The Functions of Business

Product: what a business is offering to customers—can be a good or a service Good: tangible product Service: intangible product Consumer: an end user of product Important Terms

An organization where products are exchanged for one another for money What is business?

Ways Businesses are Owned Sole Proprietorship: owned by one person Partnership: two or more owners Corporation: a business that is owned by one person or a group but functions as its own entity legally Private—corporation is owned by individual or a group and they own the stock Public—corporation is available for people to buy their own share of ownership--they are traded on stock exchange Non Profit: companies that use money to achieve goals as opposed to distributing it as profit Ways Businesses are Owned

What do businesses do?

The Functions of Business Production: creates or obtains products or services for sale Raw materials (mining, logging) Processing (oil refining, paper manufacturing) Services (hair, nail, tanning) Merchandising (retailers, wholesalers) The Functions of Business

The Functions of Business Operations: on-going activities designed to support the primary purpose of a business and to keep it operating efficiently The Functions of Business

The Functions of Business Accounting and Finance plans and manages financial resources and maintains records and information related to the business’ finances The Functions of Business

The Functions of Business Management and Administration developing, implementing, and evaluating the plans and activities of a business The Functions of Business

The Functions of Business Marketing all business activities to make a product available to consumers and to ensure satisfying exchanges occur The Functions of Business

Coordination of the Functions of Business Each function of business is dependent upon the other functions of the business What would happen if a business was not successful in coordinating all aspects of the business operation? Examples? Coordination of the Functions of Business

Business Function Group Activity

Each table will receive a poster board and a function to examine Table 1: Chick Fil A—Operations Table 2:Coca-Cola—Production Table 3: Chick Fil A—Marketing Table 4: Ford—Management Table 5: Apple—Production Table 6:GEICO—Marketing Table 7: Southwest Airlines—Operations Table 8: Zappos—Management Functions Activity

Helpful tips How does your company execute this function? What does your company do that is different/unique in this area Helpful tips