Business
any profit-seeking organization that provides goods and services designed to satisfy customers’ needs.
Adding Value
The process of transforming lower-value inputs into higher-value outputs to satisfy your
customers’ needs.
each step generates a revenue and a profit
Competition
The result of other companies trying to sell their producs to the same customers
Competitive Advantage
What makes my product more appealing to the final customers.
Why is competition good?
It gives custtomers a widers range of options, increase quality, improves customer service and lower prices
Profit
the final goal of most business with the excepption of non-prof organizations
What two categories can business be categorized into
- Good producing businesses (tangible)
- Service Businesses (entertainment, insurance etc)
Major Functional areas
- Accounting- Monitors, controls and reports on spending
- Finance- Plans for and provides funds
- Human Resources (HR)- Supports all other funtional areas
- Business Services- Performs a variety of specialized functions
- Research and Development (R&D)- Concieve and design products
Predicting Sales
Predicting demand and sales for a new product can be challenging. Data analysis, experience-driven
judgement and luck can help forecasting
Careers in Business
- Operations Manager
- Human resources
- IT Manager
- Marketing Specialist
- Sales Professional
- Accountant
- Financial Manager
Operations Manager
-Management of the People and processes involved in creating goods and services.
-Predicting demand and sales for a new product can be challenging. Data analysis, experience-driven
judgement and luck can help forecasting
Human Resources Specialist
HR specialists and managers plan and direct personnel-related activities, including recruiting, training and development, compensation and benefits, employee and labor relations, and health and safety.
IT Manager
getting information to the right people via computer and communication systems is the job of the information technology
Marketing Specialist
identifying and understanding market opportunities and shaping the product, pricing, and communication strategies needed to pursue those opportunities.
Sales Professional
- Competitive, enjoy solving problems and work with a wide range of people
- Salespeople sell everything from design services to pharmaceuticals to airliners.
Accountant
responsible for collecting, analyzing, and reporting on financial matters, such as analyzing budgets, assessing the manufacturing costs of new products, and preparing state and federal tax returns.
Financial Manager
Makeup a lot of different leadership roles and perfrom a variety of functions. They perform data analysis and advise senior managers on profit-maximizing ideas. Financial managers are responsible for the financial health of an organization.
Essential Business skills
- Communication
- Critical Thinking
- Collaboration
- Knowledge application and analysis
- Business ethics and social responsibilty
- IT Skills
- Data literacy
