Business Notes (Unit 1)

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12 Terms

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Business

Organization involved in the production of goods and/or provision of services

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Product

Tangible items or objects

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Service

Non-tangible offering

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Needs & Wants

Business goal to satisfy customer requirements; identifying or creating demand

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Customer

Individuals or organizations purchasing a product

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Consumer

Individuals using the product

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Peter Drucker

Management Guru emphasizing creating customers as the main business purpose

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Main Functions of a business

Human resources, Finance & Accounts, Marketing, Operations

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Business Sectors

Primary, Secondary, Tertiary, Quaternary

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Sectoral Change

Shift in national output and employment among business sectors

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Entrepreneurship

Process of setting up a new business; characteristics include risk-taking, self-motivation, confidence, innovation

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Intrapreneur

Employee demonstrating entrepreneurial thinking within a large organization