Business Ethics
Belief that individual actions should provide the greatest good for the greatest number of people
Utilitarianism
The equilibrium price is established when the quantity ________.
purchased is the same as the quantity offered
The most common way for entrepreneurs to fund a start up?
self-financing
Throughout the entire marketing process, a successful organization focuses on building:
customer relationships
When an employer helps an employee attain a sense of personal achievement by providing stimulating work, the best characterization of the employer's policy is _____.
job enrichment
The ways of doing things that evolve through shared values and beliefs is called
corporate culture
Excess supply occurs when the actual price in some market is the equilibrium price
above
_____ focus on solving society’s challenges through their businesses
social entrepreneurs
Primary research is:
Your own research
Most people hold _____ positions in the workforce.
full-time
To be ethical, businesses must
Balance between doing what is right and what is profitable
A supply curve is a graphical illustration of the relationship between price, shown on the vertical axis, and , shown on the horizontal axis
quantity supplied
Michelle works for a large bank that recently merged with another financial institution. Word of layoffs has been discussed. Michelle is most likely to become an entrepreneur in order to _____
obtain job security
The National Football League, the New Englad Patriots, advertise on television but only choose do to so for the New England local stations in states such as Massachusetts (where their home stadium is located). What is the common bases for segmenting this type of consumer market?
geographic
The _____ usually performs background checks on applicants for government jobs.
FBI
_________ is what we must do, ________ is what we should do
The Law; Ethics
In general, as price of a good or service increases, the quantity demanded:
decreases
Ricardo started a web design company while still in college. He sold the company after graduation, and opened a computer repair shop. Most recently, Ricardo has started a marketing firm that specializes in social media. Ricardo is an example of a(n):
serial entrepreneur
Under the 80/20 principle, customer relationships are important because:
Under the 80/20 principle, 80 percent of revenue comes from 20 percent of customers.
Before on-the-job training begins at Bainbridge Industries, all new hires are introduced to their jobs through a process called _____.
orientation
In balancing its responsibilities toward all stakeholders when making legal, economic, ethical, and social decisions, ABC Inc. takes an approach to organizational activities called _____.
corporate social responsibility
Both kinds of organizations, non-profit and for-profit, can .
earn revenues
Imani is opening her own bakery. She is most likely to be categorized as a(n) ________.
entrepreneur
Sales increase more rapidly, profits are usually achieved , and marketing spending increases during what phase of the Product Life Cycle?
growth
Jeff Craddock is a plant supervisor for Made Right Wood Products Inc., which makes both standardized and customized signs out of solid wood and wood veneers. Over the past few years, the firm has grown steadily and now employs more than 200 people working two shifts. Keeping employees motivated, however, is a constant challenge for both Craddock and production manager Marie Horowitz. Both try hard to apply motivational techniques that they learned in college, encountered in local workshops, and discovered during the course of on-the-job training. Made Right, it seems, has a higher percentage of single parents and older workers than the industry average, and that fact seems to be one of the problems: More workers ask for time off to do things with their children, and older employees visit a lot of doctors. As elsewhere, tardiness and absenteeism also cut into production efficiency. Craddock and Horowitz are once again rethinking possible approaches to employee motivation.
Of all Made Right's employees, _____ are likely to experience the greatest stress on the job.
single parents