What is a Business?
A business achieves this kind of "fit" when it directly addresses a custoemrs problem, need or want?
Problem-Soltuion Fit
This term describes a business's ability to outperform rivals in the same market.
Competitive Advantage
Trade policy, taxes, subsidies, and political stability all fall under this category of PESTEL.
Political factors
This term describes an individual who develops a new business and assumes the risks and potential rewards.
entrepreneur
Who wrote the U.S. Constitution?
James Madison
This term describes the person who uses the product.
Consumer
Patents, high startup costs, and limited access to suppliers are all examples of these obstacles that make it hard for new firms to compete.
Barriers to entry
Inflation, interest rates, unemployment, and household income levels all fall under this category of PESTEL.
Economic
The simplest possible version of a product idea, containing only its core features, used to gather early customer feedback.
minimum viable product
Name the three branches of the U.S. Government
Executive, Legislative, Judicial
This term describes the worth or benefit of a product o a customer.
Value
A market where only one business operates and produces a unique good or service, with no competition at all.
Monopoly
Internet access, automation, and the pace of innovation all fall under this category of PESTEL.
Technology
This statement provides a concise description of a business's core values and aspirations.
vision statement
Which Arch Duke was assassinated in Sarajevo in 1914?
Franz Ferdinand
A business achieves this when it's able to charge customers a higher price for a product than it cost to produce.
Value Capture
Products with distinguishing features that set them apart from rival offerings are described using this term.
What are differentiated products?
Employment law, consumer protection law, and antitrust regulation all fall under this category of PESTEL.
Legal
This statement describes what a business does.
Mission Statement
This was the German's last major offensive on the Western front during WWII?
Battle of the Bulge
A software company saves a client $8,000/year in labor costs but only charges $7,500/year for the service — the company created more of this than it managed to capture.
Value
In a competitive market, this is what tends to happen as sellers seeking higher prices interact with buyers seeking lower ones.
A Market Equalibrium is reached
A government announces a new carbon emissions tax that will take effect in two years — a steel producer dependent on fossil fuels is most threatened by this category of PESTEL factor.
Political
This type of organization seeks to generate profit while also achieving a social or environmental objective through its products, operations, or financial model.
Social enterprise
According to the U.S. Department of Agriculture, chicken should be cooked to which internal temp?
165