Business Types
Businesses which develop products for distribution from raw goods.
What are producers?
This department is responsible for managing the employment process, training staff, and following laws.
What is Human Resources?
The four interrelated marketing strategies consisting of product, price, promotion, and place.
What is the Marketing
Items of value owned by a business.
What are assets?
Materials derived from natural resources.
What are raw goods?
Businesses which change raw or processed goods into finished goods.
What are manufacturers?
This department is responsible for recording, classifying, summarizing, and reporting the financial position of a business.
What is Accounting?
A marketing theory stating the stages products and services experience from their introduction to their decline.
What is the Product Life Cycle?
Debts or obligations of a business.
What are liabilities?
A pyramid that expresses the needs of people in levels, from basic needs to self-actualization.
What is Maslow's Hierarchy of Needs?
Businesses which provide services to consumers and other businesses.
What are service firms
This department is responsible for managing the use of company funds and creating a financial plan.
What is Finance?
This department is responsible for distributing goods and services efficiently and cost-effectively.
What is Distribution?
This financial statement reports the totals in asset, liability, and owner's equity accounts.
What is a Balance Sheet?
The process of effectively working together in group settings.
What is cooperation?
Businesses that operate on donations, volunteers, and philanthropists rather than profit.
What are non-profit organizations?
This department is responsible for creating products that meet consumer wants and needs.
What is Marketing?
This "P" in the marketing mix is the tangible good, service, or idea offered to meet customer needs, and includes everything from a product's features and design to its branding and packaging
What is a Product?
This financial statement reports the net income or net loss of a company.
What is an Income Statement?
The process of reaching a company's goals by utilizing its resources.
What is Management?
Businesses that change raw goods into a more finished form.
What are processors?
This department is responsible for producing goods and services in the most efficient and cost-effective manner.
What is Production?
This "P" is the monetary value that a customer pays for a product, representing the sum of all the values a customer gives up to gain the benefits of having or using a product or service.
What is Price?
The formula that states Assets = Liabilities + Owner's Equity.
What is the Accounting Equation?
Businesses that provide goods and services to businesses and individuals, but operate on donations, volunteers, and philanthropists.
What are Non-profit Organizations?