BizNess Basics
This type of person identifies opportunities, takes calculated risks, and develops solutions to problems.
What is an entrepreneur
Any physical or virtual space where buyers and sellers exchange products or services
What is a market
The six letters in PESTEL stand for these factors
What are Political, Economic, Social, Technological, Environmental, and Legal
This first version of a product with just enough features to test internally to make sure it works is
A prototype
The network of steps that turns raw materials into a finished product in a customer’s hands
What is a supply chain
When a business makes something more useful or beneficial for customers, it is engaging in VALUE __________
What is value creation
Markets can be local, regional, or this.
What is global
A new law raising the minimum wage is this PESTEL factor.
What is Legal
True or false: market research eliminates risk
What is false. It reduces uncertainty but does not eliminate risk
This function within a supply chain involves planning and managing the movement and storage of goods, such as transportation, warehousing, and delivery
What is logistics
A bakery sells a $4 cupcake that costs $1 to make. The $3 difference is an example of this
What is value capture
The ability to outperform rivals in the same market and gain market share and profit.
What is competitive advantage
Falling interest rates make it cheaper for a business to borrow money. This is this factor
What is Economic
Testing whether customers actually want your idea, ideally before a full launch, is called this
What is validation or using a minimum viable product
This type of production relies on skilled workers making small batches of unique, handcrafted goods, while the other type uses machines and assembly lines to make large quantities of identical goods
What are artisan production and mass production
Employees, managers, and owners are examples of this type of stakeholder.
What are internal stakeholders
A company that wins customers by offering the lowest prices is using this type of advantage
What is a cost/price advantage
More consumers choosing sustainable packaging is this factor
What is Social
“To become the world’s most trusted source of student financial education” is this type of statement
What is a vision statement
Put these in order: assembly at the factory, consumers use products, raw materials acquired, products shipped to retail stores, components manufactured, customers purchase products
What is raw materials, then components manufactured, then assembly, then shipped to stores, purchased by customers, used by consumers
This ownership type protects owners’ personal assets from business debts and is run by members.
What is a Limited Liability Company (LLC)
In a market with only a few firms, businesses compete differently than in a market with hundreds. Give one reason why
Mr. VanEmburg decides if you're right mwahahahaha
A restaurant owner faces a heat wave, a local ban on single-use plastics, and a rise in food delivery apps. Name the PESTEL factor for each, in order
What are Environmental, Political, and Technological
A manager reports inflated sales numbers to earn a promotion. This is both ___________ and ___________
What is unethical and illegal (or fraud).
Describe the structural hierarchy of West Chester Area School District
What is students, parents, teachers, assistant principals, principals, District Level Administration (Superintendent)