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