Brainscape's Knowledge GenomeTM

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


See full index

Business Principles > What Is Business? > Flashcards

What Is Business? Flashcards

1
Q

What is business?

A

What it takes to produce and sell, for a profit, the goods and services that satisfy society’s needs

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

What are the 3 types of businesses?

A

Service Businesses, Manufacturing Businesses and Marketing Businesses

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

What is profit?

A

The reward owners receive for their product and services and the payment for taking the risk and operating a business

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

What are the 4 resources that you need to start a business?

A

Material resources, Human resources, Financial resources and Informational resources

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

What makes a business?

A

Owner, Employees and Customers

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

What are the 5 Functional areas to operate a business?

A

Management, Operations, Marketing, Accounting and Finance

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

What makes a business?

A

Owner, employees and costumers

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

What are the 5 functional areas to operate a business?

A

Business operates off of management, operations, marketing, accounting, and finance

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

What role do managers play in management?

A

Plan: Make up goals and develop strategies to achieve them.
Organize: Activities and resources
Staff: Hiring employees to reach the company’s goals
Direct: Make decisions and correct when needed.
Control: Measure performance

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

What is marketing?

A

• Design a product to meet the customers’ needs
• In charge of price and quality control, choose how the product will be delivered and how it will display
• Decide the best was to advertise the product
•Develop relationships to ensure the customers benefits of the product

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

What is operations?

A

Converts labor, material, money, info into goods or services

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

What is an operations manager?

A

Designs and oversees transformation of resources into goods and services and ensures they are high quality

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

What is Accounting?

A

Accountants measure, summarize and communicate financial and managerial information

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

Financial Accountant

A

Prepare financial statements to help users asses financial strength of the company

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

Managerial Accountant

A

Prepare information such as reports on costs of materials used in the production process

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

What is finance?

A

Planning for obtaining and managing a company’s funds. How much money the company needs and where it should spend it.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What external forces influence business activities? 6

A

Economy, government, consumer trends, corporate and citizenship

18
Q

What is marketing?

A

Processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients partners, and society at large

19
Q

What is the marketing concept? 

A
  1. Identifying what with customers or potential customers need or want.
  2. Developing products to meet those needs and wants
  3. Engaging the entire organization in efforts to satisfy those customers
20
Q

Consumer markets

A

Consist of purchasers, who intend to consume or benefit from the purchase products, and who don’t buy products to make profit

21
Q

Business business (Industrial) Markets

A

Consist of purchasers to buy specific kinds of products for use in making other products for resale or day-to-day operations

22
Q

Producer market

A

Individuals or organizations, that by certain types of products to use when making other products

23
Q

Reseller markets

A

Wholesalers and retailers that by finished products and sell them for profit

24
Q

Governmental markets

A

Buy goods and services to provide citizens with highways, education, energy, and defense

25
Q

Utility

A

The ability of a good or service to satisfy human need

26
Q

Types of utilities 

A

Place utility, time utility, integrity and possession utility have real value in terms of both money and convenience

27
Q

Marketing strategy

A

And organization come by and all of its marketing goals into one comprehensive plan. A marketing strategy has a fundamental goal of increasing sales and achieving a sustainable competitive advantage
1. Identifying, selecting and analyzing a target market
2. Developing and maintaining an appropriate marketing mix

28
Q

Marketing mix

A

A combination of product price, place, distribution and promotion developed to satisfy a particular target market

29
Q

Target market

A

Group of individuals or organizations, or both for which a firm develops and maintains a marketing mix suitable for the specific needs and preferences of that group. Ex: Daycare

30
Q

Undifferentiated approach

A

The marketer ignores segment differences that might exist within the market and uses a marketing strategy that is intended to appeal to as many people as possible. Ex: Food

31
Q

Market-segmentation

A

Divides a market into segments and directs a marketing mix to a particular segment or segments rather than at the total market. Its objective is to design a marketing mix that precisely matches the expectations of customers in the targeted segment.

32
Q

Marketing Environment

A

Economic Forces
Socio-cultural forces
Political forces
Competitor Forces
Legal and Regulatory forces
Technological forces.

33
Q

Transactional Leadership

A

A leadership style where leaders rely on rewards and punishments to achieve optimal job performance from their subordinates

34
Q

Transformational Leadership

A

A leadership approach that causes change in individuals and social systems. In its ideal form, it creates valuable and positive change in the followers with the end goal of developing followers into leaders.

35
Q

SWOT

A

Strengths
Weaknesses Opportunities
Threats

36
Q

Core Competencies:

A

Approaches and processes that a company performs well and may give advantages over competitors.

37
Q

Strategic Plan

A

Board of directors set the long term goals

38
Q

Tactical Plan

A

1-3 year period plan that is easier to change

39
Q

Operational Plan

A

Lasts 1 year or less, is more specific and helps reach tactical plans

40
Q

Contingency Plan

A

Outlines alternative courses of action if other plans are disrupted

Business Principles (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions