{"id":2776,"date":"2023-02-19T16:10:47","date_gmt":"2023-02-19T16:10:47","guid":{"rendered":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/chapter\/dig-deeper-1-3-who-in-involved-in-a-business\/"},"modified":"2025-05-21T16:59:15","modified_gmt":"2025-05-21T16:59:15","slug":"dig-deeper-1-3-who-in-involved-in-a-business","status":"publish","type":"chapter","link":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/chapter\/dig-deeper-1-3-who-in-involved-in-a-business\/","title":{"raw":"Fresh Take 1.3: Who Is Involved in a Business?","rendered":"Fresh Take 1.3: Who Is Involved in a Business?"},"content":{"raw":"<section class=\"textbox learningGoals\">\r\n<ul>\r\n\t<li>Recognize the main functional areas within a business<\/li>\r\n\t<li>Identify the people and activities within each functional area of a business<\/li>\r\n\t<li>Understand the difference between an internal and external stakeholder<\/li>\r\n\t<li>Describe stakeholders' relationship with business organizations<\/li>\r\n<\/ul>\r\n<\/section>\r\n<h2>Management and Operations<\/h2>\r\n<p>This video describes what is now known as the Toyota Production System. TPS is \"based on the philosophy of achieving the complete elimination of all waste in the pursit of the most efficient methods.\"[footnote]https:\/\/global.toyota\/en\/company\/vision-and-philosophy\/production-system\/[\/footnote] This type of approach is often referred to as \"lean\" manufacturing to enable a business to produce its products cheaper, faster, and better.<\/p>\r\n<section class=\"textbox watchIt\"><iframe title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/F5vtCRFRAK0\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe>\r\n<p class=\"p1\">You can view the\u00a0<a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/HowToyotaChangedTheWayWeMakeThings_transcript.html\" target=\"_blank\" rel=\"noopener\"><span class=\"s1\">transcript for \u201cHow Toyota Changed The Way We Make Things\u201d here (opens in new window).<\/span><\/a><\/p>\r\n<\/section>\r\n<p>The\u00a0<strong>management<\/strong> of Toyota observed U.S. manufacturing practices in the 1950s and concluded that they wouldn't be realistic in Japan because of scarcity of raw materials. However, seeing how U.S. supermarkets operated gave them the idea to implement what would eventually be known as TPS. Because managers are responsible for planning business goals, organizing operations efficiently, controlling activities to ensure goals are met, and leading the organization, the idea to only produce enough parts for the next stage of production was revolutionary.<\/p>\r\n<p>Toyota altered their\u00a0<strong>operations<\/strong>\u00a0in response to limitations on supply of inputs. Rather than produce parts that would sit in a warehouse as part of unused inventory, they produced just enough for the next part of the manufacturing process. This \"just-in-time\" system would later be adopted all over the world.<\/p>\r\n<h2>Marketing\/Sales<\/h2>\r\n<section class=\"textbox watchIt\"><iframe title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/HUGaATlIBcw\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe>\r\n<p class=\"p1\">You can view the\u00a0<a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/WhatisthefunctionofSales_transcript.html\" target=\"_blank\" rel=\"noopener\"><span class=\"s1\">transcript for \u201cWhat is the function of Sales?\u201d here (opens in new window).<\/span><\/a><\/p>\r\n<\/section>\r\n<p>Marketing and Sales work closely together but they each focus on slightly different goals. You might associate marketing with social media. Social media, the internet, and other communication methods help a business identify what their customers need, promote their products and services, determine how to best deliver those products and services, as well as setting the best prices.<\/p>\r\n<p>In contrast, Sales is most focused on \"closing\" transactions. In other words, Sales is interested in communicating directly with the customer to convince the customer to make the decision to buy the business' goods or services and finalize that transaction. When the transaction has been finalized, the salesperson has closed the sale.<\/p>\r\n<h2>Finance<\/h2>\r\n<section class=\"textbox watchIt\">\r\n<p>[embed]https:\/\/www.youtube.com\/embed\/H6jY5wrvjM4[\/embed]<\/p>\r\n<p class=\"p1\">You can view the\u00a0<a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/FinancevsAccounting_transcript.html\" target=\"_blank\" rel=\"noopener\"><span class=\"s1\">transcript for \u201cFinance vs Accounting\u201d here (opens in new window).<\/span><\/a><\/p>\r\n<\/section>\r\n<h2>Research and Development<\/h2>\r\n<section class=\"textbox watchIt\">This video illustrates how Nike uses input from athletes in their Research and Development.<iframe src=\"\/\/plugin.3playmedia.com\/show?mf=9475097&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=375&amp;video_id=paY4xxiQNEU&amp;video_target=tpm-plugin-brdw4ma8-paY4xxiQNEU\" width=\"800px\" height=\"450px\" frameborder=\"0\" marginwidth=\"0px\" marginheight=\"0px\"><\/iframe>\r\n<p class=\"p1\">You can view the\u00a0<a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/NikeSportResearchTheArtofScience.html\" target=\"_blank\" rel=\"noopener\"><span class=\"s1\">transcript for \u201cNike Sport Research: The Art of Science\u201d here (opens in new window).<\/span><\/a><\/p>\r\n<\/section>\r\n<p>&nbsp;<\/p>","rendered":"<section class=\"textbox learningGoals\">\n<ul>\n<li>Recognize the main functional areas within a business<\/li>\n<li>Identify the people and activities within each functional area of a business<\/li>\n<li>Understand the difference between an internal and external stakeholder<\/li>\n<li>Describe stakeholders&#8217; relationship with business organizations<\/li>\n<\/ul>\n<\/section>\n<h2>Management and Operations<\/h2>\n<p>This video describes what is now known as the Toyota Production System. TPS is &#8220;based on the philosophy of achieving the complete elimination of all waste in the pursit of the most efficient methods.