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APPLIED ECONOMICS > MODULE 6 > Flashcards

MODULE 6 Flashcards

1
Q

a fundamental truth or proposition that serves as the foundation for system of belief or behavior or a chain of reasoning

A

principle

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2
Q

every business owner wants to succeed in their business. In order for a business to become successful, then, he has to venture into certain _____

A

principles

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3
Q

serve as driving forces in order to be successful

A

principles

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4
Q

backbone of the organization

A

principles

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5
Q

WHAT ARE THE 10 PRINCIPLES

A
  • scalability
  • big ideas
  • systems
  • sustainability
  • growth
  • vision
  • purpose
  • autonomy
  • profitability
  • standards
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6
Q

the business can change into size. changing is a sign the the business is growing

A

scalability

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7
Q

a small business is not effective than the idea which is built

A

big ideas

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8
Q

the entrepreneurs _____ is more important to the life of the business than anything else

A

vision

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9
Q

steps to come up with big ideas

A
  • it’s not a one shot deal
  • follow your curiosity, fear go hand in hand
  • make a commitment to creativity
  • listen to your intuition. go with your gut
  • ## follow the big energy, not the big idea
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10
Q

the small business is a ______ which all parts contribute to the success or failure of the whole

A

system

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11
Q

everything must work together

A

system

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12
Q

a business must be dynamic-able to thrive through all economic conditions, in all markets, providing meaningful, highly differentiated results

A

sustainability

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13
Q

small business is a school in which its employees are students, with the intention, will and determination to grow

A

growth

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14
Q

small business must be manifest the higher purpose upon which it was seeded

A

vision

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15
Q

was meant to exemplify the mission that was intended to fulfill

A

vision

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16
Q

small business is the fruit of higher aim in mind of the person who conceive it

A

purpose

17
Q

a business is not part of the owner’s life, but in fact its own entity

A

autonomy

18
Q

small business possesses a life of its own, in the service of God, i which it finds reason

A

autonomy

19
Q

small business drive the economic reality, creating an economic certainty for the communities in which it thrives

A

profitability

20
Q

a small business creates standard against which all business is measured as either success or not

A

STANDARD

21
Q

all small business must aim to thrive beyond the _____ that formerly existed

A

standards

22
Q

TOOLS

A
  • VMOST
  • SWOT
  • PEST
  • PORTER’S
  • STEEL or VSTEEP
  • PRESTCOM
23
Q

vmost

A

vision
mission
objective
strategy
tactical

24
Q

standard analysis tool

A

SWOT

25
Q

a great tool to use in tandem with SWOT

A

PEST

26
Q

a tool that allows a business to evaluate its core strategies in terms of whether the supporting activities of that strategy is carried out

A

VMOST

27
Q

a tool for business analysis which every org needs to get through greater heights of success

A

swot

28
Q

helps to evaluate how your strategy fits into the broader environment and encourages strategic thinking

A

pest

29
Q

provides overview of all the crucial external influences on the organization

A

pest

30
Q

tool used to discover, evaluate, organize and track macro-economic factors

A

pest

31
Q

five sources of competitive analysis

A

porter’s

32
Q

this stand for socio-technological, economic and political but if you add V it stands for values

A

steel vs vsteep

33
Q

PRESTCOM

A

political regulatory economic social technological competitive organizational market

34
Q

tool that uses five industry forces to determine the intensity of competition in industry and profitability level

A

porters

35
Q

the forces determine the industry structure and level of competition in the industry

A

porters

36
Q

5 competitive forces of competitive analysis

A
  • threat of new entrants
  • bargaining power of buyers
  • threat of substitute products or services
  • bargaining power of suppliers
37
Q

a tool commonly used in marketing to evaluate different external factor that impact an org

A

steep analysis

38
Q

often conducted to get a detailed overview on what external factors determine the trends. also predict what might happen in the future

A

steep analysis

39
Q

a analysis that part of a one-off planning activity to create a proposal or to underpin an implementation plan for a given strategy, make sure analysis is current

A

prestcom

APPLIED ECONOMICS (8 decks)

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