Keywords Flashcards
What is the primary objective of a business?
To generate profit.
True or False: All businesses aim to provide goods and services.
True.
Fill in the blank: The _______ environment includes factors like competition and customer preferences.
market
What are the four main types of business activity?
Production, marketing, finance, and human resources.
Which type of business activity involves creating goods?
Production.
What does the term ‘stakeholder’ refer to?
Any individual or group that has an interest in the success of a business.
True or False: Only owners and shareholders are stakeholders.
False.
What does ‘market research’ help a business to understand?
Customer needs and market trends.
Multiple Choice: Which of the following is considered an external influence on business? A) Employees B) Government regulations C) Company policies
B) Government regulations
Fill in the blank: The _______ environment encompasses laws and regulations impacting businesses.
legal
What is the role of human resources in a business?
To manage employee recruitment, training, and welfare.
True or False: Economic conditions do not affect business operations.
False.
What can a business do to adapt to changing market conditions?
Conduct market research and adjust strategies.
Multiple Choice: What is a ‘SWOT analysis’? A) A financial report B) A marketing strategy C) A tool for assessing strengths and weaknesses
C) A tool for assessing strengths and weaknesses
What is the impact of competition on businesses?
It drives innovation and can lower prices for consumers.
Fill in the blank: Businesses must comply with _______ laws to operate legally.
labor
What is ‘corporate social responsibility’ (CSR)?
A business model that helps a company be socially accountable.
True or False: Technology has no impact on business operations.
False.
What does ‘supply chain management’ involve?
Managing the flow of goods and services from suppliers to customers.
Multiple Choice: Which of the following is NOT a factor of production? A) Land B) Labor C) Marketing
C) Marketing
What is the purpose of a business plan?
To outline the business’s goals and strategies for achieving them.
Fill in the blank: A _______ is a written document that describes a business’s objectives and how they will be achieved.
business plan
What is meant by ‘market segmentation’?
Dividing a market into distinct groups of buyers.
True or False: A business can operate without a marketing strategy.
False.
What is the significance of customer feedback?
It helps businesses improve products and services.
Multiple Choice: Which of the following is a method of promotion? A) Advertising B) Supply chain C) Production
A) Advertising
What is a ‘target market’?
A specific group of consumers that a business aims to reach.
Fill in the blank: _______ is the process of creating and delivering value to customers.
Marketing
What is the role of financial management in a business?
To plan, organize, and control financial resources.
True or False: A business’s reputation does not affect its success.
False.
What is a ‘business model’?
A plan for how a company creates, delivers, and captures value.
Multiple Choice: Which factor does NOT influence consumer behavior? A) Cultural B) Personal C) Technical skills
C) Technical skills
What is ‘e-commerce’?
Buying and selling goods or services using the internet.
Fill in the blank: Changes in _______ can significantly impact business sales.
consumer preferences
What are the three main types of business ownership?
Sole proprietorship, partnership, and corporation.
True or False: A partnership allows shared responsibility and resources.
True.
What is ‘branding’?
Creating a unique name and image for a product in consumers’ minds.
Multiple Choice: Which of the following is a benefit of being a corporation? A) Unlimited liability B) Limited liability C) No taxes
B) Limited liability
What does ‘diversification’ mean in a business context?
Expanding into new markets or product lines.
Fill in the blank: A business’s _______ strategy outlines how it will compete in the market.
competitive
What is ‘market saturation’?
When a market is no longer generating new demand for a product.
True or False: Economic downturns can lead to reduced consumer spending.
True.
What is the importance of networking for businesses?
It helps in building relationships that can lead to opportunities.
Multiple Choice: Which of the following is a direct influence on business operations? A) Social trends B) Economic policies C) Employee morale
C) Employee morale
What does ‘business ethics’ refer to?
Moral principles that guide the way a business behaves.
Fill in the blank: The _______ environment includes factors such as culture and demographics.
social
What is ‘customer loyalty’?
The tendency of customers to continue buying from a specific brand.
True or False: Businesses should ignore their competitors.
False.
What is the role of an entrepreneur?
To create and manage a new business venture.
Multiple Choice: Which is NOT a benefit of market research? A) Understanding customer needs B) Predicting economic downturns C) Identifying new opportunities
B) Predicting economic downturns
What does ‘value proposition’ mean?
The value a company promises to deliver to its customers.
Fill in the blank: The _______ environment includes technological advancements that affect business practices.
technological
What is ‘profit margin’?
The difference between revenue and expenses, expressed as a percentage.
True or False: Businesses should prioritize profit over social responsibility.
False.
What is ‘financial forecasting’?
Estimating future financial outcomes based on historical data.
Multiple Choice: Which of the following is a key component of a business strategy? A) Pricing B) Employee satisfaction C) Office layout
A) Pricing
What is ‘customer segmentation’?
Dividing customers into groups based on similar characteristics.
Fill in the blank: _______ is the process of designing and delivering products that meet customer needs.
Product development
What is the significance of a business’s mission statement?
It defines the company’s purpose and values.
True or False: All businesses must have a mission statement.
False.
What is ‘brand equity’?
The value added to a product by having a well-known brand name.
Multiple Choice: Which of the following factors is NOT a part of the external business environment? A) Technology B) Employees C) Economy
B) Employees
What does ‘operational efficiency’ refer to?
The ability to deliver products or services effectively with minimal waste.
Fill in the blank: _______ analysis helps businesses understand their competitive landscape.
Competitive
What is ‘sustainability’ in business?
Meeting present needs without compromising the ability of future generations.
True or False: Businesses can ignore environmental regulations if they are not enforced.
False.
What is a ‘niche market’?
A small, specialized segment of the market.
Multiple Choice: Which of the following best describes ‘economic factors’? A) Personal preferences B) Interest rates C) Employee skills
B) Interest rates
What is ‘cash flow’?
The total amount of money being transferred into and out of a business.
Fill in the blank: _______ is the rate at which a company generates revenue from its operations.
Revenue growth
What is ‘market penetration’?
The percentage of a target market that consumes a product or service.
True or False: A business can have multiple target markets.
True.
What does ‘product lifecycle’ refer to?
The stages a product goes through from development to decline.
Multiple Choice: Which of the following is a method of market entry? A) Diversification B) Franchising C) Employee training
B) Franchising
What is ‘business innovation’?
The process of developing new ideas and implementing them in business.
Fill in the blank: _______ refers to the legal ownership and control of a business.
Business structure
What is ‘gross profit’?
Revenue minus the cost of goods sold.
True or False: All businesses operate in a competitive environment.
True.
What is the purpose of a marketing mix?
To combine elements of marketing strategy to meet customer needs.
Multiple Choice: Which of the following is NOT part of the marketing mix? A) Product B) Price C) Profit
C) Profit
What does ‘lead generation’ mean?
The process of attracting and converting potential customers.
Fill in the blank: _______ is the practice of analyzing market trends to inform business decisions.
Market analysis
What is ‘customer service’?
Support provided to customers before, during, and after a purchase.
True or False: Customer service has no impact on customer retention.
False.
What is ‘return on investment’ (ROI)?
A measure of the profitability of an investment.
Multiple Choice: Which of the following indicates a successful marketing campaign? A) Increased sales B) Higher costs C) Lower customer engagement
A) Increased sales
What does ‘brand loyalty’ entail?
A customer’s commitment to repurchase or continue using a brand.
Fill in the blank: _______ is the term for selling a product at a price lower than its cost to gain market share.
Loss leader pricing
