Business Characteristics (icevonline)

Department responsible for managing the use of company funds, obtaining needed funds and creating a financial plan

Process of recording, classifying, summarizing and reporting the financial position of a business

Items of value owned by a business

Assets = Liabilities + Owner’s Equity

Department responsible for producing goods and services in the most efficient and cost-effective manner

Businesses which change raw goods into a more finished form, known as processed goods

Marketing theory stating the stages experienced by products and services from their introduction to their decline; consists of four stages: introduction, growth,maturity, decline

Businesses which develop products for distribution from raw goods

Four interrelated marketing strategies used to meet consumer needs; consist of product, price, promotion and place

Process of reaching a company’s goals and objectives by utilizing its resources; department responsible for the management process