1 objectives: 1. list and explain the three major business activities. 2. describe the general types...
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Objectives:
1. List and explain the three major business activities.
2. Describe the general types of businesses.
Warm Up:
Think about the businesses you interacted with over the summer.
What activities did they provide to you?
**List five examples
Agenda:
1.Warm Up2.Ch 1, Sec 2 vocab.3.Nature of business P.P.4.Group review5.EBay activity6.Bottom Line
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Business: an organization that produces or
distributes a good or service for profit
Profit: difference between earned income and
costs
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Businesses work for customersCustomers buy goods and services
Goods: clothes, computers, sporting goods (tangible)
Services: dentist office, restaurant, auto shop (intangible)
Businesses work hard to provide goods and services needed by consumers …..WHY?
▪ To make a profit and succeed.3
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Production Making a product or providing a service Manufacturing firms create products for
customers Service firms use skills of employees to offer
activities/assistance to customers We live in a service society (service firms
exceed manufacturing firms) …..WHY?▪ The economy has become more information and service based
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Marketing Activities between business and customer
involved in buying and selling goods and services.
What does this mean?▪ The connection between business and customers▪ The communication link
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Finance All money matters in running a business
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The way most businesses let consumers know about their products is through…
MARKETING
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The business activity that ensures the business will have goods to sell…
PRODUCTION
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Netflicks wants to borrow cash in order to enlarge the business. The company's efforts to obtain funds are part of the business activity of…
FINANCE
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Production
Marketing
Finance
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Based on the law of supply and demand
Supply: # of items that you have to sell▪ (Assuming similar products, price, time)
Demand: # of items that will be bought▪ (Assuming similar products, price, time)
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Industrial businesses Produce goods used by other businesses to
make things
Examples: Companies that mine coal or ore Companies that extract oil and gas from the
earth Companies that construct buildings, build
bridges Farmers
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Commercial businesses Engaged in marketing, finance, and providing
services▪ Service business – a type of commercial business
that uses labor to offer intangible products.
Examples: Commercial businesses: Forever 21, H&M, Old
NavyService businesses: dog walking, car wash,
Applebee's13
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All businesses within a category doing similar work
Examples: Publishing Automotive Health
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Work in your base groups to complete the following questions in the textbook:
Both checkpoints on page 5
Page 22, 23, & 24Questions: 1,2,5,6,10,12,15,16,23,25
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In your groups, read the information provided and answer the questions.
Each group must turn in one answer sheet with all names listed.
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Objectives:
1. List and explain the three major business activities.
2. Describe the general types of businesses.
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Objectives:
1. Describe how innovations affect business.
2. Discuss ways in which businesses can improve their business practices.
Warm Up:
Place your materials for this class on your desk and think about when you were at the store buying them.
List all options that were available to you when looking at the variety of items.
Agenda:
1.Warm-Up.2.9/9 Review3.Ch1, Sec2 vocab.4.Changes affecting businesses P.P.5.Past Innovations6.Group activity 7.Bottom Line
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Objectives:
1. List and explain the three major business activities.
2. Describe the general types of businesses.
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Business is always changing!
A business must be able to act quickly to the changing nature of society
Too many businesses react slowly or not at all to societal changes resulting in failure
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Over the past half-century, other countries have become more industrialized They learned how to invent and produce new products at a
cheaper price than American Companies. Americans now purchase foreign products
In an effort to keep up with the changing demands of society, American businesses needed to refocus their goals!
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Innovation Impact of global competitionFocusing on the right things
Achieving effectiveness: making the right decisions about products or services to offer and the best ways to produce and deliver them
Achieving efficiency: producing products and services quickly, at low cost, without wasting time and materials
“A business can be very efficient but completely ineffective.”
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The kinds of products and services offered for sale Example: clothing synthetic fibers more
choices for the customer. Business Operations
First computer changed the way we do business goodbye typewriters
(the internet changed communication between businesses and the customer.) 23
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Other countries became more industrialized, i.e. learned how to invent and produce new products at a cheaper cost
(new designs).
