Business Characteristics Flashcards
Raw Goods
Materials derived from natural resources
Processors
Businesses which change raw goods into a more finished form, known as processed goods
Manufacturers
Businesses which change raw or processed goods into finished goods
Non Profit Organization
Businesses which provide goods and services to businesses and individuals, but operate on donations, volunteers and philanthropists rather than profit
Marketing Mix
Four interrelated marketing strategies used to meet consumer needs; consist of product, price, promotion and place
Maslows Hierarchy of Needs
Pyramid expressing the needs of people in levels: basic needs, safety, belongingness, love, esteem and self-actualization
Balance Sheet
Financial statement which reports totals in asset, liability and owner’s equity accounts
Cooperation
Process of effectively working together in group settings
Accounting
Process of recording, classifying, summarizing and reporting the financial position of a business
Assets
Items of value owned by a business Liabilities- debts or obligations of a business
Accounting Equation
Assets = Liabilities + Owner’s Equity
Income Statement
Financial statement which reports net income or net loss of a company
Finance
Department responsible for managing the use of company funds, obtaining needed funds and creating a financial plan
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
A 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
