Introduction to Business

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fastninjaman
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Introduction to Business
  1. Business- Is a decision-making organisation involved in the process of using inputs to produce goods and/or to provide services
    1. Marketing- It takes care of the product and services meet clients needs and wants
      1. Four Ps
        1. Price- Various pricing strategies to sell the products of the business
          1. Promotion-To make sure that the customers know about the firm's product.
            1. Place- Ensuring that goods and services are available in convenient place for consumers to buy.
              1. Product - Goods and services meet the customers's requirements
            2. Operations- It takes care of the day to day running at the business
              1. Finance and accounts -It takes care of the money of the organisation
                1. Human resources - It takes care of the people in the organisation
                2. Primary sector- This sector involved with the extraction, harvesting, and conversion of natural resources
                  1. Secondary sector- This sector involved with the manufacturing or construction of products.
                    1. Tertiary sector- This sector involves providing services to the general population.
                      1. Product- Is referred to both Goods and services
                        1. Goods- Are physical products
                          1. Needs- Basic necessities that a person must have.
                            1. Examples: food, water, warmth, and shelter
                            2. Examples: cars, computers, books and food.
                            3. Services- Are intangible products
                              1. Examples: haircuts, bus rides, education, and health care.
                            4. Quaternary sector- A sub category of the tertiary sector, this sector involves with intellectual, knowledge based activities that generate and share information
                              1. Chain of production- It tracks the stages of an item's production.
                                1. Starts from Production
                                  1. Consumers
                                    1. Manufacturing
                                      1. Services (tertiary and quaternary output)
                                      2. Examples: information communication technology (ICT), research and development (R&D), consultancy services, and scientific research.
                                      3. Examples: retailing, transportation and distribution, banking, and finance.
                                      4. Example: Clothes manufacturing, publishing firms, breweries and bottlers
                                      5. Example: agriculture, fishing, mining, forestry, and oil extraction
                                      6. Entrepreneur- An individual who plans, organises and manages business, taking on finnancial risk in doing so
                                        1. A person who operates a business, taking on greater than normal financial risks in order to do so.
                                        2. Intrapreneur- An employee who thinks and acts as an entrepreneur within a section of the organisation.
                                          1. A manager within a company who promotes innovative product development and marketing.
                                          2. Intrapreneurship -The act of behaving like an entrepreneur while working i within a large organisation
                                            1. Is the act of being a entrepreneur but as an employee within a large organization

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