Introduction to Business

Mind Map by fastninjaman, updated more than 1 year ago
Created by fastninjaman almost 5 years ago



Resource summary

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
1.1 Marketing- It takes care of the product and services meet clients needs and wants
1.1.1 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
1.2 Operations- It takes care of the day to day running at the business
1.3 Finance and accounts -It takes care of the money of the organisation
1.4 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
2.1 Secondary sector- This sector involved with the manufacturing or construction of products.
2.1.1 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.
2.1.2 Example: Clothes manufacturing, publishing firms, breweries and bottlers
2.2 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
3.1 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.
4.1 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
5.1 Is the act of being a entrepreneur but as an employee within a large organization
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