Intro to Business
What's the amount of money a business earns above and beyond what it spends called?
Profit
A formal written statement that describes in detail the idea for a new business and how it will be carried out is called? (Hint: Business ___)
Business Plan
A strategy focusing on a specific group of people with unique needs and preferences is called?
Niche Marketing
SWOT stands for
Strengths, Weaknesses, Opportunities, and Threats
The total market value of all final goods and services produced within a nation’s borders each year is called?
Gross Domestic Product (GDP)
What's the rivalry among business called?
Competition
Investors who provide financing for start-up businesses by investing their own funds is called?
Angel Investor
The process of identifying the factors that can affect marketing success is called?
Environmental Scanning
This structure has many layers of management and leaders, and the chain of command is long
Tall-Organizational Structure (or Hierarchical/Vertical)
The added satisfaction a consumer gets from having one more unit of a good or service is called?
Marginal Utility
What do you call a business's obligation to maximize its positive impact and minimize its negative impact on society
Social Responsibility
Entrepreneurs who apply their creativity, vision, and risk-taking within a large corporation, rather than starting a company of their own is called?
Intrapreneurs
STP stands for
Segmentation, Targeting, Positioning
Specific, short-term statements detailing how to achieve the organization’s goals is called?
Objectives
What is the formula used to calculate Nominal Gross Domestic Product (GDP)?
Consumer Spending + Business Investment + Government Spending + Net Exports
The basis of most international trade, when a country specializes in products that it can supply more efficiently or at a lower cost is called?
Comparative Advantage
Venture Capitalist
Section of the marketing plan where you can find a SWOT analysis is called?
Situation Analysis
The process of determining the major goals and the policies and strategies to achieve them is called?
Strategic Planning
A type of unemployment that is caused by a mismatch between the skills of available workers and the skills required for jobs.
Structural Unemployment
Formalized rules and standards that describe what a company expects of its employees is called?
Code of Ethics
Federal agency that provides services to small businesses and new entrepreneurs is called?
Small Business Administration (SBA)
A market research method used to divide a market or customer group into segments based on their beliefs, values, lifestyle, social status, activities, interests, etc. is called?
Psychographic Segmentation
Four functions of management are?
Planning, Organizing, Leading, and Controlling
An unintended benefit or cost that affects a party not directly involved in a market transaction is called?
Externality