Business Management and Administration
Explain the role of business in society
Businesses satisfy unlimited human wants by providing goods and services to society.
What is entrepreneurship?
Entrepreneurship is when an individual who has an idea acts on that idea, usually to disrupt the current market with a new product or service. Entrepreneurship usually starts as a small business but the long-term vision is much greater, to seek high profits and capture market share with an innovative new idea.
Explain the importance of saving
-helps create wealth needed to achieve financial goals
- protect business from emergency
-reduce need for debt
- provide long-term stability
How can you demonstrate active listening skills?
1. face the speaker. sit up straight or lean forward slightly to show your attentiveness through body language.
2. maintain eye contact.
3. minimize external distractions.
4. respond appropriately to show that you understand.
Explain the concept of market identification.
Marketers identify markets' common interests by classifying consumer's demographic, geographic and psychographic information. Examples of this information include age, income, education, zip code, buying behavior, and leisure activities.
List the types of economic systems (there are 4).
Traditional - unregulated perfect competition
Command - government monopolies
Market - unregulated, various forms of competition
Mixed - regulated, various forms of competition
describe the nature of entrepreneurship
entrepreneurship is the development of a business from the ground up, including coming up with an idea and turning it into a profitable business
Describe the concept of insurance
Insurance is the practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium.
How should you handle difficult customers?
Listen to what they have to say, let them let it all out respond in a calm, concerned, friendly tone, never act defensive or offended, as this will agitate them further
Know when to escalate.
Identify communication channels used in sales promotions.
Sales promotions can be communicated to consumers in a variety of ways. Word-of-mouth, standard media, and online websites are all popular choices for sales promotions, as well as more subtle places such as product placement and point-of-purchase displays.
Explain the concept of private enterprise
A private enterprise is a type of business with no government regulation.
explain the need for entrepreneurial discovery
need for entrepreneurship Discovery goes along with Innovation. Entrepreneurship Discovery increases the market competition, spires more Innovation, leads to Industrial progress, and increases jobs and production.
What is a pay stub?
A pay stub, also known as a paycheck, is a legal notice including the monetary sums of salary, compensation, and stock bonus that has been deposited to an employee's bank account.
What is a company's brand promise?
Brand promise - extension of a company's positioning à an expected tangible benefit that creates desire for a product or service and
differentiates from other competitors
Describe the use of technology in the product/service management function.
Technology can create opportunities for new products, make production of products more efficient, make products easier to use, and make products obsolete.
How can you demonstrate ethical work habits?
Employees with good work ethic demonstrate reliability, a positive attitude, communication skills, and motivation.
Name 3 out of the 6 types of business ownerships
Sole Proprietorship
General Partnership
Limited Partnership
Limited Liability Partnership. Limited Liability Company
Corporation
Discuss the role of ethics in accounting
The nature of what accountants do requires a high level of ethics because accountants work with people's money. Financial information must be reported honestly and should not be disclosed without the consent of the subject of the information.
What is a full service hotel?
a hotel that provides guests with extensive food and beverage products and services.
Explain warranties and guarantees.
A warranty is a guarantee (often written) that specific facts or conditions are true or will happen or that a product will work in the way promised. A guarantee is an agreement assuming responsibility to perform, execute, or complete something and offering security for that agreement.
Determine the relationship between government and business
There are government agencies and legislation to impose regulations on business activities, but businesses can influence political decision-makers.
describe the concept of economies of scale
economies of scale refer to reduce cost per unit that arise from increased total output of a product
What is data mining?
A company can use a variety of databases and software to analyze financial data through a mathematical process to find relationships and patterns to use for future decision making in sales, purchases, etc.
Explain the nature of effective written communications.
Effective written communications should contain all of the necessary information, have proper formatting/conventions, and attempt to persuade or inform the reader.
Explain the concept of product bundling.
Marketers may use product bundling to package two or more complementary goods and services, usually for a lower price than had the products been purchased separately.