Facebook Functions & Food Sales Management

Key Concepts in Business & Management (BADM 101)

• Course instructed by Dr. Rania El Garem, Assistant Professor of Management, at the Alumni Unit & Career Center-SOBF.
• Course material covers key concepts in business and management.

Chapter 1: Taking Risks and Making Profits within the Dynamic Business Environment

• The chapter discusses requirements for success in business, what business, goods, and services are.
• It covers the purpose of the business and its function, revenues, profits, and losses.
• Revenue generation and financial sustainability is also included.
• The different types of goods and services are explained.
• The key characteristics of entrepreneurs, and advantages and disadvantages are explored.
• The role and importance of the value proposition is explained.

Chapter Contents

• Requirements for the success in business.
• Business, goods, and services, including tangible (goods) and intangible (services).
• Purpose and function of the business, including mission, vision, and values.
• Revenues, Profits, and Losses, differentiating between revenue, profit, and loss in a business.
• Generating Revenues and Financial sustainability.
• Difference between goods & services.
• Entrepreneur and his key characteristics.
• Advantages and disadvantages of Entrepreneurs.
• Value Proposition.
• Matching Risk with Profit.
• Standard of Living & Quality of Life.
• 5 business environments
  • Economic and Legal Environment
  • Technological Environment
  • Competitive Environment
  • Social environment
  • Global Environment
• Sustainability.
• Outsourcing
• The Five Factors of Production (Land, Labor, Capital, Entrepreneurship, and Knowledge)

Activity 1

• The activity focuses on identifying the type of business and its function, given a purpose (to provide convenient and affordable transportation).
• It requires identifying the business type as a ride-sharing company (like Uber or Careem).
• This suggests the function of connecting drivers and passengers using a mobile app.

Activity 2

• This activity requires describing how different types of companies (hotels, restaurants, banks) generate revenue and maintain financial sustainability.

Activity 3

• In restaurants, what are the differences between goods & services?

Defining Goods and Services

• Goods are tangible products (e.g., food products, beverages).
• Services are intangible products (e.g., meal preparation, serving beverages, dining experience, and customer service).

Activity 4

• This is a multiple choice question asking about a specific entrepreneur known for their electric vehicle ventures.
• The correct answer is Elon Musk.

Activity 5: Role Play of Entrepreneur

• A scenario for a student discussing their business idea with parents.
• Roleplay where the student (S) pitches their business plan to the parent (P).

9- Value Proposition

• A value proposition is a statement that communicates the unique value and benefits that a product, service, or business offers to its target audience.
• It defines why customers should choose a particular product or service over alternatives available in the market.

10- Matching Risk with Profit

• Risk is defined as the chance that an entrepreneur might lose time and resources due to a business not succeeding (becoming successful). The risk of a business can lead to significant profits.

11- Standard of Living and Quality of Life

• Standard of living is the amount of goods and services that people can buy with the money they have. A high standard of living generally signals strong economic wealth.
• Quality of life is the overall well-being of a society. Factors like political freedom, safety, health care, and leisure can be considered.

12- Responding to Various Business Stakeholders

• A stakeholder is anyone who stands to gain or lose based on the policies or actions of a business.
• These groups can be internal (e.g., employees, stockholders, managers) or external (e.g., customers, suppliers, the community). The need to respond to these various stake holders is a key challenge in business.

13- Using Business Principles in Nonprofit Organizations

• Nonprofit organizations are characterized by not aiming for profits, but rather achieving social and/or educational goals.
• They rely on donations from individuals and other entities in order to survive and operate.

14- Outsourcing

• Outsourcing is an agreement in which one company hires another company to manage an existing or planned activity.
• Reasons for companies to outsource activities include improving efficiency, controlling risks and costs, and concentrating on core functions.

15- The Five Factors of Production

• The "five factors of production" are the fundamental resources used to create goods and services. These include land, labor, capital, entrepreneurship, and knowledge.

16- The Business Environment

• The business environment comprises all of the surrounding, external factors that can affect how a business operates. These factors are:
  • Economic and legal environment
  • Technological environment
  • Competitive environment
  • Social environment
  • Global environment

17- Sustainability

• Sustainability is defined as the processes and actions through which humankind avoids the depletion of natural resources and maintains ecological balance, to avoid a decrease in society's quality of life.

Additional Information

• The slides contain various activities and questions.
• An example of a business strategy is mentioned, a company making pencils that include a small seed, when the pencil is used it is replenishing the natural environment by planting a tree to compensate for the removed tree to make the pencils.
• Economic issues regarding Egypt, in terms of financial support for businesses.

This quiz explores the core functions of Facebook alongside essentials of food and beverage sales management. It touches on entrepreneurial attributes and key factors in effectively running food services. Test your knowledge on both social media and business management concepts.