Lesson 1.5
A business function that involves people, processes, and systems that collect, organize, store and secure relevant data and information, and makes it accessible and useful for making informed decisions is called:
information managment
The daily functioning of an organization, managing the inputs and outputs, which also includes manufacturing, purchasing, and logistics is:
operations
A business model is how a company sells its products to customers and it’s plan for making a __________
profit
Pizza Hut and Dominos are examples of
direct competition
Anything of value that is not physical in nature is a/an
intangible asset
Using technology and assembly lines to make large quantities of the same product is:
Selling your product directly to your end customers without third-party retailers, wholesalers, or other middlemen is called
wholesalers, Bricks&clicks, Nickel&dime, Direct to customer
direct to customer
If someone were to purchase a ticket for a bus ride from Nashville, TN to Tampa, FL, the bus company would be considered _________________ for airlines.
indirect competition
Anything that is created from the mind or intellect, like inventions, ideas, or methods, is:
intellectual property
Which of the following is an example of an output?
house, wood, cement, wiring
house
A local bank or hardware store are examples of a _____________ business model.
bricks & mortar
The U.S. economy is built on the economic system called ___________.
capitalism
An independent and unbiased inspection and review to evaluate the safety, integrity and accuracy of information, systems, processes, procedures and protocols is a/an:
audit
A candle business owner purchases wax for for $8 for each candle then sells the candle for $20 a piece. What is the store owner’s gross profit for the candle?
$12 or 60%
A furniture factory makes its products from wood and other raw materials. It is called a:
manufacturer
When a small number of companies control the supply of a good or service, and where the barriers to entry for other companies are highly restrictive, it is called:
oligopoly
What are examples of intellectual property? choose 3: inventions, methods, investments, computers, ideas
inventions, ideas, methods
what is the Gross profit equation?
sales revenue - Cost of goods sold
McDonalds and Subway are examples of a ____________ business model.
One benefit of a competitive analysis is to better understand:
your competitors strenghts & weaknesses