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Questions and Answers
What is the primary goal of a business?
Which business function is responsible for creating products or services?
What type of business produces tangible products?
Which of the following is an internal factor that affects a business?
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What is the primary function of the Human Resources department?
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What type of business sells products directly to customers?
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Study Notes
Business Definition
- A business is an organization or economic system that provides goods and services to customers in exchange for money.
- It can be a for-profit or non-profit entity, and can take various forms such as a sole proprietorship, partnership, corporation, or cooperative.
Business Functions
- Management: planning, organizing, leading, and controlling resources to achieve business goals.
- Marketing: identifying customer needs, creating products or services, and promoting them to customers.
- Finance: managing financial resources, investing, and funding business activities.
- Operations: producing and delivering goods and services.
- Human Resources: recruiting, training, and managing employees.
Business Types
- Service business: provides intangible products, such as consulting, healthcare, or education.
- Manufacturing business: produces tangible products, such as cars, electronics, or clothing.
- Retail business: sells products directly to customers, such as a store or online marketplace.
- Wholesale business: sells products in bulk to other businesses or organizations.
Business Environment
- Microenvironment: internal factors that affect the business, such as employees, customers, and suppliers.
- Macroenvironment: external factors that affect the business, such as economic trends, government policies, and technological changes.
- Globalization: the increasing interconnectedness of businesses and economies around the world.
Business Goals
- Profit maximization: maximizing earnings and returns on investment.
- Customer satisfaction: providing high-quality products and services to meet customer needs.
- Social responsibility: contributing to the well-being of society and the environment.
- Growth and expansion: increasing market share, revenue, and business scope.
Business Strategies
- Cost leadership: offering products or services at a lower cost than competitors.
- Differentiation: creating unique products or services that stand out from competitors.
- Focus: targeting a specific market segment or niche.
- Diversification: expanding into new markets or products to reduce risk.
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Description
Test your knowledge of business concepts, including types of businesses, functions, environment, goals, and strategies. Learn key terms and definitions to succeed in the business world.