U.S. goal Use abundant resources of the U.S. Use the talent of their managers
and employees. 24
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Offer high-quality goods and servicesKnow what the customer wants
(choices, product guarantees, customer loyalty programs) Example: what kind of athletic shoes will
best satisfy the needs of a runner vs. a basketball player.
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Efficiency is achieved in three ways: Specialization of effort
Employees become experts on specific tasks
Better technology and innovation Faster, cost effective, better quality
Reorganization of work activities Employee empowerment (ask employees
how to improve the work performed), reduce steps
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In your groups review the listing of past innovations.
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Get into your groups Review of efficiency vs. effectiveness information Two students in each group focus on identifying
efficient and effective ways to improve learning within the classroom.
Two students in each group focus on identifying efficient and effective ways to improve the way a school cafeteria is run.
Review the listing as a group. You may have to move some items from one list to another.
Turn in your final group listing.
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Objectives:
1. Describe how innovations affect business.
2. Discuss ways in which businesses can improve their business practices.
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Objectives:
Warm Up:
List 5 benefits to business ownership.
Agenda:
1.Warm Up2.9/11 Review3.Complete efficiency vs. effectiveness activity in groups4.Group review
1. Discuss ways in which businesses can improve their business practices.
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Objectives:
1. Describe how innovations affect business.
2. Discuss ways in which businesses can improve their business practices.
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Review the class listing for each category (classroom learning and managing a school cafeteria) and answer the follow up questions.
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Objectives:
Warm Up:
1. Are there any risks? Think of reasons why business ownership would be risky.
Agenda:
1.Warm Up2.Review of chapter3.Group Activity 4.Business benefits P.P. 5.The “Google” Life video
1. Identify two ways a nation measures its economic growth and prosperity.
2. Describe the benefits of business ownership.
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1. List and explain the three major business activities.
2. Describe the general types of businesses.
3. Describe how innovations affect business.
4. Discuss ways in which businesses can improve their business practices.
6. Describe the benefits of business ownership.
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Work in your base groups to complete the following questions in the textbook:
Checkpoints on pages: 7, 8, and 11
Page 22, 23, & 24Questions: 3,4,7,8,9,14,17,18,19,20,24,26,27
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How can you measure a nation’s economic wealth?
1. GDP: gross domestic product
2. Individual Well-Being
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Total market value of goods and services produced in a country
How does the government collect the data for GDP? Taxes paid by businesses for products and services
What are some products or services that are not taxed or tracked by the government?
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Increased income = Increased level of living Self-Improvement, i.e. education and training Exercise Personal Care Products Savings
What are some ways in which individual well-being can decrease?
▪ Poverty▪ Unemployment 38
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Italy
France UK
Ger
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China
EUU.S
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GDP in trillions
On page 15 of your textbook 39
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Successful growth of business in the U.S. has resulted from:
Strong desire to own your own business (small businesses)
The ease in with which a business can be started (franchises)
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A legal agreement to purchase the right to sell a company’s product or service under the company’s name and trademark.
Benefits Assistance in selecting location Tested policies and procedures
What are some examples of franchises?
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Risks of ownership: success or failure
▪ 1 out of every 5 businesses close within 3 years
Obligations of ownership: responsibility to the community in which it operates (customers, employees, management, competitors, investors, the public)
▪ Owe money to other businesses
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An employee who is given funds and freedom to create a special unit or department within a company in order to develop a new product, process, or service
How can this benefit both the employee and the company?
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Video
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Warm Up:
What is one topic that we learned in this chapter that you feel is the most important topic in the success of managing a business?
Agenda:
1.Warm Up2.Case 1-1: Staying Competitive 3.Ch.1 study guide4.Review study guide
Objectives:
Describe the natureof business.
List the changesaffecting business.
Describe the benefits of business ownership.
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Page 25: Read case 1-1 and answer questions 1-4
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Warm Up:
Take out your study guides, quiz today!
Agenda:
1.Warm Up2.Ch.1 Quiz3.Library
Objectives:
Describe the natureof business.
List the changesaffecting business.
Describe the benefits of business ownership.