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 beŠer
inform decision-making.
1
2
3
4
5
6
7
