Nature of Business
| Description: | Nature of Business |
| Category: | Management |
| Created by: |
Rachel Jenkins
on 2009-08-31
|
| Question | Answer |
| Business | Individuals or organizations trying to make a profit by providing products that satisfy peoples needs. |
| Product | A good or service with tangible and intangible characteristics that provide satisfaction and benefits. |
| Her definition of product | A good or service with characteristics/attributes that meet or provide consumers needs. |
| Management | Focus on employees, coordinates employees actions, organizing people for efficiency, motivates employees toward business goals |
| Marketing | Focus on satisfying customers, determines what products people want, determines the price, determines distribution, determines promotion. |
| Finance | Primary responsibility of owners, obtaining money, using money efficiently, accountants, stock brokers, bankers |
| Marketing Mix | Planned mix of the controllable elements of a product's marketing plan commonly termed as 4P's: product, price, place, and promotion. |
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