Business: A Definition

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Presentation transcript:

Business: A Definition The organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society’s needs Copyright © Cengage Learning. All rights reserved.

The Organized Effort of Individuals Combining Resources Copyright © Cengage Learning. All rights reserved.

Classification of Businesses Manufacturing businesses Process various materials Service businesses Produce services (e.g., haircuts, legal advice, tax preparation) Copyright © Cengage Learning. All rights reserved.

Classification of Businesses Marketing intermediaries Buy products from manufacturers and resell Copyright © Cengage Learning. All rights reserved.

Satisfying Needs People buy goods and services not just to own them, but to satisfy particular needs Businesses that understand customer needs, and work to satisfy those needs, are usually successful Copyright © Cengage Learning. All rights reserved.

The Relationship Between Sales Revenue and Profit Profit is what remains after all business expenses have been deducted from sales revenue. A loss (negative profit) results when a firm’s expenses are greater than its revenues. Copyright © Cengage Learning. All rights reserved.

Business Profit The purposes of profit Stakeholders To reward business owners for producing goods and services consumers want As payment for business owners assuming the risks of ownership Stakeholders All of the different people or groups or people who are affected by the policies and decisions made by an organization Copyright © Cengage Learning. All rights reserved.