1.01 Understand the purpose and functions of business, types & classes of business part 1
Purpose of business
Businesses fulfill the needs and wants of the consumers by selling goods or services or both.
Examples of goods
Clothing,Cars,Computers,DVDs,Personal Care products
Examples of services
Hairdresser,Dry Cleaner, Nail Technician ,Waitress,Lawn Care,Babysitting
Profit Motive and helps the consumer
Reasons or motivations to start a business
examples of wants
TVs, sodas, candy bars, jewelry, and make-up.
accounting
a system of recording and reporting financial activity and transactions
customer
also viewed as a consumer
management
employees whose job is to make sure that the organization meets its goals and obligations in every department or function of business
examples of needs
food, shelter, clothing, and water
human resources
manages the personal relations within a company: helps develop skills and knowledge necessary to be successful whil on the job
Understanding the purpose of business
name of unit
Wants
not necessary for our survival but add pleasure and comfort to our lives
Products
physical goods or services that can satisfy consumer needs
the four Ps of marketing
price, place, product, promotion
consumer
someone who uses goods or services
operations
the back office of the business and involves all the behind the scenes paperwork that must be finished in order for transactions to be completed
marketing
the process of satisfying the needs and wants of consumers through exchange
information technology
the use of technology to share information to others such as coworkers, customers, and suppliers
Needs
things that are necessary for survival