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ENTREP > M3 P1 > Flashcards

M3 P1 Flashcards

1
Q

Industry Forces:

A

Competitors
New entrants
Substitute products and services
Stakeholders
Supplier and other value chain actors

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2
Q

Key trends

A

Technology trends
Regulatory trends
Societal and cultural trends
Socioeconomic trends

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2
Q

Macro-economic Forces

A
  1. Global market Conditions
  2. Capital markets
  3. Commodities and other resources
  4. Economic Infrastructure
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3
Q

Market forces

A

Market Issues
Market Segments
Needs and demands
Switching cost
Revenue Attractiveness

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3
Q

is sum or collection of all internal and external factors such as employees, customers needs and expectations, supply and demand, management, clients, suppliers, owners, activities by government, innovation in technology, social trends, market trends, economic changes, etc.

A

Business Environment

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4
Q

is the fundamental management function, which involvesdeciding beforehand, what is to be done, when is it to be done, how it is to be done and who is going to do it.

It involves logical/critical thinking and rational decision making.

A

planning

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5
Q

Characteristics of Planning

A
  1. Decision making
  2. Managerial function
  3. Goal oriented
  4. Pervasive
  5. Continuous Activity
  6. Intellectual process
  7. Futuristic
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6
Q

Types of Plan

A

Strategic Plan
Tactical Plan
Operational Plan
Fishbone diagram
Gantt chart

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7
Q

describes the methods, policies and procedures used to achieve the strategic plans.

A

Tactical Plan

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8
Q

a high level overview of the entire business, its vision, mission, corporate goals, and values.

It is the framework/foundation of the organization which will be the basis of the long term decision.

A

Strategic Plan

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9
Q

is a network of internal responsibility and authority relationship,

A

Organization as a structure

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10
Q

is an entity – such as a company, an institution, or an association – comprising one or more people and having a particular purpose.

A

organization

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10
Q

Describes the day to day running of the company.

Outlines a roadmap to achieve the goal within the time frame.

A

Operational Plan

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11
Q

is the practice of turning over work-related tasks and/or authority to employees or subordinates.

A

Delegation

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12
Q

elements of delegation

A

responsibility
authority
accountability

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13
Q

is the process of organizing, planning, leading, and controlling resources within an organization with the overall aim of achieving its objectives

A

Management

14
Q

five functions of great management

A

planning
organizing
leading
staffing
controlling

15
Q

is a business entity having two or more owners who act as co-owner of the business.

A

Partnership

16
Q

Two types of partnership:

A

General partnership
Limited partnership

16
Q

the liability of the general partner extends up to his personal property

A

General partnership

17
Q

The liability is only up to the extent of his contribution to the business.

A

Limited partnership

18
Q

contributes money, property, and belongings

A

capitalist partner

19
Q

provides service management or even his profession.

A

industrialist partner

20
Q

“is an entity characterized by the state and treated as a person under the law.

A

corporation

21
Q

Types of Corporation

A

Private or Close Corporation
Open Corporation

22
Q

It is owned by a few individuals, usually relatives and friends. They limit ownership to the public and maintained common interest.

A

Private or Close Corporation

23
Q

It is owned by any individual who buys shares of stock which are openly traded in the stock markets

A

Open Corporation

24
Q

is a “duly registered association of persons, with common bond of interest, who have voluntary joined together to achieve a lawful common social or economic end, making equitable contributions to the capital required taking in accordance with the universally accepted principles of cooperation.

A

Cooperative

25
Q

is the US-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.”

A

Limited Liability Company

26
Q

Limited Liability Company

A

Domestic Corporation2

27
Q

types of business

A

sole proprietorship
partnership
limited partnership
corporation
LLC
non-profit
co-op

ENTREP (10 decks)

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