Business Flashcards, test questions and answers
Discover flashcards, test exam answers, and assignments to help you learn more about Business and other subjects. Don’t miss the chance to use them for more effective college education. Use our database of questions and answers on Business and get quick solutions for your test.
What is Business?
Business is an activity or organization engaged in the sale of goods, services, or both to consumers. Businesses are typically formed to earn a profit and grow by providing valuable products and services that meet customer needs. Business activities can range from small mom-and-pop operations to large multinational corporations.Businesses have many different functions and roles within society. They create jobs for individuals, provide goods and services for people to consume, produce income for governments through taxes, drive economic growth, finance research and development of new technologies that can be used by other businesses or the public sector, promote competition between companies which encourages innovation and lower prices for customers, help develop communities by creating infrastructure such as transportation networks and utilities, provide educational opportunities through apprenticeships or training programs etc.A successful business requires good planning before launching into operation. This includes forming a clear mission statement on what the company aims to achieve; setting goals that are realistic yet challenging; conducting market research to understand customer needs better; developing strategies on how best to reach those customers (promotion campaigns); selecting right personnel with skills required in order execute strategies effectively etc. Additionally effective management should ensure there is proper communication throughout the organisation so all employees know what they need do their job well while being productive at same time. Other important aspects include financial planning budgeting & forecasting cash flows compliance with laws & regulations relevant to industry plus protecting intellectual property rights where applicable e.g trademarks & copyrights To summarise business plays an essential role in our world today as it provides employment opportunities; produces goods/services people enjoy consuming; drives economic growth & prosperity plus encourages competition/innovation within industries thus benefiting customers as well as wider population who benefit from tax revenues generated by these organisations etc.