1. The Functions of Business

2. 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

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

4. 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

5. What do businesses do?

6. 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

7. 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

8. 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

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

10. 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

11. 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

12. Business Function Group Activity

13. 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

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