Goods — definition?
Tangible items that can be touched and seen.
Services — role?
Provide intangible activities for customer needs.
Needs — meaning?
Basic requirements essential for survival.
Wants — difference?
Desires that improve quality of life, not essential.
Private Sector — focus?
Businesses aiming to make a profit.
Public Sector — purpose?
Organizations providing public services.
Third Sector — nature?
Non-profit organizations benefiting communities.
Primary Sector — industries?
Extract natural resources, e.g., farming, mining.
Secondary Sector — industries?
Manufacture goods from raw materials.
Tertiary Sector — industries?
Provide services like banking and retail.
Objectives — examples?
Profit, growth, social responsibility.
Market Segmentation — purpose?
Divide market into groups based on shared traits.
Target Market — definition?
Specific consumer group a business aims to serve.
PESTEC — framework?
Analyzes Political, Economic, Social, Technological, Environmental, Competitive factors.
Ethical Factors — concern?
Business responsibility towards society and environment.
Inventory — meaning?
Stock of raw materials or finished goods.
Quality Control — process?
Inspect products for defects after production.
Quality Assurance — mechanism?
Prevent errors through systematic processes.
Stakeholders — examples?
Employees, customers, shareholders, suppliers.
Recruitment — purpose?
Fill job vacancies with suitable candidates.
Training — importance?
Improve employee skills and performance.
Market Research — methods?
Primary (field) and secondary (desk) data collection.
Answer 11 questions on Fundamentals of Business and Marketing.
1. What does the term 'private sector' refer to in business?
2. Which of the following industries is classified under the primary sector?
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