Needs
What is Producers?
businesses which develop products for distribution from raw goods
What are human resources?
Department responsible for maintaining the employment process, training and developing staff and following laws and proper procedures.
what are assets?
items of value owned by a business
What is Liabilities?
debts or obligations of a business
What is Balance Sheet?
financial statement which reports totals in asset, liability and owner’s equity accounts
What are raw goods?
Materials derived from natural resources
What is Maslow's Hierarchy of needs?
Pyramid expressing the needs of people in levels: basic needs, safety, belongingness, love, esteem and self-actualization.
what is Accounting Equation?
Assets = Liabilities + Owner’s Equity
What is Production?
department responsible for producing goods and services in the most efficient and cost-effective manner
What are services firms?
Businesses which provide services to consumers and other businesses.
what are Processors?
Businesses which change raw goods into a more finished form, known as processed goods.
What is cooperation?
Process of effectively working together in group settings.
what is Income Statement?
financial statement which reports net income or net loss of a company
What is Marketing Mix?
four interrelated marketing strategies used to meet consumer needs; consist of product, price, promotion and place
What are non-profit organizations?
Profit Organizations businesses which provide goods and services to businesses and individuals, but operate on donations, volunteers and philanthropists rather than profit.
What are manufactures?
businesses which change raw or processed goods into finished goods.
What is management?
Process of reaching a company's goals and objectives by utilizing its resources; department responsible for the managements process.
What is Finance?
department responsible for managing the use of company funds, obtaining needed funds and creating a financial plan
What is Distribution?
department responsible for distributing goods and services in the most efficient and cost-effective manner
Extra credit: What are consumers?
A person who consumes a product or service.
What are intermediaries?
Businesses which move finished goods from one business to another by buying, storing and reselling goods; often referred to as "middlemen".
What is accounting?
What is Product Life Cycle?
marketing theory stating the stages experienced by products and services from their introduction to their decline; consists of four stages: introduction, growth, maturity, decline
What is Marketing?
department responsible for creating products which meet consumer wants and needs, guiding products through the product life cycle and understanding consumers through marketing research
Extra Credit: What are producers?
People who make or grow goods and provide services.