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Transcript
BBI 2O WHAT IS BUSINESS? Name: Business means producers selling goods and services to consumers. Producers are companies that make the goods and provide the services Goods are physical objects like a car, book, banana, or a piece of metal used by a factory. Services are actions like cutting hair, drilling teeth, mowing a lawn, providing legal advice. Consumers are people or companies that buy the goods and services. Classify each of the following as a company, good, or service: Can of pop Pedicure Motorcycle GM Concert TTC Nike Investment Advice Aluminum CIBC Cup of coffee Paper Jacket Surgery Samsung Driving a bus Shoe repair Starbucks Rogers Tutoring Candy List three examples of a company, a good, and a service other than those listed above. Identify the producer and the consumer of each situation: Mike goes to the optometrist for contacts Holy Chuck serves burgers to a group of students A & F receives a shipment of jeans from a supplier Bluenotes sells Jen a pair of jeans List five situations other than those above and identify the producer and consumer. Interdependence in a business setting means that conumers and producers need each other. Consumers need producers to provide a good or service and producers need consumers to buy the goods and services. Manufacturers are companies that make a good, like Kelloggs, Nike, Coke Suppliers are companies that provide a good or service to consumers, like No Frills, Al’s Barbershop, Foot Locker Classify each of the following companies as manufacturers or suppliers: Pepsi Shoppers Drug Mart Holt Renfrew Nintendo Mac’s Milk TD Calvin Klein Metro Cadillac Smith Law Firm Kraft BMW Ford Dealership Crest Vans Toys R Us AMC Theatre Beats List five manufacturers and five suppliers other than those in the previous group. A consumer market is made up of all the people who use a product or service, like buying a pack of gum or riding a taxi. A business-to-business market is made up of all the companies that buy and sell products to each other, like a farmer selling corn to a grocery store, or a clothing manufacturer selling clothes to Walmart. Demand represents the consumer side of a market. Classify each of the following as a consumer markets or a business-to-business market: Having a meal at Joey’s Maybelline selling cosmetics to Sephora Taking an Air Canada flight Buying a car online Ralph Lauren shipping clothes to The Bay Farmers providing chicken for Popeye’s List five consumer markets and five business-to-business markets other than those listed above.