Business Functions
Gourmet Coffee reviews the resumés of applicants for the open barista position.
What business function is being described?
Human Resources
Benjamin owns a photography studio under his own name. He is the only employee and is liable for all assets of the business. What form of ownership is this business?
Sole-Proprietorship
GlobalParts sells automobile components to car manufacturers around the world that they use to build new cars. What type of industry does GlobalParts fall under?
Wholesale
List 1 example of a demographic.
Age, gender, income, education
A manager installs new security software onto the company computers.
What business function is being described?
Information Technology
A team of employees surveys customers and then creates a brand new mobile app for customers to be able to order online.
What business function is being described?
Research & Development
New Technologies is owned by a group of investors who purchased shares in the company. Shareholders are not responsible for liabilities. What form of ownership is this business?
Corporation
GoodEats is a grocery chain that focuses on delivering high quality and healthy food directly to consumers. What type of industry does GoodEats fall under?
Retail
List 2 examples of geographic.
Location, climate
In conducting a SWOT Analysis of Dunkin, which would most likely be categorized as a “threat?”
Starbucks
The leadership team is reviewing its quarterly revenue and expenses while preparing a budget for the next fiscal year.
What business function is being described?
Finance
Albert and Nicole own a pizza shop in town. They split profits equally and each have responsibilities in the business while being personally liable for any business debts. What form of ownership is this business?
Partnership
Joe’s Pharmacy sells medicine directly to consumers.. What industry is this business in?
Retail
List 3 example of psychographics
Interests, values, lifestyle
Gourmet Coffee posts on Instagram and creates an outdoor sign to promote their brand new Fall menu.
What business Function is being described?
Marketing
The shift leader encourages employees to clean the shop efficiently and properly so that all guests can be happy.
What business function is being described?
Management
Susan and Thomas own a law firm together. They have set up the business in a way that protects all personal assets. What form of ownership is this business?
LLC
“BrightTech Inc.” produces smartphones and other electronic devices in its factory. The company designs and assembles its products from raw materials and sells them to retail stores that distribute the products to customers.
Manufacturing
List 4 examples of behavioral
Buying habits, brand loyalty, product usage rate, occasion- based purchases
What is competition and what are the benefits of it?
Competition is when multiple businesses offer similar products or services to attract the same customers. Benefits include better prices, improved quality, more variety, and innovation.
The barista creates a latte for a customer and provides great customer service.
What business functions is being described?
Operations
Jamal, Lily, and Clara own an art studio. They split profits equally and are equally responsible for all debts that the business could incur. What form of ownership is this business?
Partnership
“CleanPro” offers professional cleaning services for homes and offices. They provide a team of trained cleaners who visit clients’ locations to perform scheduled cleaning tasks. Their clients include businesses and private homeowners.
Service
What is market segmentation?
Market Segmentation: process of dividing a large market into smaller groups
Given the laws of Supply and Demand, what will most likely happen in this situation? Paul’s Pizza Shop sells slices for $2 each. 400 people want a slice each day, but the restaurant is only able to make 200 slices per day.
The price of slices will increase