COMMERCE 1B03 Lecture Notes - Lecture 1: Insourcing, Business Process, Offshoring
12 Jan 2017
School
Department
Course
Professor
Document Summary
Success in business is finding a need for products (goods, services, and/or ideas) and filling that need. A business is any activity that seeks to provide products to others while operating at a profit. Since not all businesses make a profit, starting a business can be risky. Business principles are used in for-profit, non-profit/not for profit, and government agencies where oftentimes, goals are other than making a profit for their owners or organizer. Two ways to succeed in business include (1) starting your own company (2) working your way to the top within a company. To decide which is the best choice for you, you have to calculate the risks and the potential rewards of each decision. Market (business to consumer/b2c: products that are purchased for personal use. Market (business to business b2b: product are purchased for resale or, for use in the manufacturer or another products or, for daily operations. A business can sell to both types of markets.
