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Understanding Business Management: Key Concepts, Responsibilities, and Team Dynamics

This chapter explores the fundamentals of business management, including the definition of business as an organization that produces or distributes goods and services. It covers various business activities such as production, marketing, and financing, alongside important concepts like Gross National Product and efficiency. The chapter also delves into business ownership types, highlighting the role of small businesses and franchises. Additionally, it emphasizes the importance of effective team collaboration, focusing on communication skills, trust, and engagement to foster successful teamwork.

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Understanding Business Management: Key Concepts, Responsibilities, and Team Dynamics

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  1. Chapter 6 Business Management

  2. What is Business • An Organization that Produces or Distributes a good or service. Goods-Producing Business Service Business ✔ Checkpoint p.147

  3. Expected Employment in Major Industries by 2018 CHAPTER 6

  4. Business Activities • Production • Making of a good or service • Marketing • Getting goods or services to customers • Target Market • Financing • Handing all money matters related to running a business

  5. Gross National ProductUSA vs. Other Nations • The total market value of all goods produced and services provided in a year.

  6. Efficient to Survive • Efficiency • Producing the largest quantity in the least time. • How to ensure efficiency • Well trained workers • Up to date technologies • Manage effectively • Just in Time (JIT) Inventory System

  7. Business Ownership • Popularity of small business • Owner operated • Growth of franchise business • Examples • Risks of ownership • Obligations of ownership • Customers, Employees, Suppliers, Competition CHAPTER 6

  8. How to be a good team member • Be personal • Be involved • Trust in your team • Stay focused on the task • Be positive • Listen, Listen, Listen

  9. Listening skills • Maintain eye contact • Focus on content, not delivery • Avoid distractions • Treat listening as a challenging mental task • Stay active by asking mental questions • Remember the gap between speech and thought

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