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What is a BusinessAny organization that uses resources to produce a good or service.What is added-value? Changing or altering a natural resource or a semi-finished good to make it more desirable.. What do businesses do? Businesses identify needs of consumers then purchase resources (or i
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4. Categories of Inputs Land (& natural resources)
Fields for factories/ energy for power
Labor
Employees needed to run machines, sell, etc.
Capital
Plant/machinery/computers, $
Enterprise
People to invest/manage
These are also referred to as Factors of Production
5. What is a product Anything that satisfies the needs
and wants of customers
good something tangibletouchable
service usually intangiblepeople do things for you
8. Business Functions (Departments) Marketing
Finance
Human Resource Management
Operations Management
9. Marketing
Identifies consumer wants based on market research
Pricing
How and where to promote
How to sell and distribute
10. Finance Flow of money in and out of business
Provides financial information to management
Key division to all companies
11. Human Resource Management Identifies workforce needs of business
Recruits potential employees
Selects and trains staff
Motivational systems to retain staff and encourage productivity
Employment contracts
Redundancy and redeployment of staff
12. Operations Management Insures resources are available for production
Maintains production levels
Maintains quality levels
Oversees production efficiency
13. Interrelationship All four business functions must work together!
14. Sectors of Industry Primary Sector deal with natural resources
Farming, fishing, natural resource extraction
Secondary Sector deal with manufacturing and processing
Assembly, baking, clothing, construction
Tertiary Sector provide services
Retailing, transportation, insurance, banking, tourism, telecommunications