HST 112 Chapter Notes - Chapter 1: Business Standard, E-Commerce, Customer Relationship Management
Document Summary
Chapter 1 notes: change is the only constant. Value: relationship between the price of a good or service and the benefits that a customer gets from this good or service. Business: any activity that provides a good or service to obtain profit. Profit: money that a business earns in sales (or revenue) minus the expenses (revenue - Loss: when expenses in a business are greater than the revenue. Entrepreneurs: people who risk time, money, and other resources to start and manage a business. Standard of living: quality and quantity of goods and services available to a population. Not-for-profit organizations: business-like establishments that focus on contributing to the community rather than financial gain. Factors of production: natural resources, capital, human resources, entrepreneurship. Business environment: settings of business: economic environment, competitive environment, technological environment, social environment, global environment. Speed-to-market: rate at which a new product goes from conception to commercialization (competitive advantage)
