Module 5 Flashcards
What does Republic Act 8293, Section 176 state about copyright in works of the Government of the Philippines?
No copyright shall subsist in any work of the Government of the Philippines, but prior approval is necessary for exploitation for profit.
This act allows government works to be freely used, but conditions may apply.
What are the 5 Cs of 21st-century skills emphasized in the module?
- Communication
- Collaboration
- Creativity
- Critical Thinking
- Character
Fill in the blank: The _______ includes the purchasers of goods and services provided by the business.
Customers
Who are considered the genuine work power of the business?
Employees
What term refers to financial institutions engaged in lending money to businesses?
Creditors
According to Aduana (2016), which six industry forces should entrepreneurs consider?
- Government
- Suppliers
- Customers
- Competitors
- Employees
- Creditors
What are the two types of competitors mentioned?
- Direct competitors
- Indirect competitors
True or False: The threat of new entrants refers to the danger posed by new competitors in the industry.
True
What factors can reduce the threat of new entrants?
- Strict government policy
- Difficulty in making products available
- High cost of production
- High cost of product differentiation
What does buyer power refer to in the context of competition?
The ability of buyers to influence the price and terms of purchase.
What can increase buyer power?
- Potential for backward integration
- Few suppliers in the market
- High percentage of buyer’s cost represented by the product
What is a key characteristic of rivalry among existing firms?
Diversity of competing firms and characteristics of product offerings.
What are the dangers presented by substitute products?
- Lower cost of substitute products
- Changing customer buying behavior
- Innovation of substitute products
- Low switching costs
Fill in the blank: The _______ environment includes factors like climate, physical resources, and wildlife.
Physical
What is the role of the government in the industry environment?
To handle the undertaking of the nation and promote entrepreneurial ventures.
Which program is highlighted as part of the government’s efforts to modernize infrastructure in the Philippines?
Build, Build, Build Program
What is the effect of changes in the physical and societal environments on businesses?
They can have a tremendous impact on all aspects of the business.
What do direct competitors produce?
Comparative items
What role do creditors play in business?
They extend credit to the business
What do employers ensure regarding products and services?
Quality and amount
Who are the buyers in a business context?
Customers of goods and services
What does the government refer to in a business context?
The entire system that oversees the country’s enterprises
Fill in the blank: _______ produce and sell comparative items.
Direct competitors
Fill in the blank: _______ guarantee the quality and amount of products or services.
Employers
True or False: Customers are the purchasers of goods and services provided by the business.
True
List the key industry forces in business activities.
- Buyer-Seller Relationship
- Business Competition
- New Business Venture
What are substitute products in a business context?
Products that can replace each other in the market
What is the intensity of competition in business?
The level of rivalry among existing firms
What is the significance of understanding different industry forces?
It helps in strategic business planning and decision-making
Fill in the blank: The _______ refers to new companies entering the market.
New Entrant
What are the components of competition in business?
- Rivalry among existing firms
- New entrants
- Substitute products
Fill in the blank: _______ have jurisdiction over significant activities within a territory.
The government
True or False: Employees have no impact on the quality of products or services.
False
