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business > Business exam one > Flashcards

Business exam one Flashcards

1
Q

A person, partnership, or corporation that seeks to provide goods and services to others at a profit

A

Business

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2
Q

The chance an individual or organization takes of losing time and money on a business that may not prove profitable

A

Risk

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3
Q

The amount of money a business earns above and beyond what it spends for goods, services, salaries, and other expenses

A

Profit

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4
Q

When a business’s expenses are more than its revenues

A

Loss

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5
Q

List the types of business environments

A
  • economic and legal
  • technological
  • competitive
  • social
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6
Q

What does economic and legal environment cover

A
  • unemployment and interest rates
  • laws and regulations
  • freedom of ownership
  • tradable currency
  • elimination of corruption
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7
Q

What does technological environment cover

A
  • information technology
  • databases
  • bar codes
  • Internet
  • social networking
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8
Q

What does competitive environment cover

A
  • customer service
  • value
  • employee empowerment
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9
Q

What does the social environment cover

A
  • diversity
  • demographic changes
  • family changes
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10
Q

Ways in which the government can encourage business development

A
  • providing tax incentives
  • establishing a tradable currency
  • permitting the ownership of business
  • minimizing corruption
  • loosing restrictions on commerce
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11
Q

Any people or organizations who stand to gain or loss from the activities of a business

A

Stakeholders

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12
Q

Strategies firms must use in order to be successful in a business competition

A

Still need answer

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13
Q

Identify groups that are considered stakeholders

A

Still need answer

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14
Q

The study of how individuals and society choose to use scarce resources to produce goods and services and distribute them for consumption

A

Economics

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15
Q

A phrase coined by Adam smith to describe the process that turns self-directed gain into social and economic benefits for all.

A

Invisible hand

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16
Q

The quantity of products people are willing and able to buy at different prices at a specific time

A

Demand

17
Q

The quality of products manufactures or owners are willing to sell at different prices at a specific time

A

Supply

18
Q

Explain the relationship between price supply and demand

A

Still need answer

19
Q

Distinguish between free markets, socialism and communism

A

Still need answer

20
Q

Entrepreneurial qualities

A
  • self-directed
  • self-nurturing
  • action-oriented
  • highly energetic
  • tolerant of uncertainty
  • drive to succeed
  • perserverence
21
Q

Why do people become entrepreneurs

A
  • opportunity
  • profit
  • independence
  • total business involvement
  • challenge
  • flexibility
  • the chance to make a difference
22
Q

What is the role of the board of directors

A

Group is responsible for the decisions of a business

23
Q

Describe the different parts of business ownership (sole porprietership ect) and the pros and cons of them

A

Need answer

24
Q

A detailed written statement that describes the nature of the business, the target market, the advantages the business will have in relation to competition and the qualifications of the owner(s)

A

Business plan

25
Q

The process of planning and executing the conception, pricing, promotion, and distribution of goods and services to facilitate exchanges that satisfy individual and organizational needs

A

Marketing

26
Q

The process of finding small but profitable market segments and creating products for them

A

Niche marketing

27
Q

Selecting which market segments an organization can profitably serve.

A

Target marketing

28
Q

A marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements

A

Relationship marketing

29
Q

The creation of real or perceived product differences.

A

Product differentiation

30
Q

A set of marketing intermediaries, such as wholesalers and retailers that join together to transport and store foods in their path( or channel) from producers to consumers.

A

Channel of distribution

31
Q

Figure 4.11 examples of distribution channels for consumer and industrial goods

A

Need to draw on notecards

32
Q

The combination of promotional tools and organization uses.

A

Promotion mix

33
Q

Everything consumers evaluate when deciding whether to purchase a good or service

A

Total product offer

34
Q

A theoretical model of what happens to sales and profits for a product class over time

A

Product life cycle

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