Chapter 6 Business Management

What is Business An Organization that Produces or Distributes a good or service. ✔ Checkpoint p.147

Expected Employment in Major Industries by CHAPTER 6

Business Activities Production Making of a good or service Marketing Getting goods or services to customers Target Market Financing Handing all money matters related to running a business

Gross National Product USA vs. Other Nations The total market value of all goods produced and services provided in a year.

Efficient to Survive Efficiency Producing the largest quantity in the least time. How to ensure efficiency Well trained workers Up to date technologies Manage effectively Just in Time (JIT) Inventory System

Business Ownership Popularity of small business Owner operated Growth of franchise business Examples Risks of ownership Obligations of ownership Customers, Employees, Suppliers, Competition CHAPTER 6 8

How to be a good team member Be personal Be involved Trust in your team Stay focused on the task Be positive Listen, Listen, Listen

Listening skills Maintain eye contact Focus on content, not delivery Avoid distractions Treat listening as a challenging mental task Stay active by asking mental questions Remember the gap between speech and thought