Business Characteristics Vocabulary Flashcards
(22 cards)
materials derived from natural resources
Raw Goods
Business which change raw goods into a more finished form, known as processed goods
processors
Businesses which change raw or processed goods into finished goods, intermediaries businesses which move finished goods from one business to another by buying, storing, and reselling goods; often referred to as “ middlemen”.
manufactures
businesses which provide goods and services to businesses and individuals, but operate on donations, volunteers, and philanthropists rather than profit.
non-profit organizations
FOUR interrelated marketing strategies used to meet consumer needs; consist of product, price, promotion, and place
marketing mix
pyramid expressing the needs of people in levels; basic needs, safety, belongingness, love, esteem, and self actualization
Maslow’s hierarchy of needs
financial statement which reports totals in asset, liability, and owners equity accounts
balance sheet
process of effectively working TOGETHER in GROUP settings
cooperation
process of recording, classifying, summarizing and reporting FINANCIAL position of a business
accounting
items of value owned by a business
assets
debts or obligations of a business
liabilities
Assets = Liabilities + Owner’s Equity
Accounting Equation
department responsible for maintaining employment process, training, and developing staff and following laws and proper procedures
Human Resources
businesses which provide services to consumers an other businesses
Service Firms
businesses which DEVELOP PRODUCTS for distribution from raw goods
production
department responsible for DISTRIBUTING goods and services in the most efficient and cost-effective manner
distribution
process of reaching a company’s goal and objectives by utilizing its resources; department responsible for the management process
management
department responsible for producing goods and services in the most efficient and cost-effective manner
producers
marketing theory stating the stages experienced by products and services from their introduction to their decline; consists of four stages: introduction, growth, maturity, decline
product life cycle
department responsible for creating products which meet consumer wants and needs, guiding products through the product life cycle and understanding consumers through marketing research
marketing
department responsible for managing the use of company funds, obtaining needed funds and creating a financial plan
finance
financial statement which reports net income or net loss of a company
Income statement
