Adding value and major types of businesses

Question 0

Revenue

Answer 0

Money a company brings in through the sale of goods and services

Question 1

Business

Answer 1

Any profit seeking organization that provides goods and services designed to satisfy customers needs.

Question 2

Business model

Answer 2

Concise description of how a business intends to generate revenue

Question 3

Profit

Answer 3

Money left over after all the costs involved in doing business have been deducted from revenue

Question 4

Competition

Answer 4

Gives customers wider range of options, tends to increase quality, improve customer service, and lower prices

Question 5

Competitive Advantage

Answer 5

Aspect of a product or company that makes it more appealing to target customers

Question 6

Not for profit organization

Answer 6

Organizations that provide goods and services without having a profit motive. Aka nonprofit organization

Question 7

Goods-producing businesses

Answer 7

Companies that create value by making tangible things

Question 8

Service businesses

Answer 8

Companies that create value by performing activities that deliver some benefit to customers

Question 9

Barrier to entry

Answer 9

Any resource or capability a company must have before it can start competing in a given market

Question 10

How add value to business

Answer 10

Transforming lower value inputs to higher value outputs

Make goods and services more attractive from the buyers perspective