BSM 100 Chapter Notes - Chapter 1, 4, 5, 6, 10, 11: Interactive Advertising, Environmentally Friendly, Product Placement
18 Sep 2016
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Industries rise/fall in a few short months. New trends surface/submerge in less than a year. Successful firms embrace change- they seek new opportunities, avoid pitfalls and carefully evaluate risks. (they completely understand the market) The core goal of successful firms: to generate long-term profits by delivering unsurpassed value to customers. Business: any activity that provides goods/services in an effort to earn a profit. Profit: the financial reward from starting/running a business. Loss: when a business brings in less money than it needs to cover expenses. Entrepreneurs: people willing to risk their time/money/resources to start a business. * as entrepreneurs create wealth for themselves, they produce a ripple effect that enriches everyone around them. Businesses drive up the standard of living (by taxes) for people worldwide, contributing to a higher quality of life (providing goods/services/jobs) The history of business: putting it all in context. Businesses have not always focused on what the consumers want.
