Chapter 2 Flashcards
what are the seven steps to effective decison-making
identify the decision
gather information
identify alternatives
weigh the evidence
choose among alternatives
take action
review your decision
what is a business goal
represent the aspirations of a business and describe what a business aims to accomplish.
what are the three types of business goals
values statement
mission statement
vision statement
what is a values statement
a statement that outlines what a business sees as its values and centers on integrity, honesty and ethical behavior.
what is a mission statement
a statement that defines a businesses core purpose and focus.
what is a vision statement
a statement that outlines the aspirations and values of the business
what is a business objective
the stated measurable targets to determine how a business will achieve its goal.
what is the business development process
initial idea or process
conduct market research
refine the business concept
conduct feasibility study
write a business plan
what is viability
whether the business is capable of developing and growing
what is market research
a systematic approach that assists a business to make decisions about consumers and the marketplace.
what is a feasibility study
an initial research that is required to determine whether the business concept is potentially viable
what is intellectual property
the property rights over the creations of mind and intellect and can include an invention trademark, or original design
what are the five types of IP
patent
trademark
copyright
design
trade secrets/confidentiality
what is a patnet
granted for any exploitation of any device, substance, method, or process that is new, inventive or useful.
what was a trademark
a right granted for exclusive exploitation of numbers, letters, words, phrases, sounds, smells, shapes, logos, pictures, an aspect of packaging, or combination of these.
