INTRODUCTION TO BUSINESS MANAGEMENT CHAPTER 1 QUESTIONS AND ASWERS A+ GRADED. Buy Quality Materials!

INTRODUCTION TO BUSINESS MANAGEMENT CHAPTER 1 QUESTIONS
AND ASWERS A+ GRADED. Buy Quality Materials!

Needs
Food, Shelter and Clothing
Wants and Needs
Drive the Economy
Wants
Not needed to survive
Goods
Physical, Tangible (you can touch) products
Services
Tasks that businesses perform for consumers (mowing, manicures, car repair)
Step 1 in Decision Making Process
Identify the Situation
Step 2 in Decision Making Process
Identify Possible Courses of Action
Step 3 in Decision Making Process
Determine the Pros and Cons (advantages and disadvantages) -- This is where you
must consider your values and goals
Step 4 in Decision Making Process
Make the Decision and plan how to reach it
Step 5 in Decision Making Process
Evaluate the decision you made -- Would you make the same choice again
Competition
Contest between businesses to win customers -- Businesses thrive on this.

It is possible because businesses can produce what they will be most profitable.
Business
Any activity that seeks profit by providing goods or services to others -- Must always
consider their customers needs
Profit
Motive of all businesses -- and amount of money left over after a business pays all of its
expenses
Consumer
Person who uses goods and services
Market Research
The act of gathering and analyzing information about the wants, needs and preferences
of consumers.
Resources
Items people can use to make or obtain what they need or want
Capital
another word for money -- businesses need start-up capital and operating capital
For a company to compete and thrive today it
must offer quality products, outstanding service and competitive prices