Functions of Business

Standard 6:  Define the term business, and research the four major functions of business: (1) productions and procurement, (2) marketing, (3) management,  and (4) finance and accounting

Opening Assignment

What kind of student are you? Answer the following questions on your own paper:

1. On your own sheet of paper list 3 of your strengths as a student, and 2 weaknesses as a student.
2. Click on the link.  How many businesses last at least 5 years?  10 years?
3. Look online to find the definition of business.  Write it on your paper.
4. Read in your textbook  pages 126 - 129. 

Class Discuss

Why is it a good idea to look at your strengths and weaknesses?

Businesses do this as well.  What you did was similar to how businesses perform a self-evaluation tool called a SWOT analysis (page 34).  It's important to look closely at if the business is meeting it's goals and how it stacks up to the competition.

Objective

Understand the major functions of business

Why do people start a business?

Have you ever gone to a restaurant that you really liked their food, but it eventually went out of business?
Could it be that the owner was a great cook but not good with budgeting money?
There are four basic functions of business that we will learn about today.  If an entrepreneur can intentionally employ these functions they are more likely to reach success.

Click on the link to get to the Glencoe PowerPoint
Slides 34-39 only

We Do

Let's look at the life of the IPhone through these 4 steps.

Group Presentations

1. Each student draws a slip. You will research the definition, and give examples of the term on your slip as it applies to a product and a service.  You will hand write this on your own paper.
2. Then you will find your group by the code explained by your teacher.
3. Your group will select one product and follow it through the major functions of business.  
4. Create a poster showing the progression that will be used in your presentation to the class.
5. You will have next class period to prepare the poster.
6. The next class period will be for group presentations.