Chapter 6Business Management

What is BusinessAn Organization that Produces or Distributes a

good or service.Service BusinessGoods-Producing Business

✔ Checkpoint p.147

https://www.youtube.com/watch?feature=player_embedded&v=nzjcA2aWILo%23action=share

Expected Employment in Major Industries by 2018

4

CHAPTER 6

Business ActivitiesProduction

Making of a good or service

MarketingGetting goods or services to customersTarget Market

FinancingHanding all money matters related to running a

business

Gross National ProductUSA vs. Other Nations

The total market value of all goods produced and services provided in a year.

Efficient to SurviveEfficiency

Producing the largest quantity in the least time.

How to ensure efficiencyWell trained workersUp to date technologiesManage effectivelyJust in Time (JIT) Inventory System

CHAPTER 6 8

Business OwnershipPopularity of small business

Owner operated

Growth of franchise businessExamples

Risks of ownership

Obligations of ownershipCustomers, Employees, Suppliers,

Competition

How to be a good team member

Be personal

Be involved

Trust in your team

Stay focused on the task

Be positive

Listen, Listen, Listen

Listening skillsMaintain eye contact

Focus on content, not delivery

Avoid distractions

Treat listening as a challenging mental task

Stay active by asking mental questions

Remember the gap between speech and thought