The purpose and nature of Business Flashcards
Business
An organisation which produces or supplies a product or service
Goods
Physical products. For example: a bike, a phone ect
A service
Is an intangible product. For example: a financial service, delivery, public transport.
A customer
Someone who purchases a product or service.
A consumer
Someone who uses a product or service.
Entrepreneur
Someone who takes a risk to start a business
Social enterprise
An organisation which helps people without profit in mind
Intangible
Something you cannot physically touch or see
Marketing
The methods a business uses to promote either itself, or one of it’s products or services to expand it’s customer base
Finance
The management of a business’ money and investments
Human resources
The hiring, training and management of a company’s staff to fit working conditions
Operation
The organisation of the day to day functions of a business to help it run efficiently
Primary Sector
Extracting raw materials, harvesting crops ect
Secondary sector
Raw goods being manufactured into finished goods
Tertiary sector
Shops, retail, banking, insurance and support services
