Basic Business
This term refers to the money or other resources invested in a business to help it grow and operate.
What is Capital?
A group of people who share similar wants, needs, and buying abilities.
The act of going above and beyond to satisfy customer needs is called this.
What is customer service?
Making direct eye contact and maintaining good posture during a presentation demonstrates this.
What is nonverbal communication (confidence)?
The business function responsible for managing day-to-day operations, employees, and logistics.
What is operations management?
These laws protect inventions and unique ideas from being copied or sold without permission.
What is a Patent?
A marketing strategy that identifies how a product will be priced, promoted, distributed, and presented to customers.
What is the Marketing mix (4 P's)?
The idea that a business should make decisions that benefit society as well as the company.
What is social responsibility?
This type of communication involves written, spoken, or visual messages sent between people in a business.
What is interpersonal communication?
The function that focuses on planning, budgeting, and controlling financial resources.
What is finance?
The value of what is given up when making one choice over another is called this.
What is the oppertunity cost?
The process of classifying customers based on characteristics like age, income, or lifestyle.
What is market segmentation?
Sharing false or misleading information in an advertisement violates this ethical principle.
What is honesty in advertising?
The leadership style in which a manager involves employees in decision-making.
What is democratic leadership?
The area of business that recruits, trains, and motivates employees.
What is human resources?
A decrease in the general price level of goods and services over time.
What is Deflation?
When a company sets its product price lower than its competitors to attract buyers, this is known as this pricing strategy.
What is penetration pricing?
When handling a customer complaint, the first thing you should do is this.
What is listen carefully and demonstrate empathy?
Using logical arguments and factual evidence to persuade others is called this communication technique.
What is rational persuasion?
The process of deciding how goods will move from producer to consumer.
What is channel management/ distribution?
This type of market structure exists when a single seller controls all production and distribution of a product or service.
What is a monopoly?
The process of creating a positive image of a product in the customer’s mind, often through slogans and consistent messaging.
What is branding?
A company collecting data on customers without their consent would be violating what ethical concept?
What is consumer privacy (data protection ethics)?
A leader who inspires others through vision, enthusiasm, and personal connection demonstrates this leadership type.
What is transformational leadership?
The business function focused on setting long-term goals and allocating resources to achieve them.
What is strategic management?