Business Characteristics (icevonline)

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

• Accounting

• Assets

• Finance

• Money

Process of recording, classifying, summarizing and reporting the financial position of a business

• Accounting

• Asseting

• Financing

• Managing

Items of value owned by a business

• Accounts

• Assets

• Finances

• Money

Assets = Liabilities + Owner’s Equity

• Accounting Equation

• Assets Equation

• Finance Equation

• Money Equation

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

• Processor

• Producer

• Product Life Cycle

• Production

Businesses which change raw goods into a more finished form, known as processed goods

• Processors

• Producers

• Product Life Cycles

• Productions

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

• Business Life Cycle

• Marketing Life Cycle

• Product Life Cycle

• Services Life Cycle

Businesses which develop products for distribution from raw goods

• Developers

• Distributors

• Marketers

• Producers

Four interrelated marketing strategies used to meet consumer needs; consist of product, price, promotion and place

• Management

• Manufacturers

• Marketing

• Marketing Mix

Process of reaching a company’s goals and objectives by utilizing its resources; department responsible for the management process

• Management

• Manufacturer

• Marketing

• Marketing Mix