© south-western educational publishing goals lesson 2.1 business activities identify the four...
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© South-Western Educational Publishing
GOALSGOALS
LESSON 2.1BUSINESS ACTIVITIES
Identify the four kinds of businesses Describe each of the seven business
functions
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Kinds of Businesses Extractors
Businesses that grow products or take raw materials from nature. Farmers in Wisconsin Copper miners in Montana Oil companies in Texas
Manufacturers Businesses that take the extractor’s product or a raw
material and changes it into a form that consumers cans use. Also referred to as producers. Can produce final product or be part of a chain of
manufacturing processes
Kinds of Businesses Marketers
Businesses that are involved with moving goods from producers to consumers. Transports and sells products Package goods to protect products and present them in attractive and
convenient sizes. Store goods until they are needed by other marketers or consumers.
Marketers add value to products
Service Businesses Businesses that do things for you instead of making or
marketing something. Respond to needs and wants of a consumer or other business.
Travel Agent Information Systems company
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© South-Western Educational Publishing
Business Functions Find Ideas
Idea for a good service that will meet consumers’ needs and wants
Raise Capital Personal funds, loans from financial institutions,
loans from individual investors. Whey do businesses need capital?
Buy Goods and Services Products – clothing store (clothes, register, display
case, etc.) Services – web design, advertising space, etc.
Business Functions Use Human Resources
Recruiting, interviewing, and selecting employees Market Goods and Services
Designing and developing products/services based on needs and wants
Produce Goods and Services Product/service must be produced at the desired
time, in the appropriate quantity and quality, and at a competitive cost.
Keep Records How much has sold, been returned, or owed.
© South-Western Educational Publishing
© South-Western Educational Publishing
GOALSGOALS
LESSON 2.2BUSINESS OWNERSHIP
Describe the types of business ownership and the specialized forms of business
Identify each of the five business management activities
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Types of Business Ownership
Sole ProprietorshipOwned by one personKeeps profit, but is liable for all debts.
PartnershipOwned by a small group (2-3 people)Share profits Unlimited liability for all debts
Types of Business Ownership
CorporationOwned by a number of people and
operates under special permission from the state that charters it. Certificate of incorporation. Shareholders or Stockholders Elect a board of directors.
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Types of Business OwnershipSpecialized Forms of Ownership
Franchises A written contract granting permission to sell someone else’s
product or service. Specifies the manner, time period, and territory
Cooperatives Owned by the members it serves and is manages in the
interests. Consumers’ cooperative and producers’ cooperative
Non-Profit Corporations Provide a service, and earning a profit is not their primary
goal.
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© South-Western Educational Publishing
U.S. Business Ownership15.8
3.8
1.5
0
2
4
6
8
10
12
14
16
Sole Proprietorships Corporations Partnerships
Mil
lio
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of
Bu
sin
esse
s
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Management Activities
PlanOrganizeStaffLeadControl
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GOALSGOALS
LESSON 2.3EFFECTIVE MARKETING
Explain the marketing concept and the steps in setting marketing strategy
Identify the four elements of the marketing mix
Marketing Strategy
Marketing ConceptConsidering the needs of customers
when planning, pricing, distributing, and promoting their product or service.
Effective marketing leads to satisfying exchanges between businesses and customers.
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Marketing Strategy
Involves 2 steps:Marketers must decide whose wants
or needs the business will try to satisfy.
Develop a marketing mix
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© South-Western Educational Publishing
Marketing StrategyTarget Market
A group of individuals or businesses that have similar product needs.
Marketing ConceptA statement of what the marketing
activities will achieve.Must be clear, realistic, and refer to
desired consumer actions.
Marketing Strategy Marketing Mix
Product The product or service offered to the target market to
satisfy needs for goods and services.
Place The function of getting the product or service to
potential customers. Channel of distribution
Direct channel – brings the product to the consumer directly form the producer.
Indirect channel – has one or more businesses that conduct business in between the producer and the consumer.
Wholesaler Retailer
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Marketing Strategy Price
What you pay for goods and services Consumers do not always decide to buy at the lowest
price, because a higher price may mean better quality. Markup
How much is added to the cost of producing a product. Must cover shipping, handling, storing, displaying, selling, rent, and
taxes. Wholesalers and retailers markup the price that they pay for a
product so that they can earn a profit.
Promotion Advertising and other methods used to communicate the
benefits of the product or service to potential customers.
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© South-Western Educational Publishing
Functions of Marketing
Product/Service Management Marketers assisting with the design and development of a
product or service by gathering information and testing ideas related to a product or service.
Distribution The steps taken to get the product or service to potential
customers in the most efficient manner.
Selling Any communication with customers to assess their needs and
wants.
Functions of Marketing Marketing-Information Management
The gathering and using of customer information.
Financing Budgeting to support the purchase of products and services
needed to produce and market the products or services it sells.
Pricing Determining the prices and value of products and services to
potential customers.
Promotion Finding ways to communicate with consumers and encourage
purchases of the goods and services being placed on the market.
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