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Business Plan
| Term | definition |
|---|---|
| Business | includes all the activities involved in developing and exchanging products |
| Marketing | Identifies, anticipates, and satisfies customer demand |
| Production | Offers goods and services for customers |
| Management | Plans, coordinates and monitors a business as well as hires and trains employees |
| Needs | are necessary for survival |
| wants | are things that are desired, but a person can live without |
| Self-Actualization: | All needs have been fulfilled to some degree |
| Esteem | need to be liked and respected |
| Love & Acceptance | ; Need for support, assurance, praise, acceptance |
| Security | need to feel safe in surroundings |
| Physical needs | need for air, water, food, clothing, and shelter |
| Business opportunities | are ideas with potential to become successful ventures |
| feasible | it can be done successfully |
| Feasibility Study | is used to determine if a product or idea is worth pursuing |
| Economics | Science that examines how goods and services are produced, sold, and used |
| Supply and demand | Economic principle relating quantity of products available to meet consumer demand |
| Market economy | Allows privately owned businesses to operate and make a profit |
| Command economy | Government determines which products are produced, how much is produced, and the prices |
| Mixed economy | Both the government and private sector make decisions about providing goods and services |
| Traditional economy | : Economic decisions are based on a society’s cultures, customs, and values |
| Economic resources | used to create products and provide services |
| Manufacturer | turns raw materials from natural resources or product components into new products for sale |
| Wholesaler | purchases large amounts of goods directly from manufacturers |
| Retailer | buys from wholesalers or manufacturers and resells products to consumers |
| Opportunity cost | cost of passing up the next best choice when making a decision |
| Market structure | How a market is organized and is based on number of businesses competing for sales in an industry |
| Oligopoly | Small number of large companies with same products |
| Monopoly | One business with complete control |
| Perfect Competition | Large number of small businesses with same products |
| Monopolistic (imperfect)Competition | Large number of small businesses with similar products and different prices |
| Cash flow | Money flowing into and out of a business |
| Franchise | : Right to sell goods or services in a particular area |
Created by:
Maria767
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