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Business Studies

Business Studies. Chapter 1: Developing a business mindset. Understanding what businesses do. What is a business? Business—any profit-seeking organization that provides goods and services designed to satisfy customers’ needs

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Business Studies

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  1. Business Studies Chapter 1: Developing a business mindset

  2. Understanding what businesses do • What is a business? • Business—any profit-seeking organization that provides goods and services designed to satisfy customers’ needs • Revenue—money a company brings in through the sale of goods and services • Business model—a concise description of how a business intends to generate revenue • Profit—money left over after all the costs involved in doing business have been deducted from revenue

  3. Competing to satisfy customersThe value chain

  4. Competing to satisfy customers • What does competitive advantage mean? • Do companies target/serve all consumers? • Some aspect of a product or company that makes it more appealing to target customers • What’s the competitive advantage of Apple? • What’s the competitive advantage of Li Ning?

  5. Accepting risk • What are the risks associated with each operation in the value chain? • Wheat farmer • Flour mill • Bakery • Grocery store • Consumer • Linking risk and reward

  6. Types of businesses • Are all businesses for profit? • Not-for-profit (nonprofit) organizationsOrganizations that provide goods and services without having a profit motive • Museums • Public schools • Red Cross • Categories of businesses • Goods-producing • Service businesses

  7. Categories of businesses • Goods-producing • Capital intensive • Service businesses • Labor intensive • Barriers to entry

  8. Seeing business from the inside The consumer’s perspective The manager’s perspective Which product meets my needs? How can I learn more? How will it make me feel about myself? Can I afford it? Where can I buy it? Can I get service after I buy it? What product should we make? How can I reach buyers? What is our brand image? What will it cost to produce? Which are the best retail channels? What support services does the customer expect?

  9. Business, government and society

  10. Business in society Positive Negative Valuable goods & services Provides employment Paying taxes Contributing to national growth, stability, & security Pollution & waste Health & safety risks Disrupting communities Causing financial instability

  11. The business environment • Economic environmentthe conditions and forces that affect the cost and availability of goods, services, and labor and thereby shape the behavior of buyers and sellers • Market environmentA company’s target customers, the buying influences that shape the behavior of those customers, and competitors that market similar products to those customers • Legal and regulatory environmentlaws and regulations at the local, state/provincial, national, & international level

  12. The business environment • Stakeholdersinternal and external groups affected by a company’s decisions and activities • Technological environmentForces resulting from the practical application of science to innovations, products, and processes • Digital file technology effect on CD album industry • Digital file technology effect on Apple

  13. Functional areas in a business • Research & development (R&D) • Information technology (IT) • Manufacturing, production, and operations • Marketing, sales, distribution, and customer support • The impact of social media such as blogs, user-generated-content sites

  14. Functional areas in a business • Finance & accounting • Finance is planning & acquiring funds • Accounting is monitoring and reporting on how funds are used • Human resources (HR) • Business servicesIn house or outside support such as legal, accounting, etc.

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