BUSINESS BASICS
An organization that provides goods or services to earn a profit
The process of planning, organizing, leading, and controlling
What is management?
What a business sells
What is a product?
Sharing information within an organization
What is internal communication?
Meeting customer expectations
What is quality?
The process of creating, delivering, and exchanging value
What is business activity?
Motivating employees to achieve goals
What is leading?
Communicating value to customers
What is promotion?
Clear exchange of information
A system for maintaining standards
What is quality control?
The four main types of business ownership
What are sole proprietorship, partnership, corporation, and LLC?
A leadership style focused on employee involvement
What is democratic leadership?
Identifying target customers
What is market segmentation?
Feedback that improves performance
What is constructive feedback?
Eliminating waste
What is efficiency?
Businesses owned by shareholders
What are corporations?
A leadership style where the leader makes decisions alone
A group of customers with similar needs
What is a target market?
Listening to understand, not respond
What is active listening?
Standards used to measure performance
What are benchmarks?
The money a business earns before expenses
What is revenue?
Setting specific, measurable goals
What are SMART goals?
The four key elements of marketing
What are Product, Price, Place, and Promotion?
Communication that builds trust
What is open communication?
Using data to improve quality
What is Statistical Quality Control (SQC)?