Professional Documents
Culture Documents
Unit 1 - Section 2
Operating a Business
Primary tasks in Running a Business
Management and Human resources
Production
Financial Planning and Analysis
Legal Issues and Responsibilities
Marketing and Advertising
Production
The factors of production
Natural Resources: The raw material that we get from
the earth, water and air. Primary/extractive industries
Raw Materials: Ingredients that are transformed into
another product
Labour: All the physical or mental work needed to
produce a good or service
Capital: The money invested into a business
Information: to be competitive, a business must have
this. About technology, competition, sources of supply
etc.
Management: The people who control the factors of
production.
Production cont
Steps in producing goods or services
Purchasing (money to buy raw materials required)
Processing (converting one thing into another)
Quality Control (ensures certain standards)
Grading (checked for size and quality)
Advertising
Rules for good advertising:
1: attract attention headline that mentions the
brand
2: gain interest simple, easy to read: clear to
the point
3. build desire help the customer want the
product (a problem that your product can solve
4: get action (to buy) summarize the reasons to
buy and where to get it (phone number, map)
http://www.youtube.com/watch?v=CUCSK1Q
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Journal Entry
Should a company have Ethical or moral
obligations?
Which of the three primary tasks of running a
business do you think are the most
important? Why?
A Successful Business
One that earns a profit while meeting a need
in the marketplace
Factors:
filling a market niche
understanding demographics
responsiveness to change.
Effective Leadership
Also a significant factor in running a successful
business.
Desirable traits include:
calculated risk taking,
vision and passion,
perseverance,
teamwork.
http://www.youtube.com/watch?v=l6dZpMwB
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