What is a business?
A product that is intangible
What is a Service?
The sector owned and organized by the government
What is the Public sector?
A statement of what the business wants to be in the far future
What is a Vision?
A stakeholder benefitting from higher wages
What is an Employee?
The S in STEEPLE
What is Social (factors)
How inputs become outputs (goods or services)
What is the Transformation process?
When one person is the only owner of a business and has unlimited liability
What is a Sole trader?
A statement of the business' purpose, what they do
What is a Mission?
A stakeholder who benefits from increased stock prices
What is a Shareholder?
The three E's in STEEPLE
What is environmental, economic and ethical
The sector in which manufacturing takes place
What is Secondary sector?
When a company is a separate legal entity and the owners are not personally responsible
What is Limited liability?
A business objective focusing on earning more than the costs and expenses
What is Profit maximization?
A stakeholder who benefits from improved quality and lower prices
What is a Customer?
An external negative factor in a SWOT analysis
What is Threat
The concept of outputs being more valuable than the inputs going into production
What is Adding value?
When the customers or employees of a business owns the business together with equal voting rights
What is a Cooperative?
A business objective focusing on capturing a large market share
What is Growth?
A stakeholder who will value increased orders and getting paid on time
What is a Supplier?
The name of a strategy when a business aims to stand out from the competition and charge a higher price in a niche market
What is Differentiation focus (strategy)
A challenge of starting a new business
What is... anything at Beatrice's discretion
The first is a company where shares can only be sold with the owners' approval and the other is when the shares can be sold on an open market
What is the difference between Privately held companies and Publicly held companies?
What is a Strategy?
A stakeholder that might benefit from increased job opportunities, overall increasing income, training, etc
What is the Local community?
The name of the strategy when a business aims to get the lowest costs in the industry while selling their product in a mass market
What is Cost leadership (strategy)