Introduction to Business & Business Environment

Any economic activity that satisfies human needs and wants.

A formal written statement outlining the purpose of a company or organization.

Long-term, general, broad, and focus on the bigger picture.

Short-term, specific, narrow, and focus on smaller chunks.

It provides a clear direction, motivates, enables progress measurement, and clarifies action targets and decision making.

The process of creating goods and services to satisfy human needs and wants.

Separation of work into tasks, with each task performed by a separate person or group.

Generates personal specialization, increases worker efficiency, and boosts productivity.

Workers may suffer from boredom, absence of one worker can halt production, and limited personal growth in jobs.

The Industrial Revolution led to the conversion of small-scale businesses into large-scale ones, the introduction of new machinery and technology, and increased output quality and quantity.

A group of individuals or entities that have a vested interest in a business's success and are impacted by its decisions.

Individuals who purchase products or services from a business.

Individuals or organizations that supply raw materials or components to a business.

Businesses that offer similar products or services to a company.

Businesses that offer alternative products or services that meet the same customer needs.

Third-party businesses that facilitate the flow of goods or services from producers to consumers.

Potential individuals or organizations willing to invest money in a business.

Factors influencing the business that are within its control, such as internal operations, employees, resources, and management.

The process of exchanging goods and services between two or more parties for monetary gain.

Activities that support and improve the efficiency of trade, such as banking, insurance, and communication.

Buying and selling goods and services through the internet.

A type of E-commerce where businesses sell goods and services to other businesses.

A type of E-commerce where businesses sell goods and services to consumers.

A type of E-commerce where consumers sell goods and services to other consumers.

The process of converting raw materials into finished products.

Resources used in the production process, including land, labor, capital, enterprise, information, time, and knowledge.

Different categories of stakeholders involved in a business, including internal stakeholders (within the organization) and external stakeholders (outside the organization).

The owner of a business, interested in a fair return on investment and business growth.

The manager of a business, aiming to maximize profits and ensure successful decisions.

Individuals who work in a business, seeking fair pay, promotion opportunities, and job security.

Individuals who purchase the company's goods or services, seeking quality products at reasonable prices.

Businesses that supply raw materials or components to a company, looking for continuous orders and timely payments.

The way responsibilities, resources, and authority are distributed within a company.

The rules and regulations enforced by government bodies that affect how a business operates.

Includes things like climate, natural resources, pollution, etc., that can impact a company's operations.

The characteristics of a population, such as age, gender, and growth rate, that influence consumer behavior and the workforce.