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BUS115 – Ch 01

Business
Any profit-seeking organization that provides goods and services designed to satisfy customers’ needs.
Revenue
Money a company brings in through the sale of goods and services.
Profit
Money left over after all the costs involved in doing business have been deducted from revenue.
Competitive advantage
Some aspect of a product or company that makes it more appealing to target customers.
Not-for-profit organizations
Organizations that provide goods and services without having a profit motive; also called nonprofit organizations.
Goods-producing businesses
Companies that create value by making “things,” most of which are tangible (digital products such as software are a notable exception).
Service businesses
Companies that create value by performing activities that deliver some benefit to customers.
Barrier to entry
Any resource or capability a company must have before it can start competing in a given market.
Adding value in a business
Make goods and services more attractive from the buyer’s perspective, whether it’s creating products that are more useful or simply making them more convenient to purchase.
Business mindset
A view of business that considers the myriad decisions that must be made and the many problems that must be overcome before companies can deliver the products that satisfy customer needs.
List three steps you can take to help make the leap from consumer to business professional.
1. Develop a business mindset that views business from the inside out rather than the outside in.
2. Recognize the positive and negative effects that business can have on society.
3. Develop a business vocabulary and explore the wide variety of jobs in the field of business.
Social environment
Trends and forces in society at large.
Stakeholders
Internal and external groups affected by a company’s decisions and activities.
Technological environment
Forces resulting from the practical application of science to innovations, products, and processes.
Economic environment
The conditions and forces that affect the cost and availability of goods, services, and labor and thereby shape the behavior of buyers and sellers.
Legal and regulatory environment
Laws and regulations at local, state, national, and even international levels.
Market environment
A company’s target customers, the buying influences that shape the behavior of those customers, and competitors that market similar products to those customers.
The five major environments in which every business operates:
1. The social environment, trends and forces in society at large.
2. The technological environment and its ability to create and destroy markets and alter business processes.
3. The economic environment, the conditions and forces that affect the cost and availability of goods, services, and labor and thereby shape the behavior of buyers and sellers.
4. The legal and regulatory environment, comprising all the rules and regulations relating to business activities.
5. The market environment, composed of target customers, buying influences, and competitors.
Research and development (R&D)
Functional area responsible for conceiving and designing new products.
Information technology (IT)
Systems that promote communication and information usage through the company or that allow companies to offer new services to their customers.
What is the purpose of the six major functional areas in a business enterprise?
1. Research and development (R&D) creates the goods and services that a company can manufacture or perform for its customers.
2. Manufacturing, production, or operations is the part of the company where the firm makes whatever it makes or performs whatever services it performs.
3. The related group of functions in marketing, sales, distribution, and customer support are responsible for identifying market opportunities, crafting promotional strategies, and making sure customers are supplied and satisfied with their purchases.
4. Finance and accounting plan for the company’s financial needs, control spending, and report on financial matters.
5. Human resources recruits, hires, develops, and supports employees.
6. A variety of business services provide expertise in law, real estate, and other areas.
Operations management
Management of the people and processes involved in creating goods and services
Summarize seven of the most important business professions.
1. Operations managers oversee all the people and processes involved in creating the goods and services that a company sells.
2. HR specialists and managers plan and direct human resources activities such as recruiting, training and development, compensation and benefits, employee and labor relations, and health and safety.
3. IT managers oversee the design, implementation, and maintenance of systems that help deliver the right information at the right time to the right people in the organization.
4. Marketing specialists perform one or more tasks involved in identifying and understanding market opportunities and shaping the product, pricing, and promotional strategies needed to pursue those opportunities.
5. Sales professionals build relationships with customers and help them make purchase decisions.
6. Accountants collect, analyze, and report on financial matters; they also perform audits to verify financial reports or find ways to lower costs.
7. Financial managers plan for the company’s financial needs, invest funds, and raise capital.
Professionalism
The quality of performing at a high level and conducting oneself with purpose and pride.
Etiquette
The expected norms of behavior in any particular situation.
Identify seven components of professionalism.
1. Striving to excel
2. being dependable
3. being accountable
4. being a team player, communicating effectively
5. demonstrating a sense of etiquette
6. making ethical decisions
7. and maintaining a positive outlook.

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