Business Basics
Two or more businesses vie for a customer's business
What is competition
Someone who assumes the risk of creating, organizing, and operating a business
What is an Entrepreneur
The 3 tiers of management
What are Upper, Middle, Lower
The organizational function that deals with a firm's employees
What is Human Resource Management
E-Commerce that takes place directly between business and consumer
What is B2C
The movement toward a more interconnected and interdependent world economy
What is Globalization
Licensing the rights to an established business
What is a Franchise
Identifies what the business wants to be in the future; what it looks like
What is a vision
This type of training combines classroom and on-the-job education
What is an Apprenticeship
This department manages the design of a company's networks and databases
What is the IT Department
A company's obligation to conduct its activities with the aim of achieving social, environmental, and economic development
What is Corporate Social Responsibility
Sole purpose is to cater to the needs of small businesses
What is the Small Business Administration
Set of plans that ensures an organization will run as smoothly as possible during an unexpected disruption
What is a Contingency Plan
Employees who work from home
Who are Telecommuters
Fraudulent emails with links that install viruses on your computer are using this type of scam
What is Phishing
A business that is independently owned and operated and not dominant in the field of operations
What is a Small Business
Wealthy individual who are willing to put up their own money in hopes of a profit return later on
What is an angel investor
Also known as monitoring, this process allows managers to measure performance and make sure the company's plans and strategies are being met.
What is Controlling
Ensuring people of all backgrounds are accepted and working in the company
What is Diversity
These are the 3 considerations of operation planning
What are
-Size
-Location
-Layout
Land, Labor, Capital
What are the Factors of Production
Strengths, Weaknesses, Opportunities, Threats
What is a SWOT Analysis
With this organization, power belongs at the top with a few people.
What is Vertical Organization
A motivating factor that meets the employee's external wants/needs such as pay
What is an Intrinsic Motivator
This quality program program says you can only have 1 flaw per 1,000,000 products
What is Six-Sigma