Business Characteristics Vocabulary

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

• Marketing

• Management

• Accounting

• Production

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

• Distribution

• Production

• Score

• Producers

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

• Marketing Mix

• Maturity Stage

• Product Life Cycle

• Distribution

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

• Human Resources

• Maslow's Hierarchy of Needs

• Integration Heuristics

• Psychoanalytic Theory

businesses which change raw or processed goods into finished goods

• Service Firms

• Manufacturers

• Producers

• Intermediaries

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

• Marketing

• Finance

• Management

• Accounting

debts or obligations of a business

• Finance

• Liabilities

• Assets

• Owner's Equity

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

• Human Resources

• Management

• Producers

• Marketing

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

• Assets

• Distribution

• Producers

• Intermediaries

process of effectively working together in group settings

• Accounting

• Cooperation

• Assets

• Conflict