Business Notes (Unit 1)
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12 Terms
Business
Organization involved in the production of goods and/or provision of services
Product
Tangible items or objects
Service
Non-tangible offering
Needs & Wants
Business goal to satisfy customer requirements; identifying or creating demand
Customer
Individuals or organizations purchasing a product
Consumer
Individuals using the product
Peter Drucker
Management Guru emphasizing creating customers as the main business purpose
Main Functions of a business
Human resources, Finance & Accounts, Marketing, Operations
Business Sectors
Primary, Secondary, Tertiary, Quaternary
Sectoral Change
Shift in national output and employment among business sectors
Entrepreneurship
Process of setting up a new business; characteristics include risk-taking, self-motivation, confidence, innovation
Intrapreneur
Employee demonstrating entrepreneurial thinking within a large organization
