Needs and Wants
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This document defines key business concepts like wants, needs, goods, services and resources. It explains that business activities involve organizing people and equipment to produce and market products and services. The two main motivations for business are profit and competition. Consumers purchase goods and services while wage earners affect business productivity and quality. The decision making process involves identifying problems, listing solutions, evaluating options, making a choice and evaluating the outcome.
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1. Store opening and closing procedures including proper inspection and security measures.
2. Store readiness checks including maintenance, housekeeping, promotions, merchandising, and sales associates.
3. Merchandise handling covering stock transfers, receiving, ordering, inventory processes.
4. Store administration tasks like maintenance checks, timekeeping, licenses, safety compliance.
5. Staffing policies around hiring, training, scheduling, performance reviews, and standards.
6. Security processes for legal issues, fraudulent notes, and theft prevention.
7. Loss prevention including CCTV, article surveillance, and anti-shoplifting measures.
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- Human needs can be classified in various ways, such as physical/emotional security, mastery, and status, or in a hierarchy from physiological to self-actualization.
- Much of human behavior is multimotivated, determined by multiple needs operating simultaneously. Classroom motivation helps students perceive, accept, and desire educational goals.
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Needs and Wants
- 1. Chapter 1 – Wants & Needs
- 2. What is *Business? Any activity that seeks profit by providing goods or services to others (who want or need them).
- 3. *Want Things you wish you could have public wants – shared by many Satisfied by the Government private wants – individual/family wants
- 5. *Goods Can be physically weighed or measured can see or touch them
- 6. *Services Tasks people or machines perform Cannot see or touch
- 7. *Resource Anything people can use to make or obtain what they need or want
- 8. Limited Resources Most people have unlimited wants The more money you make, the more you want Very few people have enough money to satisfy their wants Resources limit the number of wants people can satisfy
- 9. Business Activities Organize people & equipment Manage resources Produce products/services Market Distribute
- 10. 2 Factors that motivate business Profit Competition
- 11. *Profit Amount of money left over after a business has paid for the cost of producing its goods and services
- 12. *Competition Contest between businesses to win customers
- 13. Your relationship with business Consumer Wage earner
- 14. *Consumer A person who uses goods or services Purchases
- 15. As a consumer you need to Understand the world you live and work in What happens in business and government will affect your life Do your research
- 16. How Business Decisions Affect Consumers Businesses offer goods/services based on what people want/need
- 17. How Wage Earners Affect Business You affect productivity You affect quality
- 18. Decision-Making Process Step 1 – identify the problem Step 2 – list possible solutions Step 3 – evaluate the solutions (+/-) Step 4 – make a decision Step 5 – evaluate your decision
- 19. Importance of the Decision Making Process Helps you make better choices