Introduction BUS 10123-002
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This 2 page Class Notes was uploaded by Amy Turk on Friday May 20, 2016. The Class Notes belongs to BUS 10123-002 at Kent State University taught by Dr. Diane DeRubertis in Spring 2015. Since its upload, it has received 5 views. For similar materials see Exploring Business in Business at Kent State University.
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Date Created: 05/20/16
INTRODUCTION ● business = individuals or organizations trying to make a profit by providing products that satisfy people’s needs ● product = good or service that provides satisfaction and benefit to the user ● primary goal of business = earn a profit ○ the difference between the costs to make and sell a product and what the customer actually pays for the product ○ (production and sales cost ) ---- (purchase price) ● stakeholders = anyone who has a stake in the success and outcomes of a business ○ customers ○ employees ○ investors ○ gov’t regulators ○ community ○ society Activities of Business ● management = concerned with coordinating resources ○ organize staff ○ control tasks of the organization ○ provide leadership ○ focus on employees ■ motivating ■ coordinating ■ organizing ● marketing = concerned with providing goods and services that satisfy consumers’ needs ○ determine what products customers want ○ plan and develop products ○ determine ■ distribution ■ place ■ promotion ■ price ○ focus on satisfying customers ● finance = concerned with coordinating the financial decisions associated with managing the business ○ obtaining money ○ using money effectively ○ accountants, stockbrokers, bankers ○ focus on owner decisions to manage the investment ■ purchase raw materials ■ hire employees ■ attract capital ■ create products ■ fuel the global economy ■ contribute to society
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