3. ⢠An organization that produces or distributes a
good or service for profit
Goods= tangible (physical)
Services= intangible
4. ⢠Industrial
â produce goods used by other businesses to make
things
â Ex. Coal mining, farming, crude oil
⢠Commercial
â Wholesalers & retailers (marketing)
â Finance (banks, investment companies)
â Services ( fitness centers, hotels, medical)
5. What type of business isâŚ
⢠Lawn-mowing- Service
⢠Paper mill- Industrial
⢠Dentist- Service
⢠Textile (clothing)- Industrial
⢠Sports Authority- Retail
⢠McDonaldâs- Service
⢠Dell Computers- Industrial
6. Is a word often used to describe
ALL businesses within a CATEGORY
doing similar work
7.
8. ⢠Business is (constantly changing)
⢠An is something entirely new
1. Affect the kinds of products/services offered
(example technical athletic clothing)
2. Affect business operations
(Internet and telecommuting)
⢠What other innovations have benefited you?
9. Challenges When Competing Internationally
⢠Global Innovation
⢠Competition
Domestic Goods = made by US firms
Foreign Goods = made by firms in other countries
10. ⢠Making the right decisions about what
products or services to offer customers & how
to produce and deliver them
Efficiency
⢠Producing quickly, at the lowest cost, while
maintaining quality
11. ⢠Gather customer info
⢠Study buying habits
⢠Test new products
⢠Add new features
⢠Product guarantees & follow-Up
⢠TQM (Total Quality Management)
â commitment to excellence
12. Efficiency
⢠Measured by OUTPUT
â Quantity produced within a given time
Productivity:
⢠Producing the largest quantity in the least
amount of time
⢠Achieved through:
1. Specialization of effort
2. Modern technology
3. Reorganization of work (downsizing/empowerment)
13. ⢠Gross Domestic Product
⢠Measure of nationâs economic wealth
⢠= total market value of all goods & services
produced in a country in 1 year
⢠US about $14.58 Trillion
⢠Not included: Underground transactions not
reported to Federal Govât
14. Standard of Living is âer in productive nations
Investments in Human Capital
15. Franchise:
⢠Legal agreement
⢠Small group of investors purchase right to sell a
companyâs product/service under companyâs name
and trademark
Activity: âFRANCHISE ABCâSâ
16. Entrepreneur:
⢠Someone who starts, manages, & owns a business
Small Business
⢠Companies operated by 1 or a few individuals
⢠Make up largest # of businesses in US
⢠½ of all employed people work for small businesses
17. What are the risks involved?
ďCompetition from other businesses
ďPrice changes
ďStyle changes
ďCompetition from new products
ďChanges in economic conditions
18. Agree or Disagree?
âAnyone who starts a business has a
responsibility to the entire communityâ
A business that fails creates an economic loss
that is shared by others
(customers, employees, suppliers, competitors
)
19. ⢠TO CUSTOMERS â best at âest price
⢠TO EMPLOYEES â respected, rights enforced
⢠TO MANAGEMENT â recognition for abilities
⢠TO COMPETITORS â fairness
⢠TO INVESTORS â kept informed, interests considered
⢠TO PUBLIC â promote general welfare, obey laws
20. What is Intrapreneurship???
An employee who is given funds and freedom to
create a special unit or department within a
company to develop a new
product, process, or service
Hinweis der Redaktion
How do commercial businesses support the work of industrial businesses?
Identify products that you consider to be innovations. Explain how they are different from and similar to other new products that you wouldnât classify as innovationsWhat foreign languages do you know or are you studying? Why? How will this be advantageous applying for jobs in the future?
How much is current GDP ??? Which country has the next highest? China ⌠and European Union (25 countries)
65% of US families own the homes they live in
2 Reasons for business growth are - the Strong Desire to individuals to own their own businesses ENTREPRENEURS - the EASE with which a business can be started