Quarter 1

2. refers to all manufactured resources used in production, such as machinery
8. refers to the human resources that contribute to producing something
9. the activity by which an individual takes financial risks in a business venture
10. The business function responsible for all staffing- related duties, such as recruitment of new staff, training and development of new and existing staff, regular performance appraisals and dismissals
11. shortened form - is the monetary investment in the acquisition of fixed assets such as land and machinery.
12. The four key aspects that marketers have to consider are: Product, Place, Promotion and Pricing
14. an external source of finance where a bank provides a sum of money to a borrower at a certain interest rate
17. sector of activities are those involved in natural resource/raw material extraction.
18. sector of activity consists of those activities that revolve around creating or sharing knowledge and information.
20. shortened form - are the payments necessary to sustain daily operations
22. occurs whenever firms focus on innovating and producing what they can, rather than focusing on the exact needs and wants of the market
23. is the use of marketing strategies to generate profits.

1. occurs when a firm adopts an outward-looking approach to marketing
3. sector of activities revolve around providing services to individual customers or firms, such as healthcare, education and retail.
4. include anyone who purchases the product, but does not necessarily use it
5. are those who actually use (and thereby consume) a product or service
6. is most appropriate to fund the procurement of equipment because it allows a firm access to the productive resources without having to conduct any significant capital expenditures.
7. refers to natural resources uses in production
13. is the use of commercial marketing ideas and techniques to bring about positive change in society
15. A __________ entity, as the name suggests, cares little about sales, market share or leadership. It prioritises raising awareness about the cause it operates for
16. refers to the difference between the final selling price and the total costs of production incurred to produce that item
19. the portion of total sales revenue attributable to your company
21. a sum of money given to a firm by a government with no requirement of repayment