Developing a Business Mindset

Question 1

Business

Answer 1

any profit-seeking organization that provides goods and services designed to satisfy customers’ needs.

Question 2

Adding Value

Answer 2

The process of transforming lower-value inputs into higher-value outputs to satisfy your
customers’ needs.

each step generates a revenue and a profit

Question 3

Competition

Answer 3

The result of other companies trying to sell their producs to the same customers

Question 4

Competitive Advantage

Answer 4

What makes my product more appealing to the final customers.

Question 5

Why is competition good?

Answer 5

It gives custtomers a widers range of options, increase quality, improves customer service and lower prices

Question 6

Profit

Answer 6

the final goal of most business with the excepption of non-prof organizations

Question 7

What two categories can business be categorized into

Answer 7

1. Good producing businesses (tangible)
2. Service Businesses (entertainment, insurance etc)

Question 8

Major Functional areas

Answer 8

1. Accounting- Monitors, controls and reports on spending
2. Finance- Plans for and provides funds
3. Human Resources (HR)- Supports all other funtional areas
4. Business Services- Performs a variety of specialized functions
5. Research and Development (R&D)- Concieve and design products

Question 9

Predicting Sales

Answer 9

Predicting demand and sales for a new product can be challenging. Data analysis, experience-driven
judgement and luck can help forecasting

Question 10

Careers in Business

Answer 10

1. Operations Manager
2. Human resources
3. IT Manager
4. Marketing Specialist
5. Sales Professional
6. Accountant
7. Financial Manager

Question 11

Operations Manager

Answer 11

-Management of the People and processes involved in creating goods and services.
-Predicting demand and sales for a new product can be challenging. Data analysis, experience-driven
judgement and luck can help forecasting

Question 12

Human Resources Specialist

Answer 12

HR specialists and managers plan and direct personnel-related activities, including recruiting, training and development, compensation and benefits, employee and labor relations, and health and safety.

Question 13

IT Manager

Answer 13

getting information to the right people via computer and communication systems is the job of the information technology

Question 14

Marketing Specialist

Answer 14

identifying and understanding market opportunities and shaping the product, pricing, and communication strategies needed to pursue those opportunities.

Question 15

Sales Professional

Answer 15

• Competitive, enjoy solving problems and work with a wide range of people
• Salespeople sell everything from design services to pharmaceuticals to airliners.

Question 16

Accountant

Answer 16

responsible for collecting, analyzing, and reporting on financial matters, such as analyzing budgets, assessing the manufacturing costs of new products, and preparing state and federal tax returns.

Question 17

Financial Manager

Answer 17

Makeup a lot of different leadership roles and perfrom a variety of functions. They perform data analysis and advise senior managers on profit-maximizing ideas. Financial managers are responsible for the financial health of an organization.

Question 18

Essential Business skills

Answer 18

1. Communication
2. Critical Thinking
3. Collaboration
4. Knowledge application and analysis
5. Business ethics and social responsibilty
6. IT Skills
7. Data literacy