Business Concepts and Fundamentals Flashcards

Vocabulary flashcards covering core business concepts, market dynamics, PESTLE analysis, supply chains, business structures, and departmental roles based on the lecture notes.

Business

An organization that distributes goods and services, solves customer problems, and charges a higher price for a product than it costs to make.

Customer

A person or business that purchases a good or service.

Consumer

A person who uses a good or service.

Market

A place where you can buy or sell goods.

Monopoly

Operating with no competitors and protecting that advantage.

Political Factors (PESTLE)

Macro-environmental factors that include trade policies and taxes.

Economic Factors (PESTLE)

Macro-environmental factors that include levels of household income and unemployment.

Social Factors (PESTLE)

Macro-environmental factors that include culture norms and trends.

Technological Factors (PESTLE)

Macro-environmental factors that include internet access and AI.

Environmental Factors (PESTLE)

Macro-environmental factors that include geography and natural disasters.

Legal Factors (PESTLE)

Macro-environmental factors that include employment laws and consumer protection laws.

Limited Liability Company (LLC)

A flexible business structure that protects its owners from personal financial liability.

Corporation

A legal business entity separate and distinct from its owners, offering limited liability.

Executive Leaders

Senior personnel responsible for making strategic, top-level decisions within an organization.

Outsourcing

The practice of contracting external parties to handle specific business activities or processes.

Sales and Marketing

A specialized department responsible for market research, advertising, promoting, and selling products or services.

Research and Development

A specialized department dedicated to innovating and creating new products or improving existing ones.

Operations

A specialized department that manages the day-to-day execution and production processes of a business.

Accounting

A specialized department responsible for maintaining and analyzing financial records.

Finance

A specialized department responsible for managing an organization's money, capital investments, and financial planning.

Human Resources

A specialized department focused on hiring, managing, and supporting an organization's personnel.