Terms
Two way consumers affect business.
- Consumers decide what kind of goods and services they want
- Consumers decide where they will buy the goods and services they want
- The decisions of consumers can determine the success or failure of a business
A person who uses goods and services.
Consumer
Two way businesses affect consumers.
- Businesses decided what goods and services to produce
- Businesses affect the consumer when a product is discontinued
- Business affects you as a wage earner because they provide jobs
The act of gathering and analyzing information about the wants, needs, and preferences of consumers in a certain market.
Market Research
This African-American entrepreneur is known for her TV show, magazine and TV production company.
Oprah Winfrey
What are 2 steps to business success?
1. Identifying opportunities for products/services
2. Evaluating the demand for products/services
3. Managing the production of goods/services
4. Marketing the goods/services
5. Keeping records to satisfy government and improve processes
The contest between businesses to win customers
Competition
Name 2 things that businesses provide consumers.
Food
Clothing
Housing
Medical Care
Transportation
T or F. You should pump a handshake about 5 or 6 times when you greet someone?
False
Steve Jobs started this animation company after he got fired from Apple.
Pixar
Things that you must have in order to survive.
Needs
Items that people can use to make or obtain what they need or want.
Resources
Things that you do not need to survive, but would like to have.
Wants
T or F. Crossing your arms when talking to your boss is positive body language.
False
This man is famous for his electric cars and his space company that works with NASA.
Elon Musk
Money left over after a business has paid the cost of providing its goods and/or services.
Profit
What are Physical Products called?
Goods
Tasks that businesses perform for consumers - people or machines may perform the task
Services
T or F. You should stay away from gossip and negative situations to have proper workplace etiquette.
True
This person is known for delivering every product from A to Z with his retail website.
Jeff Bezos
Any commercial activity that seeks profit by providing goods and services to others in exchange for money.
Business
What 3 things does competition encourage?
Quality Products
Outstanding Customer Service
Competitive Prices
List 3 steps in the decision making process.
1 - Identify the Problem
2 - Identify possible courses of action
3 - Determine the Pros and Cons
4 - Make the decision
5 - Evaluate the decision
T or F. Finding the best traits of everyone in the group to help complete a task is a major function of teamwork.
True
Name the original two female entrepreneur "sharks" on Shark Tank.
Lori Greiner
Barbara Corcoran