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Business Studies. Chapter 1: Developing a business mindset. Understanding what businesses do. What is a business? Business—any profit-seeking organization that provides goods and services designed to satisfy customers’ needs

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business studies

Business Studies

Chapter 1: Developing a business mindset

understanding what businesses do
Understanding what businesses do
  • What is a business?
  • Business—any profit-seeking organization that provides goods and services designed to satisfy customers’ needs
  • Revenue—money a company brings in through the sale of goods and services
  • Business model—a concise description of how a business intends to generate revenue
  • Profit—money left over after all the costs involved in doing business have been deducted from revenue
competing to satisfy customers
Competing to satisfy customers
  • What does competitive advantage mean?
  • Do companies target/serve all consumers?
  • Some aspect of a product or company that makes it more appealing to target customers
  • What’s the competitive advantage of Apple?
  • What’s the competitive advantage of Li Ning?
accepting risk
Accepting risk
  • What are the risks associated with each operation in the value chain?
  • Wheat farmer
  • Flour mill
  • Bakery
  • Grocery store
  • Consumer
  • Linking risk and reward
types of businesses
Types of businesses
  • Are all businesses for profit?
  • Not-for-profit (nonprofit) organizationsOrganizations that provide goods and services without having a profit motive
    • Museums
    • Public schools
    • Red Cross
  • Categories of businesses
    • Goods-producing
    • Service businesses
categories of businesses
Categories of businesses
  • Goods-producing
  • Capital intensive
  • Service businesses
  • Labor intensive
  • Barriers to entry
seeing business from the inside
Seeing business from the inside

The consumer’s perspective

The manager’s perspective

Which product meets my needs?

How can I learn more?

How will it make me feel about myself?

Can I afford it?

Where can I buy it?

Can I get service after I buy it?

What product should we make?

How can I reach buyers?

What is our brand image?

What will it cost to produce?

Which are the best retail channels?

What support services does the customer expect?

business in society
Business in society

Positive

Negative

Valuable goods & services

Provides employment

Paying taxes

Contributing to national growth, stability, & security

Pollution & waste

Health & safety risks

Disrupting communities

Causing financial instability

the business environment
The business environment
  • Economic environmentthe conditions and forces that affect the cost and availability of goods, services, and labor and thereby shape the behavior of buyers and sellers
  • Market environmentA company’s target customers, the buying influences that shape the behavior of those customers, and competitors that market similar products to those customers
  • Legal and regulatory environmentlaws and regulations at the local, state/provincial, national, & international level
the business environment1
The business environment
  • Stakeholdersinternal and external groups affected by a company’s decisions and activities
  • Technological environmentForces resulting from the practical application of science to innovations, products, and processes
    • Digital file technology effect on CD album industry
    • Digital file technology effect on Apple
functional areas in a business
Functional areas in a business
  • Research & development (R&D)
  • Information technology (IT)
  • Manufacturing, production, and operations
  • Marketing, sales, distribution, and customer support
    • The impact of social media such as blogs, user-generated-content sites
functional areas in a business1
Functional areas in a business
  • Finance & accounting
    • Finance is planning & acquiring funds
    • Accounting is monitoring and reporting on how funds are used
  • Human resources (HR)
  • Business servicesIn house or outside support such as legal, accounting, etc.