Chapter 1 - Introduction to Business

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Chapter 1 - Introduction to Business

Chapter Summary(pg13)

Business

use resources

To produce goods and services and to satisfy customers needs and wants.

Resources for Business Activities (pg6)

Capital refers to building eqiupment and machinery which are used to produce goods and services and it includes the money needed to start the business

Land refers to natrual resources such as sea,forests,minerals,petroleum as well as the land itself. Land is needed to grow crops and build factories and facilities to produce goods and services for customers

Business use available resources to prouduce the goods and servies that satisfly the needs and wants for customers. They carry out activities such as ordering goods to sold in stores or hiring waiters to serve guests in resturants

Labour refers to efforts of the people involved in the production of goods and services. For example waiters,chefs and restaurant managers from the labour force of a restaurant. Office staff and engineers and construction workers form the labour force of construction business.

There are four main mian categories)

Enterprise

Capital

Land

Labour

Enterprise refers to ability to see opportunities and take risks in producing goods and services that earn profits for the business

Types of Businesses (pg5)

there are two main types of business

Service-providing business

Perform services when sellers intereact with customers

They are retail, Education and travel and tourism

Goods producing business

They are manufacturing , building and construction, and agriculture

produce goods with the use of resources such as machines and labour

Goods and Services

Goods are things that are tangible they can seen and touch Services are things that are intangible they cannot be seen or touched

Services are things that are intangible they cannot be seen or touched,, but they can be experienced. An example of a service is a haircut done by a hairdresser.

Changing Business Environment (pg8-11)

direct competition

They sell similar goods and services

1.Serve customers quickly and effeciently by providing for example: information about the business and its products on the interenet and social media for customers to access before deciding to buy, Online chat services that allow the business to respond quickly to customers questions and comments and self-ordering or self-checkout kiosks to let customers place their orders and make payment quickly instead of waiting in a line to be served. 2. help customers make their purchases conveniently at any place and time. for example, by providing at online shopping option through the interenet or a mobile application.

Business are challenged by competition and trends in the businesses enviroment. Business should not ignore these competitors and trends as they ,ay affect the businesses ability to attract customers and carry out business activities. Being aware of these challenges can help businesses to find better ways to attract more customers and satisfy their needs and wants.

customer expectations refer to what customers want from the businesses they are buying from . this includes quality goods and services and the overall experience they have with the business.

Customer expectations change because customers are increasingly exposed to many products from all over the world and expect to: have a wide range selection of up-to-date goods and services to choose from, such as healtheir food options and food marked with the healthier choice symbol and enjoy personalised and unique products that suit thier preferences such as a set of unique, hand -crafted jewellery that helps them stand out of crowd.

Technological development refers to advancements or innovations in technology that help to improve our quality of life and envioronment. It includes the use of digital technology on the interenet and any improvements to business activities, such as the use of automation to serve customers faster

Business should be aware of trends that amy affect their ability to satisfy their target customers. They can continually improve the ways business activities are carried out and create new customers experiences to attract customers.

Indirect competition

both business sell goods and services that satisfy the same ad needs and wants for customers these goods and services fall under different categories.

Trends

business face trends owning to changes in the business enviroment. These trends can affect a business competitiveness and attractiveness to its customers. we will consider some trends brought about by the changing expectations of customers and rapid technological development.

What is a business? (pg4)

A business is an organisation that meets the needs and wants of customers. It can be set up by one person or a group of people

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