businesses which develop products for distribution from raw goods

materials derived from natural resources

businesses which change raw goods into a more finished form, known as processed goods

businesses which change raw or processed goods into finished goods

businesses which move finished goods from one business to another by buying, storing and reselling goods; often referred to as “middlemen”

businesses which provide services to consumers and other businesses

Non-profit Organizations

businesses which provide goods and services to businesses and individuals,but operate on donations, volunteers and philanthropists rather than profit

department responsible for maintaining the employment process, training and developing staff and following laws and proper procedures

Maslow’s Hierarchy of Needs

pyramid expressing the needs of people in levels: basic needs, safety, belongingness, love, esteem and self-actualization

process of effectively working together in group settings

process of reaching a company’s goals and objectives by utilizing its resources; department responsible for the management process

process of recording, classifying, summarizing and reporting the financial position of a business

items of value owned by a business

debts or obligations of a business

Assets = Liabilities + Owner’s Equity

financial statement which reports totals in asset, liability and owner’s equity accounts

financial statement which reports net income or net loss of a company

department responsible for managing the use of company funds, obtaining needed funds and creating a financial plan

department responsible for creating products which meet consumer wants and needs, guiding products through the product life cycle and understanding consumers through marketing research

four interrelated marketing strategies used to meet consumer needs; consist of product, price, promotion and place

marketing theory stating the stages experienced by products and services from their introduction to their decline; consists of four stages: introduction, growth, maturity, decline

department responsible for producing goods and services in the most efficient and cost-effective manner

department responsible for distributing goods and services in the most efficient and cost-effective manner

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Business Characteris


Producers	businesses which develop products for distribution from raw goods
Raw Goods	materials derived from natural resources
Processors	businesses which change raw goods into a more finished form, known as processed goods
Manufacturers	businesses which change raw or processed goods into finished goods
Intermediaries	businesses which move finished goods from one business to another by buying, storing and reselling goods; often referred to as “middlemen”
Service Firms	businesses which provide services to consumers and other businesses
Non-profit Organizations	businesses which provide goods and services to businesses and individuals,but operate on donations, volunteers and philanthropists rather than profit
Human Resources	department responsible for maintaining the employment process, training and developing staff and following laws and proper procedures
Maslow’s Hierarchy of Needs	pyramid expressing the needs of people in levels: basic needs, safety, belongingness, love, esteem and self-actualization
Cooperation	process of effectively working together in group settings
Management	process of reaching a company’s goals and objectives by utilizing its resources; department responsible for the management process
Accounting	process of recording, classifying, summarizing and reporting the financial position of a business
Assets	items of value owned by a business
Liabilities	debts or obligations of a business
Accounting Equation	Assets = Liabilities + Owner’s Equity
Balance Sheet	financial statement which reports totals in asset, liability and owner’s equity accounts
Income Statement	financial statement which reports net income or net loss of a company
Finance	department responsible for managing the use of company funds, obtaining needed funds and creating a financial plan
Marketing	department responsible for creating products which meet consumer wants and needs, guiding products through the product life cycle and understanding consumers through marketing research
Marketing Mix	four interrelated marketing strategies used to meet consumer needs; consist of product, price, promotion and place
Product Life Cycle	marketing theory stating the stages experienced by products and services from their introduction to their decline; consists of four stages: introduction, growth, maturity, decline
Production	department responsible for producing goods and services in the most efficient and cost-effective manner
Distribution	department responsible for distributing goods and services in the most efficient and cost-effective manner

Created by: 191010

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