What is Business?
What is business?
refers to the people assets who work for an organization and the business unit responsible for:
What is "Human Resources"
Great companies use technology to gather, compile, and analyze data in real-time in order to make informed decisions. This relates to which business function?
What is Information Management?
Understanding the competitive landscape, having awareness for challenges, threats, and opportunities that exist, identifying what makes your business unique, determining brand positioning, and marketing strategy describes what process???
what is
"competitive analysis"?
A market where one company controls the supply of a good or service, where other options for consumers aren’t readily available, and where the barriers to entry for other companies are highly restrictive.
what is monopoly
Anything manufactured (from cars to software)
Under the strategy function of business, this is serves as a company's ultimate purpose and focal point
what is "mission"?
The enterprise and pursuit of ideation, creation, communication, and delivery of profitable
products and services to targeted customers for their
benefit and for the benefit of society as a whole.
What is "marketing"?
Coke and Pepsi, Ford and GM are examples of
direct competition (direct competitors)
Car manufactures, airlines, and wireless carriers like Verizon and AT&T are industry examples for what kind of market?
what is oligopoly?
Business is about _________ managing functions.
a business function that manages the inputs and outputs, and includes manufacturing, purchasing, and logistics.
what is "operations"?
The Marketing function of business entails 8 functions of it's own. Four of them are in their own small group and are referred to as the 4 p's. Specifically they are _______, __________, ________, and __________.
What is
Price
Place
Promotion
Product Service Management
When products or services are not the same, but they could satisfy the same need, i.e., bicycles to automobiles.
what is indirect competition
This organization is considered a watchdog and regulator for monopolies and unfair competition practices.
What is the Federal Trade Commision?
customized, knowledge based services that may be provided for a fee describe which type of commerce?
what is "professional"?
This function controls the moving pieces and parts of a business,
just as the engine of a car moves the entire vehicle
what is "operation"?
These two disciplines are different but work together under the same function.
What is Accounting and Finance?
A business that gathers information about their competitors from a press release is an example of _________
what is secondary data
In this market, consumers have the most power, because they have many options.
what is pure competition?
an organization that relies on other funding rather than profit to sustain their operation and cause.
what is non-profit?
In general, there are six functions to a business which include the following.....
1. info management
2. marketing
3. strategy
4. operations
5. accounting/finance
6. Human Resources
______measures the gain or loss generated on an investment, compared to the amount of money invested; ___ is usually expressed as a percentage.
Return on Investment, ROI
A barber recently began to offer give haircuts in their homes to separate himself from the competition. This is an example of ____________.
Nonprice Competition
The philosophy that entrepreneurs build companies around solving certain problems and have a mission to create or improve something, and for the betterment of society fits what economic system.
What is Capitalism?