What is Business
A police department plays this role when it purchases badges for its officers.
A customer
Every market consists of these two groups.
Buyers and sellers.
PESTEL Analysis evaluates this broad category of influences on business decisions.
External factors
For Mia’s fast burrito truck, the long festival line represents the first of these concepts and pre-made burritos represent the second.
A business opportunity and a product idea.
This document commonly addresses confidentiality, ethical behavior, dispute resolution, and relationships.
A code of conduct.
Businesses can serve customers through these two channels.
In person or online.
The price buyers and sellers agree on
Market Price
These are the two E factors in PESTEL.
Economic and Environmental
This statement explains why an organization exists and what it does to fulfill its purpose.
A mission statement.
Choosing between durable printers and greater profit from frequent replacements creates this ethical challenge.
An ethical dilemma.
Learning more about these helps a business improve its problem-solution fit.
Customers’ needs.
This edge over rivals makes a business more likely to earn profit.
Competitive Advantage
Demographics, values, lifestyles, and trends are all examples of what factor?
Social
In a medical practice, compassion is the first of these concepts; exceptional patient-focused skills are the second.
A core value and a core competency.
This facility receives finished staplers from a manufacturer and sends them to retailers.
A distribution center
A product costs $20 to make, sells for $50, what is the value capture?
$30
This barrier protects inventions and creative work and can encourage innovation.
Intellectual property rights.
A storm wipes out half the coffee harvest while demand stays the same. What happens to coffee's price and quantity sold?
The price increases, while demand decreases.
LearnLots earns profit but primarily pursues a social objective, making it this type of organization.
A social enterprise.
These two business structures generally provide owners the greatest protection from business liabilities.
LLCs and Corporations
A coffee shop gains this when its popular, unique specialty drink gives customers a reason to choose it over competitors.
Competitive Advantage
A new airline struggles to enter the market because it must purchase expensive aircraft, secure airport access, and meet strict regulations. These obstacles are examples of this.
Barrier to entry
A PESTEL Analysis helps assess whether a business can succeed, also called this
Business Viability
Name the five stages of Design Thinking
What are: Empathize, Define, Ideate, Prototype, Test
Identify the following Board of Directors, CEO, CMO, CFO, HR
Board of directors oversee a corporations major decisions, Chief Executive Officer, Chief Marketing Officer, Chief Financial Officer, Human Resources. Also know as the organizational structure of a company.