Business Basics & Competition
The person or business that buys a product
Customer
Inflation is this type of PESTEL factor.
Economic
Beliefs and principles that guide a company's decisions.
Core Values
A business owned and controlled by one person.
Sole Proprietorship
The network involved in creating and delivering a product.
Supply Chain
The ability of a business to outperform its rivals.
Competitive Advantage
Employment laws are this type of PESTEL factor.
Legal
This statement describes what a business currently does and why it exists.
Mission Statement
This business structure protects owners' personal assets from business liabilities.
Limited Liability Company (LLC)
This production method creates large quantities of standardized goods.
Mass Production
A business charges more for a product than it cost to produce. This is called
Value Capture
This pathway begins when someone notices or experiences an unmet need.
Find Pathway
Employees and managers are this type of stakeholder.
Internal Stakeholders
A business owned by two or more people who share ownership and management.
Partnership
A facility that receives products and quickly sends them to retailers or customers.
Distribution Center
Walmart competing through efficient operations and low prices uses this strategy.
Coast Leadership
Changing lifestyle trends are this type of PESTEL factor.
Social
Total Benefit minus Total Cost equals this.
Total Benefit
Hiring another business to perform a function is called this.
Outsourcing
Handmade products made by skilled craftspeople use this production process.
Artisan Processes
Rolls-Royce providing unique products to a narrow market is this strategy
Differentiation Focus
The problem-solving process that includes empathize, define, ideate, prototype, and test.
Design Thinking
A situation in which core values conflict with business goals is called this.
Ethical Dilemma
Department that recruits, trains, and manages employees.
Human Resources (HR)
Businesses evaluate suppliers based on quality, cost, convenience, efficiency, and this.
Risk