Biz 1000 JAN 21 - Biz 1000 JAN 21 28 Business an entity...

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Biz 1000 JAN 21 & 28 Business: an entity that offers products to their customers to earn a profit. Profit: When revenue (money brought in) exceeds expenses (money paid out) How are they different? Goods: physical products a business sells Services: Competition: When two or more businesses contend with one another to attract customers and gain an advantage. How does competition influence business? Competition for a finite number of customers usually weeds out less efficient companies and How does competition influence business? To win in competition, businesses must: Deliver customer satisfaction. Understand power of social networking.
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