Definitions

Management

1. Define management: it's the process of planning, organizing, directing and controlling in order to accomplish the objectives of the business 

2. Functions of management 

 A. Planning

 B. Organizing

 C. Staffing 

 D. Leading/Directing 

 E. Controlling/Monitoring 

F. Motivation

3. Important areas of knowledge for a business manager: A good manager delegates and integrates his/her work by acting as a channel of communication with motivation, creativity and discipline.  It needs to have the ability to access and apply information and communication skills. 

Business 

1. Definition of business: It's an enterprising entity that produces distributes and sales goods and services for a profit 

2. Concepts of business: business concepts capture the unique value proposition of the business in a market, it's the idea behind a business: 

 A. Mission: it's the main purpose of the business 

 B. Business model: a model for capturing value 

 C. Competitive advantage: it defines an area to outcompete  

 E. Customer experience: offers the customers a unique experience amoung the other competitors

 F. Quality: to improve the value of products and services 

 G. Customer needs: is adapting the business to every costumers needs 

3. Objective of business: Profit making

4. Types or classification of business: 

The common forms of business are" 

 A. Sole proprietorship

 B. Partnership

 C. Limited liability partnership (LLP)

 D. Limited liability company (LLC)

 E. C corporations

 F. S corporations 

 G. Nonprofit corporations 

 H. Benefit corporations 

 I. Low profit limited liability companies (L3C)

5. What does "form of business ownership" refers to? It's the control over an enterprise, providing the power to dictate the operations and functions

Organization

Provide a definition of organization 

It refers to a group of people that follows a objective, in other words, it's a social system that encompasses the division of work amoung it's people to approach the goals of the company. An organization can come in many forms for many purposes.