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BSBA Marketing > Business and its Environment > Flashcards

Business and its Environment Flashcards

1
Q

May be defined as all profit seeking activities and enterprises that provide goods and services to an economic system.

A

Business

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2
Q

Refer to the rewards for business persons who take the risk involves in producing and marketing goods and services.

A

Profit

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3
Q

Kind of business which are engaged in buying and selling of goods and services.

A

Commerce

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4
Q

Kind of business that are mainly engaged in the production.

A

Industry

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5
Q

Goods produced which are intended for ultimate consumption.

A

Consumer goods

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6
Q

Goods intended for use of business and industry.

A

Producers goods.

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7
Q

Industry business that involved in agriculture forestry and fishing culture.

A

Genetic industries

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8
Q

Industry business that involved in the extraction of goods from natural resources.

A

Extractive industries

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9
Q

Industry business that convert raw materials into finished products.

A

Manufacturing industries

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10
Q

Industry business that engage in building infrastructures.

A

Construction industries

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11
Q

A kind of business which sells service to the buyer

A

Services

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12
Q

Movie houses, TV show, and radio stations, theatres for drama and stage

A

Recreation

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13
Q

Restaurants, Barber shops transportation hotels tailoring shops slimming salons etc.

A

Personal

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14
Q

Banks insurance companies investment houses financing institutions credit unions savings and loans associations and the like

A

Finance

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15
Q

Primary goal of any business enterprise

A

Profit

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16
Q

Business should grow in all directions over a period of time

A

Growth

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17
Q

Business houses have vast resources at its command. These resources confer enormous economic and political power.

A

Power

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18
Q

Business is people caring for employee satisfaction and providing further development has been one of the objectives of the enlightened business enterprises

A

Employee satisfaction and development

19
Q

Persistent quality of products earns brand loyalty a vital ingredient of success

A

Quality products and services

20
Q

To earn a niche for oneself in the market innovation is the key factor

A

Market leadership

21
Q

Business offers was scope and poses formidable challenges

A

Challenge

22
Q

Business is a part of society and has several obligations towards it

A

Service to society

23
Q

Means all of the internal and external factors that affect how the company functions including employees customer management supply and demand and business regulation

A

Business environment

24
Q

A regular demand is always a problem for many business firms this is so because of the difficulty in making adjustments concerning manpower and equipment

A

smoothing

25
Q

Is that stock file of fuel by a shipping company to provide some assurance of unhampered operation for a certain period.

A

Input buffer

26
Q

When the production output of finished goods are not disposed as fast as they are produced it may cause disruption in the production activities of the firm.

A

Buffering

27
Q

This refers to making predictions projections or estimates of future events or conditions in the environment in which the organization operates.

A

Forecasting

28
Q

This happens when the organization ignores some operations and emphasizes others in order to reserve the most critical function of the technical core.

A

Rationing

29
Q

Gather and collect critical information which can be used for planning in the technical core

A

Boundary spanners

30
Q

This is the process of creating jobs or roles in which individual employees are required to have a strong communication links within their department with people in the other units and often with the external community

A

Boundary spanning

31
Q

This is when the business adapts to the environment by setting up department or subsystems that will respond to specific groupings of environmental factors

A

Structural complexity

32
Q

One way of adapting to uncertainty in the environment is the adaption of an effective

A

Executive succession

33
Q

The replacement of a top manager by another manager is referred to as

A

Executive succession

34
Q

Is a legal consolidation of two entities into one entity

A

Merger

35
Q

There are times when the activities of one business firm caused uncertainty to another

A

mergers

36
Q

It’s a business arrangement in which two or more parties agree to pull their resources for the purpose of accomplishing a specific task

A

Joint ventures

37
Q

When some members of the board of directors of one company are also member of another companies board of directors such arrangement are called

A

Interlocking directorates

38
Q

When companies hire executives who have prior experience in the industry

A

Executive recruitment

39
Q

This type of advertising is designed to build goodwill for a company among stockholders employee distributors the public and the government

A

Institutional advertising

40
Q

This refers to the pattern of resource exchanges between the organization and the environment

A

Resource flows

41
Q

In the attempt to control the environment the manager can make important decision on the pattern of exchanges his option for under any of the

A

Frequency of changes
quantity involved in the exchanges

42
Q

A business organization seek to manipulate its environmental elements in which it operates

A

Changing elements

43
Q

This term refers to the act of attempting to influence business and government to create legislation or conduct an activity that will help a particular organization

A

lobbying

44
Q

One way of manipulating the environment is through trade associations which are composed of member organizations that share a common interest

A

Forming trade associations

BSBA Marketing (5 decks)

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