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This business creates value by performing activities that provide a benefit for the customer
Service Business
promote communication and data usage through the company or to customers.
Information Technology
The policies and practices of government would shape what environment?
Legal & Regulatory
the recruiting, hiring and support of its personnel.
Human Resources
When revenue exceeds expenses
Profit
outline of how the business intends to generate revenue
Business Model
A resource or capability a business must have in order to compete
Barrier to entry
When the healthy connection between risk and reward is broken
Moral Hazard
What does Tangible mean?
A good that can be held
performing at a high level and conducting oneself with purpose and pride.
Professionalism
expected norms of behavior in a particular situation
Etiquette
Kwik Trip having a rewards program, while Pam's corner does not.
Competitive Advantage
Can be large enough to create new businesses, or even destroy current businesses
Disruptive Technologies
Target Market, Buying influences, Competition all shape what?
Market Environment
establishing the long-term financial goals of the company, investing funds and raising capital
Financial Manager/Officer
Name 4 ways business can contribute to society
employment, goods/services, taxes, growth/stability
activities are intended to identify new ideas that have the potential to result in new goods and services.
Research & Development
comprised of forces resulting from the practical application of science to innovations, products, and processes
Technological Environment
generating pollution and creating waste, creating health and safety risks, disrupting communities, causing financial instability
What functional area creates branding and advertising strategies to communicate with potential customers, and sets prices?
Marketing
Businesses that require a lot of money, equipment, or other resources in order to operate are known as what?
Capital-Intensive
Name all 5 environments that a business operates in
Social, Economic, Legal & Regulatory, Market, Technological
List the 6 traits of professionalism
striving to excel, being dependable and accountable, being a team player, communicating effectively, demonstrating a sense of etiquette, making ethical decisions
Virtually every decision made by a business is influenced by what environment?
Economic Environment
Name the 7 functional areas of a business
R&D, IT, Operations, Marketing, HR, Finance/Accounting, Business Services