Title: Explain the nature of business activities.
Course: Marketing (12164) > Section: Examining Marketing and Business

Explanation should include the activities within each primary function of business and explain how the functions work together to sustain an organization which fulfills the company’s mission and objectives:

- Production and procurement (e.g., manufacturing, operations)
- Financing (e.g., obtaining funding to start and maintain a business, granting credit to customers)
- Accounting (e.g., financial record keeping)
- Management (e.g., planning, organizing, staffing, directing, controlling)
- Marketing (e.g., planning, pricing, promoting, distributing)
- Marketing information management (e.g., obtaining and maintaining information on customers, trends, and competing products)

Process/Skill Questions:

- Why are the functions vital to business success?
- What are some typical activities within each business function?
- What role does distribution play in the success of a marketing business?
- Why is planning important to business success?
- What is procurement? What are the benefits and challenges involved with procurement?
- What is the relationship between production and management? Between financing and accounting? Between production and marketing?