Business Management Unit 1

Consumers

The people or organisations that actually use a product

Customers

The people or organisations who buy the product

Entrepreneurs

Owners or operators of an organisation who manage, organise and plan the other three factors of production. They are risk-takers who exploit business opportunities in return for profit

Intrapeneurship

The act of behaving as an entrepreneur as an employee within a large business organisation, intrapreneurs work in an entrepreneurial capacity, with authority to create innovative products or new processes for an organisation

Product

Refers to both goods (physical product) and services (intangible product)

Primary sector

The businesses involved in the cultivation or extraction of natural resources, e.g. farming and mining

Secondary sector

The section of the economy where business activity is concerned with the construction and manufacturing of products

Tertiary sector

The section of the economy where business activity is concerned with the provision of services to customers

Quaternary sector

A subcategory of the tertiary sector, where businesses are invlove