Week 1 Ch.1: Developing a Business Mindset

Question 1

Revenue

Answer 1

money that a company brings in through the sale of goods and services

Question 2

Business Model

Answer 2

• a concise description of how a business intends to generate revenue
• how businesses make money

Question 3

Profit

Answer 3

• money left over after all the costs involved in doing business have been deducted from the revenue
• main goal for ogs is to max profits

ex. platforms with subscriptions (Netflix), ads

Question 4

Competitive Advantage

Answer 4

• some aspects of a product or company that make it more appealing to its target customers
• buying products bc of the brand
• perception (good service)

Question 5

Not-for-profit organizations

Answer 5

• organizations that provide goods and services without having a profit motive
• still have to follow the principles of a traditional business (generating revenue)

Question 6

Goods-producing businesses

Answer 6

companies that create value by making “things,” most of which are tangible

Question 7

Service businesses

Answer 7

companies that create value by performing activities that deliver some benefit to customers

Question 8

Risk, Reward and Moral Hazard

Answer 8

need to take risks to gain as a business

Question 9

Business Mindset

Answer 9

considers the myriad decisions that must be made and the many problems that must be overcome before companies can deliver the products that satisfy customer needs

Question 10

Environments of Business

Answer 10

• market
• economic
• social
• legal and regulatory
• technological

Question 11

Major Functional Areas in a Business Enterprise

Answer 11

• Research and development (R&D)
• Information technology (IT)
• Manufacturing, production, or operations
• Marketing
• Finance and accounting
• Human resources (HR)
• Business services

Question 12

Research and development (R&D)

Answer 12

functional area responsible for conceiving and designing new products

Question 13

Information technology (IT)

Answer 13

systems that promote communication and information usage through the company, or that allow companies to offer new services to their customers

Question 14

Manufacturing, production, or operations

Answer 14

• an area where the company makes whatever it makes (for goods producing businesses) or does whatever it does (for service businesses)
• purchasing, logistics, facilities management

Question 15

Marketing

Answer 15

• charging with identifying opportunities in the marketplace
• working with R&D to develop the products to address those opportunities
• creating branding and advertising strategies to communicate with potential customers and setting prices

Question 16

Finance and accounting

Answer 16

• responsible for virtually every aspect of a firm’s finances
• ensuring that the company has the funds it needs to operate
• monitoring and controlling how those funds are spent
• drafting reports for company management and outside audiences such as investors and government regulators

Question 17

Human resources (HR)

Answer 17

responsible for recruiting, hiring, developing, and supporting employees

Question 18

Business services

Answer 18

exist to help companies with specific needs in law, banking, real estate, and other areas

Question 19

Exploring Careers in Business

Answer 19

• Operations Manager
• Information technology Manager
• HR Specialists
• Marketing Specialist
• Sales Professional
• Accountant
• Financial Manager

Question 20

Professionalism

Answer 20

the quality of performing at a high level and conducting oneself with purpose and pride

Question 21

Being a Team Player

Answer 21

• professionals know that they are contributors to a larger cause
• great team players know how to make those around them more effective
• being a team player also means showing loyalty to your organization and protecting your employer’s reputation

Question 22

Communicating Effectively

Answer 22

• Listen actively
• Provide practical information
• Give facts rather than vague impressions
• Don’t present opinions as facts
• Present information in a concise and effective manner
• Clarify expectations and responsibilities
• Offer compelling, persuasive arguments, and recommendations

Question 23

Etiquette

Answer 23

the expected norms of behaviour in any particular situation

Question 24

Digital enterprise

Answer 24

any company that uses digital systems as one of the foundations of its value-creation processes, regardless of what industry it is in or what products it makes

Question 25

Disruptive innovation

Answer 25

development so fundamentally different and far reaching that it can create new professions, companies, or even entire industries while damaging or destroying others

Question 26

Digital transformation

Answer 26

process of reimagining a company’s business model and operations to become a digital enterprise

Question 27

Developing Skills for Your Career

Answer 27

• Communication
• Critical thinking
• Collaboration
• Knowledge application and analysis
• Business ethics and social responsibility
• Information technology skills
• Data literacy

Question 28

Communication

Answer 28

communicating effectively is important at any stage in your career

Question 29

Critical thinking

Answer 29

you will need to define and solve problems and make decisions or form judgments about a particular situation or set of circumstances

Question 30

Collaboration

Answer 30

building team skills is critical

Question 31

Knowledge application and analysis

Answer 31

ability to learn a concept and then apply that knowledge to other challenges is a skill that employers value highly

Question 32

Business ethics and social responsibility

Answer 32

as you work on projects throughout the course, be mindful of the ethical implications you could encounter in similar projects on the job

Question 33

Information technology skills

Answer 33

use projects and activities to build your skills with technology, including word-processing apps, spreadsheets, presentation software, blogging, and messaging systems

Question 34

Data literacy

Answer 34

you’ll have multiple opportunities to fine-tune your data literacy skills, which include the ability to access, assess, interpret, manipulate, summarize, and communicate data