Types of Businesses
What is a type of business that only produces and sells goods and services to other businesses.
Industrial Businesses
What is Reorganization?
Reorganization is when you change they way you are doing things, or reorganizing or downsizing your business in order to become successful.
Why is it important for businesses to stay updated with technology?
To stay up to date with customers, as well as to assist them in running their business as successful as possible.
Roughly how many businesses are there in the United States of America?
Over 25 Million
Why do businesses try to be as efficient as possible?
Being efficient allows companies to be as productive as possible while also using the least amount of resources as possible, ultimately saving them money.
Target is this type of business
Commercial
Explain Demand as it is defined in this chapter.
Demand refers to the amount of people wanting to buy a product or service.
How has the internet allowed businesses to become more successful?
it has given businesses the opportunity to sell globally, and it allows for more marketing and communication from businesses to their customers.
What is one way that the US Government encourages people to start their own business?
Fewer government regulation, relaxed tax laws, and greater borrowing ability.
What is something a business could do to become more efficient?
become more productive with less workers, utilize technology effectively, or use minimal resources while also keeping quality high.
True or False: Service Based are typically commercial businesses.
True
Explain Supply and how it pertains to business in this chapter.
Supply refers to the amount of a product you have at any given time in relation to how high the demand of the product is.
Why are online job search website good for companies that are wanting to hire top of the line managers?
It gives them access to more potential candidates, other than just candidates that are in their area.
What percent of businesses in the United States are considered "Small?"
98%
What is an Intrapreneurship?
It is when an employee of a company is given time and money at work to create a new product or business on company time. It gives employees the chance to become entrepreneurs while at work.
True or False: CNN is an example of a Industrial Business.
False
Why is Finance such an important part of business?
Finance is important for businesses because businesses need money to become successful. Or if they do not have enough money they will fail.
What is a type of technology that Amazon created that changed their business?
Amazon Prime, Amazon Alexa, Amazon Streaming, Amazon Webservices, Ring Doorbell, and Amazons facial recognition software.
What categorizes a business as being a "small business?"
They employ under 100 employees
Why do businesses want mangers that are "specialized" in a particular field?
Businesses want to hire specialized managers so they know they are hiring managers that are great at a specific task. (Hiring practices, marketing, finance, etc.)
Is a Ford Manufacturing plant considered an Industrial Business or a Commercial Business?
Industrial
What does TQM stand for?
Total Quality Management
Why is it so important for businesses to consistently innovate, and come up with new products?
So businesses can stay relevant in a changing world, and also continuously improve their products for their customers.
What is one major reason people do not start their own businesses? Many people that also start businesses fail because they take on too much of this. (it's not debt)
Risk or its risky
Why is it a good idea to become a Franchisee if you are wanting to start your own business?
It is less risky to open a franchise because the business already has brand awareness. Also some of the operating cost falls onto the corporation rather than the franchisee.