Chapter 1 The Nature Of Business. Flashcards
What are businesses? What ‘s their purpose?
Businesses are individuals or organizations who try to earn a profit by providing that products satisfy peoples needs.
What are the products that businesses offer?
The products that businesses offer are tangible goods, services and ideas.
Give examples of tangible goods, services, and ideas:
Tangible goods are things that can be touched such as automobiles smartphones and jeans.
Services can be like dry cleaning telemedicine visit and movie or sports events.
An “idea” can be like accountants and attorneys.
What’s the goal of businesses?
The goal of a business is to earn a profit.
What do business have to keep in mind while trying to make a profit?
They have maintain social responsibility and they have to pay for their own expenses necessary to operate,
What does maintaining social responsibility means?
To engage in environmental preservation effort, ethical labor practices, philanthropy and promoting volunteering.
What are nonprofit organizations? And what do they do or what are their goal?
Non-profit organizations don’t share the purpose of earning profit. They may provide goods Or services. They engage in fund raising as well as in management, marketing and finance to reach their goals.
What are stakeholders and what’s an example?
Stakeholders are groups that have a stake in the success and outcomes of a business. An example will be the owner of a business.
What are three activities in a business?
’ Management, marketing and finance,
What’s the role of management.?
Managers plan, organize, lead and control.
What’s the role of marketing?
Marketers focus of all marketing activities is satisfying customers.
What’s the role of finance?
Refers to all activities concerned with obtainin of money and using it
Effectively,
Why study business?
By studying business you can develop skills and acquire knowledge prepare you for your future career.
Understand activities needed to provide goods and services.
Become well-informed consumer and member of society.
