Introduction to Business

Introduction to Business

1. Business- Is a decision-making organisation involved in the process of using inputs to produce goods and/or to provide services

   • Marketing- It takes care of the product and services meet clients needs and wants
     • Four Ps
       • Price- Various pricing strategies to sell the products of the business
       • Promotion-To make sure that the customers know about the firm's product.
       • Place- Ensuring that goods and services are available in convenient place for consumers to buy.
       • Product - Goods and services meet the customers's requirements
   • Operations- It takes care of the day to day running at the business
   • Finance and accounts -It takes care of the money of the organisation
   • Human resources - It takes care of the people in the organisation

2. Primary sector- This sector involved with the extraction, harvesting, and conversion of natural resources

   • Secondary sector- This sector involved with the manufacturing or construction of products.
     • Tertiary sector- This sector involves providing services to the general population.
       • Product- Is referred to both Goods and services
         • Goods- Are physical products
           • Needs- Basic necessities that a person must have.
             • Examples: food, water, warmth, and shelter
           • Examples: cars, computers, books and food.
         • Services- Are intangible products
           • Examples: haircuts, bus rides, education, and health care.
       • Quaternary sector- A sub category of the tertiary sector, this sector involves with intellectual, knowledge based activities that generate and share information
         • Chain of production- It tracks the stages of an item's production.
           • Starts from Production
           • Consumers
           • Manufacturing
           • Services (tertiary and quaternary output)
         • Examples: information communication technology (ICT), research and development (R&D), consultancy services, and scientific research.
       • Examples: retailing, transportation and distribution, banking, and finance.
     • Example: Clothes manufacturing, publishing firms, breweries and bottlers
   • Example: agriculture, fishing, mining, forestry, and oil extraction

3. Entrepreneur- An individual who plans, organises and manages business, taking on finnancial risk in doing so

   • A person who operates a business, taking on greater than normal financial risks in order to do so.

4. Intrapreneur- An employee who thinks and acts as an entrepreneur within a section of the organisation.

   • A manager within a company who promotes innovative product development and marketing.

5. Intrapreneurship -The act of behaving like an entrepreneur while working i within a large organisation

   • Is the act of being a entrepreneur but as an employee within a large organization

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