&#8221;<a class=\"footnote\" title=\"https:\/\/global.toyota\/en\/company\/vision-and-philosophy\/production-system\/\" id=\"return-footnote-2776-1\" href=\"#footnote-2776-1\" aria-label=\"Footnote 1\"><sup class=\"footnote\">[1]<\/sup><\/a> This type of approach is often referred to as &#8220;lean&#8221; manufacturing to enable a business to produce its products cheaper, faster, and better.<\/p>\n<section class=\"textbox watchIt\"><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/F5vtCRFRAK0\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p class=\"p1\">You can view the\u00a0<a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/HowToyotaChangedTheWayWeMakeThings_transcript.html\" target=\"_blank\" rel=\"noopener\"><span class=\"s1\">transcript for \u201cHow Toyota Changed The Way We Make Things\u201d here (opens in new window).<\/span><\/a><\/p>\n<\/section>\n<p>The\u00a0<strong>management<\/strong> of Toyota observed U.S. manufacturing practices in the 1950s and concluded that they wouldn&#8217;t be realistic in Japan because of scarcity of raw materials. However, seeing how U.S. supermarkets operated gave them the idea to implement what would eventually be known as TPS. Because managers are responsible for planning business goals, organizing operations efficiently, controlling activities to ensure goals are met, and leading the organization, the idea to only produce enough parts for the next stage of production was revolutionary.<\/p>\n<p>Toyota altered their\u00a0<strong>operations<\/strong>\u00a0in response to limitations on supply of inputs. Rather than produce parts that would sit in a warehouse as part of unused inventory, they produced just enough for the next part of the manufacturing process. This &#8220;just-in-time&#8221; system would later be adopted all over the world.<\/p>\n<h2>Marketing\/Sales<\/h2>\n<section class=\"textbox watchIt\"><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/HUGaATlIBcw\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p class=\"p1\">You can view the\u00a0<a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/WhatisthefunctionofSales_transcript.html\" target=\"_blank\" rel=\"noopener\"><span class=\"s1\">transcript for \u201cWhat is the function of Sales?\u201d here (opens in new window).<\/span><\/a><\/p>\n<\/section>\n<p>Marketing and Sales work closely together but they each focus on slightly different goals. You might associate marketing with social media. Social media, the internet, and other communication methods help a business identify what their customers need, promote their products and services, determine how to best deliver those products and services, as well as setting the best prices.<\/p>\n<p>In contrast, Sales is most focused on &#8220;closing&#8221; transactions. In other words, Sales is interested in communicating directly with the customer to convince the customer to make the decision to buy the business&#8217; goods or services and finalize that transaction. When the transaction has been finalized, the salesperson has closed the sale.<\/p>\n<h2>Finance<\/h2>\n<section class=\"textbox watchIt\">\n<p><iframe loading=\"lazy\" id=\"oembed-1\" title=\"Finance vs Accounting\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/H6jY5wrvjM4?feature=oembed&#38;rel=0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p class=\"p1\">You can view the\u00a0<a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/FinancevsAccounting_transcript.html\" target=\"_blank\" rel=\"noopener\"><span class=\"s1\">transcript for \u201cFinance vs Accounting\u201d here (opens in new window).<\/span><\/a><\/p>\n<\/section>\n<h2>Research and Development<\/h2>\n<section class=\"textbox watchIt\">This video illustrates how Nike uses input from athletes in their Research and Development.<iframe loading=\"lazy\" src=\"\/\/plugin.3playmedia.com\/show?mf=9475097&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=375&amp;video_id=paY4xxiQNEU&amp;video_target=tpm-plugin-brdw4ma8-paY4xxiQNEU\" width=\"800px\" height=\"450px\" frameborder=\"0\" marginwidth=\"0px\" marginheight=\"0px\"><\/iframe><\/p>\n<p class=\"p1\">You can view the\u00a0<a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/NikeSportResearchTheArtofScience.html\" target=\"_blank\" rel=\"noopener\"><span class=\"s1\">transcript for \u201cNike Sport Research: The Art of Science\u201d here (opens in new window).<\/span><\/a><\/p>\n<\/section>\n<p>&nbsp;<\/p>\n<hr class=\"before-footnotes clear\" \/><div class=\"footnotes\"><ol><li id=\"footnote-2776-1\">https:\/\/global.toyota\/en\/company\/vision-and-philosophy\/production-system\/ <a href=\"#return-footnote-2776-1\" class=\"return-footnote\" aria-label=\"Return to footnote 1\">&crarr;<\/a><\/li><\/ol><\/div>","protected":false},"author":21,"menu_order":23,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"How Toyota Changed The Way We Make Things\",\"author\":\"Bloomberg Originals\",\"organization\":\"\",\"url\":\"https:\/\/www.youtube.com\/watch?v=F5vtCRFRAK0\",\"project\":\"\",\"license\":\"arr\",\"license_terms\":\"Standard YouTube License\"},{\"type\":\"copyrighted_video\",\"description\":\"What is the function of Sales?\",\"author\":\"Michael Humblet\",\"organization\":\"\",\"url\":\"https:\/\/www.youtube.com\/watch?v=HUGaATlIBcw\",\"project\":\"\",\"license\":\"arr\",\"license_terms\":\"Standard YouTube License\"},{\"type\":\"copyrighted_video\",\"description\":\"Finance vs Accounting\",\"author\":\"The Finance 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