Business Basics
This is the group of people your product or service is designed to serve.
What is a target market?
This “P” of marketing includes how much you charge for a product.
What is price?
Giving employees the authority to respond to customer needs quickly.
What is empowerment?
This strategy adds more tasks and responsibilities to an employee's job scope to reduce monotony, increase engagement, and develop new skills.
What is job enlargement?
This financial statement shows what a company owns and owes at a specific point in time.
What is the balance sheet?
This document outlines what a business aims to achieve and the steps to get there.
What is a business plan?
This pricing strategy sets a low initial price to attract customers quickly.
What is penetration pricing?
This management function involves setting goals and deciding how to achieve them.
What is planning?
This type of motivation includes the drive to engage in an activity for the inherent satisfaction, pleasure, or challenge of the activity itself.
What is intrinsic motivation?
Revenue minus expenses equals
What is net income (or loss)?
This term refers to businesses owned by a single person who assumes all the risk.
What is a sole proprietorship?
This promotion method is free and generated by media attention rather than paid advertising.
What is publicity?
This leadership style involves leaders making all decisions with little input from employees.
What is autocratic leadership?
Maslow's hierarchy of needs lists this need as the highest level need.
What is self-actualization?
This financial statement shows a company’s inflows and outflows of cash.
What is the cash flow statement?
This describes the advantage a business has that is difficult for competitors to copy.
What is a competitive advantage?
This type of research gathers newly collected information directly from customers.
What is primary research?
This management skill involves understanding the emotions, motivations, and dynamics of individuals and groups, allowing managers to better communicate, persuade, and resolve conflict.
What is emotional intelligence?
The degree of freedom, independence, and discretion in scheduling work and determining procedures.
What is autonomy?
On the balance sheet, this is the total amount of everything the company owns.
What are assets?
The strategy of dividing a large, broad market into smaller, more defined groups of customers who share similar characteristics, needs, or behaviors.
What is market segmentation?
This type of marketing intermediary never takes ownership of the product but negotiates sales between buyers and sellers in exchange for a commission, often used in real estate, insurance, and B2B markets.
What is an agent or broker?
A vertical hierarchy with many management levels, resembling a pyramid, where each manager typically oversees a small number of direct reports
This motivational strategy emphasizes motivationg the worker through the job itself.
What is job enrichment?
Assets = Liabilities + ...
What is owner's equity?