Business Management - 1
What is "O" stand for in SWOT Analysis?
Opportunities
What is "L" stand for in PESTLE Analysis?
Legal
What is "P" stand for in PESTLE Analysis?
Political
What is "S" stand for in SWOT Analysis?
Strengths
What is "T" stand for in SWOT Analysis?
Threats
What are the "4P"s of marketing?
Product, Price,Place,Promotion
What is a market?
A place where buyers and sellers meet to exchange goods and services.
What is a brand?
A name, term, design, or symbol that identifies a business or its products.
What is a stock?
A share of ownership in a company.
What is PTY LTD?
Private Company - Proprietary Limited
What is an employer?
Someone who gets employees.
What is the term for a written agreement between two or more parties?
A contract
What is a competitor?
A business offering similar products or services targeting the same market
What is the term for the amount of money made by a business
"Revenue"
What does B2C stand for?
Business to Consumer
A form of business ownership in which the business is owned by two or more persons is a:
A. Sole Proprietorship B. Partnership C. Corporation
B. Partnership
What department of a corporation prepares income statements and balance sheets?
Accounting
What is the accounting equation?
Assets = Liabilities + Owner's Equity
Interviewing potential employees, orienting new employees, and being in charge of employee benefits are typical job duties for employees in the ____ department?
Human Resources
What is a price penetration strategy and ONE advantage OR disadvantage of it
setting the initial price lower than all competitors/market
- Achieve market share growth quickly
- Difficulty in raising prices later
A tax imposed on imported goods and services
A) Import
B) Tariff
C) Excise tax
D) Embargo
B. Tariff
The study of how organizations produce goods and services
A) Managerial effectiveness
B) A transformation system
C) Management science
D) Operations management
D. Operations management
Explain the strategy of quality control using an example
Performing tests, inspections at all stages of production to ensure quality standards are met
E.g checking cooking ingredients for freshness, temp. Taste tests of products during production
The selling price of an item, less than the cost of goods sold
A) Debt service
B) Net profit after taxes
C) Net profit before taxes
D) Gross margin
D. Gross margin
List ALL FOUR STAGES OF THE HUMAN RESOURCE CYCLE
AND
one relevant term for each stage
Acquistion
Development
Maintenance
Separation