Business Characteristics Vocabulary

Front

department responsible for creating products which meet consumer wants and needs, guiding products through the product life cycle and understanding consumers through marketing research

Back

Marketing

Front

department responsible for producing goods and services in the most efficient and cost-effective manner

Back

Production

Front

marketing theory stating the stages experienced by products and services from their introduction to their decline; consists of four stages: introduction, growth, maturity, decline

Back

Product Life Cycle

Front

pyramid expressing the needs of people in levels: basic needs, safety, belongingness, love, esteem and self-actualization

Back

Maslow's Hierarchy of Needs

Front

businesses which change raw or processed goods into finished goods

Back

Producers

Front

department responsible for managing the use of company funds, obtaining needed funds and creating a financial plan

Back

Finance

Front

debts or obligations of a business

Back

Liabilities

Front

department responsible for maintaining the employment process, training and developing staff and following laws and proper procedures

Back

Human Resources

Front

businesses which move finished goods from one business to another by buying, storing and reselling goods; often referred to as "middlemen"

Back

Intermediaries

Front

process of effectively working together in group settings

Back

Cooperation