BUS 160 Lecture Notes - Lecture 1: Feeding America
Document Summary
Business: an organization that provides goods and services to earn a profit. Entrepreneurs: people who risk their resources to start and manage a business. The goal of business is to generate long-term profits by delivering unsurpassed value to customers. Industrial revolution: technological advances lead to industrialization ---> mass production. Entrepreneurship era: entrepreneurs (rockefeller, carnegie, etc. ) built business empires; the lack of competition for these big businesses lead to many monopolies. Production era: refined production and greater efficiency; leads to lower costs for businesses in production. Marketing era: branding of products; how to keep customers coming back. Relationship era: creating long term relationships with customers; keep them happy and they are more likely to be brand loyal. Goal: give back, do good, contribute to community. Member serving organizations: cooperatives, credit unions, etc. Some money comes from government grants, fundraisers, services, sponsers, and donations. Governments can reduce the risks of businesses.
