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N22132301_Intro_Business_Study_Toolkit_FINAL

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7 ESSENTIAL COMPONENTS OF BUSINESS The seven essential components of business represent the fundamentals of business activity. Source: Introduction to Business Heidi M. Neck, Ph.D. Christopher P. Neck, Ph. D. Emma L. Murray, BA, H. Dip Looking for more Introduction to Business content to share with your students? Visit sagepub.com/intro-business. Addresses product and services, business models, and how we connect products and services to customers via marketing and sales. OFFERING ORGANIZATIONAL STRUCTURE AND CULTURE An organizational structure determines the flow of work and outlines how tasks are directed to achieve organizational goals. The culture of a business relates to the values and beliefs that create an environment that is unique to that business. Addresses product and services, business models, and how we connect products and services to customers via marketing and sales. COMPETITIVE ENVIRONMENT Every business has to manage the money coming into the business and the money leaving the business as well as understanding the implications of financial decisions. MONEY The employees that work in a business. PEOPLE The people who buy and use our products and services. CUSTOMERS OPERATIONS Relates to processes used to get the daily work done, and the data collected from this work and your customers to be҆er inform decision-making. 1 2 3 4 5 6 7

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