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Characteristics of Business

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Finance: Deals with all money matters within a business. Nature of Business ... TO THE PUBLIC: That the business will operate within all laws and promote the ... – PowerPoint PPT presentation

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Title: Characteristics of Business


1
Characteristics of Business
  • Chapter 1

2
Nature of Business
  • Production Making a product or providing a
    service
  • Marketing How goods and services are exchanged
    between producers and consumers
  • Finance Deals with all money matters within a
    business

3
Nature of Business
  • Dynamic, always changing
  • Successful businesses foresee change and prepare
    for it.
  • Example Xerox

4
(No Transcript)
5
Global Competition
  • The U.S. used to supply the world with goods,
    developed and manufactured in the U.S.
  • Over the last 30 years many under-developed
    countries have become industrialized and now
    produce goods for the U.S. and the world.
  • Most under-developed countries can produce goods
    at a low price due to lower wages and less
    regulation by governments.

6
Focus on Success
  • Businesses study themselves to make sure they are
    doing the right things and doing the well.
  • Effectiveness Deciding what products and
    services to offer.
  • Efficiency Producing the needed goods and
    services quickly and at a low price.

7
Effectiveness
  • Customer satisfaction.
  • Warranties
  • Recalls
  • Input
  • Customer Loyality
  • Quality / Price
  • Toyota / Honda
  • Total Quality Management (TQM).
  • Affects all levels of a corporation.
  • Making good decisions takes common sense and
    skill
  • What people want / need.
  • Competition, both domestic and foreign.
  • Information gathering.
  • Buying habits of customers

8
Efficiency
  • Producing as much as possible in the least amount
    of time. Without reducing quality.
  • Workers are productive when they are
  • Well Equipped
  • Well Trained
  • Well Managed
  • Efficiency is achieved in three ways
  • Specialization
  • Technology and innovation
  • Reorganization

9
Specialization
  • Specialization of labor.
  • Workers do their part extremely well.
  • Leads to mass production.
  • Henry Fords Assembly line

10
Technology and Innovation
  • Improved technology and equipment
  • Improved / new materials
  • Improved methods of production

11
Reorganization
  • Re-Think the way you are doing things
  • Cut unprofitable products
  • Downsize or Rightsize
  • Nissan
  • Empower employees
  • Generate new ideas
  • Let workers decide the best way of doing things
  • Cuts the levels and number of managers needed

12
Dell Direct (page 12)
  • After reading the dell story on page 12 read the
    first 3 questions at the bottom of the page and
    prepare comments for each.

13
Economic Wealth
  • The U.S. can attribute much of its economic power
    to the strength of U.S. businesses.
  • Economic strength can be measured in many ways

14
Gross Domestic Product (GDP)
  • The total market value of all goods and services
    produced in a year for a country.
  • This can be used to compare year to year growth
    or to compare to other countries.
  • http//en.wikipedia.org/wiki/World_Economic_Outloo
    k

15
Standard of Living
  • Individual Wealth
  • Individual Income
  • Buying Power

16
Entrepreneurship
  • Small Business
  • Start your own business
  • Service or retail
  • 98 of US businesses are considered small (less
    than 100 employees)
  • Small businesses account for about half of the
    GDP
  • Internet provide a market for niche businesses,
    no overhead, limited employees, and low start up
    costs.

17
Franchise
  • Buying a business idea
  • Share profits
  • Large investment
  • Marketing and name included
  • Pizza Hut, Subway, McDonalds, Jiffy Libe, Sbarro,
    TCBY, Wendys Budget rent a car, Century 21,
    Goodyear tire centers, and many small businesses.

18
Risks
  • Management
  • Competition
  • Pricing
  • Economy
  • Customer taste changes

19
Risks
  • 1 out of every 6 small businesses fail within 5
    years of opening. (18)
  • 1-1.5 of every 10 franchise business fail within
    5 years of opening. (10 to 15)

20
Obligations of Ownership
  • TO CUSTOMERS That they may have the best at the
    lowest cost, consistent with fairness to all
    those engaged in production and distribution.
  • TO WORKERS That their welfare will not be
    sacrificed for the benefit of others, and in
    their employment relations, their rights well be
    respected.
  • TO MANAGEMENT Considering always the interest of
    others.

21
Obligations of Ownership
  • TO COMPETITORS That there will be avoidance of
    every form of unfair competition.
  • TO INVESTORS That their rights and investment in
    the company will be protected and keep them
    informed so they can make decisions based on
    current correct information.
  • TO THE PUBLIC That the business will operate
    within all laws and promote the general welfare
    of society.

22
Obligations of Ownership
  • TO COMMUNITY Do you owe anything to the
    community you operate in, that you grew up in,
    that you like in?
  • What can you do
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