1.1 - Introduction to business management

Distribution plan

________, detailing where products will be sold.

Overproduction

________ leads to stockpiling, wastage and increased costs.

Underproduction

________ leads to loss of sales and dissatisfied customers.

secondary sector

The ________ involves transforming raw materials into finished or semi- finished products.

Goods

________ can be transformed in the process of providing a service.

Industrialization

________: A shift in business activity to the manufacturing and service sectors which have higher added value.

Skills

________: Independent, proactive, creative, and generates new ideas and innovations and the organization.

primary sector

Quick Definitions: The ________ involves extracting raw material from the earth.

Businesses

________ are also interdependent as they all need energy, ICT, manufactured producer goods, financial services, etc.

New businesses

________ may lack experience in hiring the right staff with all the necessary skills.

Intrapreneurship

________: The act of being an entrepreneur but as an employee within a large organization.

Outputs

________: Known as products.

pursuit of profit

The ________ remains a key incentive for entrepreneurs to take such risks.

Inputs

________: Resources that a business uses in the production process.