An organization that usesresources to meettheneedsofcustomers by providing a product or service that they demand.
Organizational structures
Definition
Organizational Structure
The formalarrangement of how roles and responsibilities are divided in an organization.
Organizational structures can be formal or informal:
Formal structures are deliberatelyplanned and documented.
Informal structures are unplanned and emergenaturally over time.
Hierarchical structures
An organizationalstructure where power and responsibility are clearlydefined and distributed in a top-downmanner.
Hierarchical structures have:
Multiple layers of management.
Clear lines of authority and communication.
Defined roles and responsibilities for each level.
Digital Systems in Businesses
Most modern businesses utilize digital systems such as:
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Definition
Paywall
(on a website) an arrangement whereby access is restricted to users who have paid to subscribe to the site.
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What is a business?
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Note
Introduction to Business
A business is an organization that uses resources to meet the needs of customers by providing a product or service that they demand. This fundamental definition highlights the purpose of any business: to satisfy customer needs while utilizing available resources efficiently.
DefinitionBusinessAn organization that usesresources to meettheneedsofcustomers by providing a product or service that they demand.
Businesses exist in various forms, from small local shops to large multinational corporations.
The core objective remains the same: meeting customer needs while generating profit.
ExampleThink of a local bakery that uses flour, sugar, and other ingredients (resources) to bake bread and pastries (products) that customers want.
AnalogyJust like a chef uses ingredients to create a dish that satisfies diners, a business uses resources to create products or services that satisfy customers.
