Understanding Business Management

Front

What is a business?

Back

An organization involved in industrial, professional, or commercial activities.

Front

How do businesses engage in activities?

Back

By producing goods, offering services, or selling pre-made products.

Front

What do customers seek from businesses?

Back

Goods and services to fulfill their needs and wants.

Front

What is the purpose of businesses in relation to customer needs?

Back

To create products or services that meet customer needs and earn money.

Front

What is an example of a business function?

Back

A grocery store sells food products to satisfy basic consumer needs.

Front

What is a non-profit organization?

Back

A business that operates on a charitable basis, donating profits or raising funds for causes.

Front

What is competitive advantage?

Back

The ability of a business to offer unique or cheaper products/services compared to rivals.

Front

What are products?

Back

Tangible items that can be touched, seen, felt, tasted, or smelled.

Front

What are services?

Back

Intangible activities that cannot be touched, seen, felt, tasted, or smelled.

Front

What happens to products after purchase?

Back

They can be taken away and used until deemed unnecessary or broken.