Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

2ND GRADING: APPLIED ECONOMICS > MODULE 4 > Flashcards

MODULE 4 Flashcards

1
Q

Viability is like

A

TRUST

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

business viability is linked into

A

profit
solvency
liquidity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

TWO PROCESS IN CREATING VIABILITY.

A

1) Create a marketing strategy by knowing who you re, who you are selling to, and who else is selling them.

2) Have a business financial house in order.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

NEEDED IN CREATING A MARKETING STRATEGY

A
  1. unique selling proposition
  2. Stable Customer Base
  3. Competitive Advantage
  4. Cash Stability
  5. Financial Status
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

the first critical factor in having a viable business

A

unique selling proposition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Making the product or services unique is what makes it unique and keeps the business out in front of the competition.

A

unique selling proposition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Second step to make your business viable is to know who is going to buy the product and service.

A

stable customer base

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Entrepreneurs should make a research and find out who are these people buying the kind of service and product and how frequent do they buy

A

stable customer base

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Product uniqueness and knowing the people who buys the product is not enough, you sould also consider who are your competitors. Find out who sells the same product or similar product. Create a marketing strategy that keeps your competitive advantage

A

competitive advantage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

The most important factor that makes a business viable is its asset, (cash and other reserve funds) for the every day operations including its ups and downs of the business

A

cash stability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

The most important factor that makes a business viable is its

A

asset

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Business owner should pay attention to the operation and financial status of the business. Keep a record of the information, finances and analye how healthy is its status.

A

financial status

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

a term used for business performance –solvency and liquidity.

A

viability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

A business is _______ when it has enough assets to cover its liabilities.

A

solvent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

is measured as a “current ratio” which is a business total current assesst divided by its total current liabilities.

A

solvency

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

SOLVENCY is measured as a

A

current ratio

17
Q

formula to measure “current ratio” or solvency of a business

A

total current asset ÷ total current liabilities

18
Q

a short-term measure. It refers to the ability of business to quickly turn assets into cash without loss.

A

liquidity

19
Q

the most liquid assest

A

cash

20
Q

If you have enough cash, business is solvent, liquid and this is called _____ ______ ______ meaning theres liquidity.

A

positive cash flow

21
Q

GREAT EFFECTS OF A VIABLE BUSINESS TO THE COMMUNITY

A
  • It provides a community jobs in the business sector
  • It produces taxable income for the community from both for the business establishments and the workers
  • Government continuously makes improvement in community infrastructures such as bridges, roads, water or electric to entice other business to invest in the community
  • It leads to improved business service to community
  • It improves community life
22
Q

The economic contributions to the societies in which business operate are significant. These include payments to host government in the form of

A

taxes

23
Q

Across the globe, business expect resource companies to

A

strong ethical standards

24
Q

strong ethical standard includes ________ measures as well as ________________ including lobbying and the payment of taxes and royalties.

A
  • strong anti corruptiion
  • transparent disclosure around interaction w/ governments
25
Q

transparent diclosures around interactions with governments includes

A
  • lobbying
  • payment of taxes
  • payment of royalties
26
Q

3 steps in MINIMIZING THE NEGATIVE IMPACT ON BUSINESS

A
  • get your act together
  • speak up, engage
  • let time run its course
27
Q

IMPORTANT STEP. Identify the problem and correct it at an operational or product development level

A

get your act together

28
Q

this is necessary to mitigate the damage caused by a negative online review consist of engaging the aggrieved customer with a timely, contextual response that seeks to provide the individual with both an explanation and resolution. Make sure to take into account both spoken and unspoken concern of user who provide the negative feedback as well as the individuals exposed to negative feedbacks

A

speak up, engage

29
Q

reducing the negativity effect in your online or live transactions that have been influenced by consumer feedback is to rely on the rule of recency and encourage new customers who have experience outstanding service or received superior products to provide their feedback

A

let timer runs it’s course

30
Q

It is impossible to eliminate all risk in business. But it is the responsibility of ________ to manage the risk responsibly. Know where your business is most vulnerable and decide how much risk is acceptable

A

leadership

31
Q

the ability to survive

A

viability

32
Q

economic viability

A

profit

33
Q

sociological viability

A

manageability

34
Q

system viability

A

relationship between system and environment

35
Q

sustainability

A
  • resource consumption
  • social mandate
  • environmental impact
  • political support
  • image
36
Q

Viability across a range of environmental conditions is known as

A

robustness

37
Q

Viability in a single specialized environment is known as

A

niche viability

38
Q
  • Viability into the future is known as
A

sustainability

39
Q

Viability for a defined period, with no requirement for survival after the period has ended, we can call

A

time-delimited viability

2ND GRADING: APPLIED ECONOMICS (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions