is MULTINATIONAL?
A tractor would be considered this in factors of production
What is CAPITAL?
This type of investor provides financial help to someone wanting their business to grow.
What is INVESTOR?
A business donates money to a local fundraiser. This is an example of this goal
What is COMMUNITY IMPACT?
A seamstress stitches handmade lace onto a one-of-a-kind wedding gown to increase its value and selling price. She falls into this function of business
What is PRODUCTION?
This is an issue a local business might run into.
What is COMPETITION FROM OTHER LARGER BUSINESSES?
At a restaurant, this would be considered a labor resource
What is CHEF or WAITER or HOST?
When expenses are higher than revenue the business experiences this.
What is a LOSS?
Competition can be good for customers for these reasons
What is LOWER PRICES or BETTER INNOVATION or MORE OPTIONS?
An NFL player signs a deal with Nike to have a sponsorship. This is an example of what type of function of a business.
What is MARKETING?
This can be an opportunity, as it allows businesses to expand across the world. However, it can be challenging due to competition from international businesses.
What is GLOBALIZATION?
What is WOOD, FOREST, LAND, WATER, OIL, ETC.?
This equation is the profit formula