Business Concepts Flashcards

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Definition of Business

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Business means a for-profit or non-profit organization involved in industrial, commercial, or professional commerce.

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Meaning of Commercial in Business

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Commercial means the pursuit of a profit margin in some way.

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Meaning of Professional in Business

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Professional means customized, knowledge-based services provided for a fee (i.e., a tax accountant or lawyer).

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Types of Businesses

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Illustration of different types of businesses.

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Operations

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A business function focused on the day-to-day activities required for running a business.

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Marketing

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A business function that involves promoting and selling products or services.

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Company Logos

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Examples of companies that manage various business functions.

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Six Business Functions

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Human Resources, Strategy, Information Management, Operations, Marketing, Finance/Accounting

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Finance/Accounting

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A business function that involves managing money, including budgeting, forecasting, and financial reporting.

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Communication in HR

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Visual representation of HR communication and support.