Share Business Management - 1.1.2 INTRODUCTION - REVIEW 2
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Fill in the blank: “The role of businesses is to combine human, physical and financial resources to create goods and services in order to satisfy the.........and.........of people, organizations and governments.”
needs and wants
What is a business?
a decision-making organization involved in the process of using inputs to produce goods and/ or to provide services.
Distinguish between customers and consumers of a business?
Customers are the people or organizations that buy a product whereas Consumers are the ones who actually use the product.
What are the four functional areas of a business?
1. Operations/ Production - 2. Marketing/ Sales and Marketing - 3. Finance and accounts/ accounting - 4. Human Resources
For goods, operations is the process of converting.........and components into finished goods, ready for sale and delivery to customers.
raw materials
What is 4Ps in Marketing?
Marketing mix: Product, Price, Place and Promotion
What is the roles of marketing function?
1. identifying and satisfying the needs and wants of customers. - 2. ensuring that the firm's products sell
What is the functions of Finance and accounts?
1. managing the organization's money. Accurate recording and reporting of financial documentation. comply with legal requirement and inform those interested in
Give an example of guerrilla marketing idea?
Funny signboard design - Infographics - Smartly use coasters - Take advantage of the landscape - Use business cards - Free food
Describe the four business sectors of the economy?
1. Primary sector . 2. Secondary sector. 3. Tertiary sector. 4. Quaternary sector
What is meant by the chain of production?
tracks the stages of an items production, from the extraction of raw materials used to make the product all the way through to it being delivered to theconsumer
What is meant by sectoral change?
refers to a shift in the relative share of national output and employment that is attributed to each business sector over time.
Differentiate between entrepreneurs and intrapreneurs?
An entrepreneur is an individual who plans, organizes and manages a business. An intrapreneur as an employee who thinks and acts as an entrepreneur within
What are the main reasons for starting up a business?
G.E.T C.A.S.H
What are the main steps in starting up a business?
5 STEPS: write a business plan, obtain a start-up capital, obtain business registration, open a business bank account, marketing
What are the problems that new businesses may face?
ex: lack of finance, cash flow problems, marketing problems, unestablished customer base, people management problem, legalities, production, poor location....
