Entrepreneurship
This term describes the willingness to take risks and develop, organize, and manage a business venture in a competitive global marketplace.
What is entrepreneurship?
This is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs.
What is market segmentation?
This management theory focuses on improving employee performance by focusing on improving the workplace environment.
What is the human relations approach?
This financial statement shows a company's revenues and expenses over a specific period.
What is the income statement?
This economic principle states that individuals, firms, and countries should specialize in producing goods and services for which they have a comparative advantage.
What is comparative advantage?
This theory suggests that entrepreneurs are not only risk-takers but also individuals who are motivated by achievement needs.
What is the achievement motivation theory?
These are the four elements of the marketing mix.
What are product, price, place, and promotion?
This management approach emphasizes the scientific study of work methods to improve the productivity of individual workers.
What is scientific management?
This ratio measures a company's ability to pay its short-term obligations with its most liquid assets.
What is the current ratio?
This type of market structure is characterized by a large number of small firms selling homogeneous products.
What is perfect competition?
This famous entrepreneur founded Neuralink.
Who is Elon Musk?
This marketing strategy involves setting a high price for a new product to skim revenue layers from the market.
What is price skimming?
This management style is characterized by a leader who is more hands-off, allowing employees to make decisions and complete tasks with minimal supervision.
What is a laissez-faire leadership style?
This is the process of planning how to best invest a company's funds to maximize returns.
What is financial planning?
This economic indicator measures the average change in prices over time of a fixed basket of goods and services.
What is the consumer price index (CPI)?
This is the process of gathering, analyzing, and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present, and potential customers for the product or service.
What is market research?
This is a marketing strategy that involves the firm using different marketing mix activities to help consumers perceive the product as being different and better than competing products.
What is product differentiation?
This management function involves assembling and coordinating organizational resources to achieve organizational goals effectively and efficiently.
What is organizing?
This is the price at which a seller is willing to sell a security.
What is the ask price?
This type of unemployment occurs when individuals are between jobs or are searching for their first jobs.
What is frictional unemployment?
This is the process of creating, developing, and delivering a product or service to customers.
What is product development?
This is the process of systematically tracking consumer preferences and behaviors over time to tailor the value proposition as closely as possible to their unique wants and needs.
What is customer relationship management (CRM)?
This management principle states that a worker should only receive orders from one superior.
What is unity of command?
This is a measure of how much profit a company generates with its shareholders' equity.
What is return on equity (ROE)?
This economic theory suggests that government intervention in the market should be limited to ensuring property rights and enforcing contracts.
What is the free-market economy?