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Buisness
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- Business = profit-seeking organizations providing goods or services to satisfy customer needs, often called enterprises or firms.
- Revenue is money from sales, while profit equals revenue minus costs; competitive advantage comes from unique product features or company aspects appealing to customers.
- Main business types: goods-producing businesses (tangible products like furniture) and service businesses (activities like finance and healthcare), with different protection challenges.
- Risk and reward in business involve making decisions that can lead to positive outcomes and profits, or negative ones leading to consequences for the company or others.
- Business models include B2B, B2C, C2C, and C2B transactions; non-profit organizations apply business principles but aim at social goals rather than profit.
- Core functions in a business involve manufacturing, production, operations, marketing, finance/accounting, and human resources to coordinate efforts for customer satisfaction.
- R&D is crucial for developing new or improved products, linked with selling strategies; drop shipping businesses focus on selecting products and generating revenue models.
- Industry analysis involves studying the macro-environment using PESTEL framework (Political, Economic, Social, Technological, Environmental, Legal) to understand market opportunities and threats.
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