Flashcards: Fundamentals of Business and Marketing — 22 cards

Goods — definition?

Tangible items that can be touched and seen.

Services — role?

Provide intangible activities for customer needs.

Needs — meaning?

Basic requirements essential for survival.

Wants — difference?

Desires that improve quality of life, not essential.

Private Sector — focus?

Businesses aiming to make a profit.

Public Sector — purpose?

Organizations providing public services.

Third Sector — nature?

Non-profit organizations benefiting communities.

Primary Sector — industries?

Extract natural resources, e.g., farming, mining.

Secondary Sector — industries?

Manufacture goods from raw materials.

Tertiary Sector — industries?

Provide services like banking and retail.

Objectives — examples?

Profit, growth, social responsibility.

Market Segmentation — purpose?

Divide market into groups based on shared traits.

Target Market — definition?

Specific consumer group a business aims to serve.

PESTEC — framework?

Analyzes Political, Economic, Social, Technological, Environmental, Competitive factors.

Ethical Factors — concern?

Business responsibility towards society and environment.

Inventory — meaning?

Stock of raw materials or finished goods.

Quality Control — process?

Inspect products for defects after production.

Quality Assurance — mechanism?

Prevent errors through systematic processes.

Stakeholders — examples?

Employees, customers, shareholders, suppliers.

Recruitment — purpose?

Fill job vacancies with suitable candidates.

Training — importance?

Improve employee skills and performance.

Market Research — methods?

Primary (field) and secondary (desk) data collection.