Introduction
Businesses are built around what four functions?
Production, Marketing, Management, Finance
Who said "A business that makes nothing but money is a poor business"?
Henry Ford
What are the two different management structures we discussed in the chapter?
______ should be developed by anyone wanting to start a business
A Business Plan
Small business are responsible for what percentage of sales in the U.S.
47% of sales
Types of Businesses are categorized by what?
Profit Orientation, Size, Product, Market
Aspects of social responsibility include
Which organizational style is also known as "flattening the organization?
How many sections are in a business plan?
There are 3 sections
Which former President established the consumer bill of rights?
President Kennedy
Small businesses are also referred to as?
"Mom & Pop Shop", "Mom & Pop Business"
What are the two laws enforced by EPA (Environmental Protection Agency to ensure companies cannot harm the environment?
Clean Air Act, Food Quality Act of 1996
What does a manager do?
Plan, Organize, Control
What part of a business plan is the description of your target market and the buying behavior of your potential customers?
Market Segment Analysis
Name the management skills that are needed in today's business environment? (Name all from the notes)
Goal-setting, decision making, communications, delegations, technical skills, motivational skills, leadership skills
What do consumer markets primarily deal with? (Name All)
Consumer products, Food & Beverage products, Retail products, and transportation products
What are the three questions marketers must act themselves?
Does the action optimize the "common good" or benefit all customers
Does the action respect the rights of the individuals involved
Does the action respect justice or fairness to all parties involved
In management "leading" requires being able to do what?
Confidence, Vision and imagination, abstract thinking, understanding of the external environment
What are the three things described in the proposed organization section?
Type of ownership, Business establishment steps, Personnel Needs
What should a business plan be able to do?
Convince investors and lenders the business will be profitable, identify necessary legal procedures for business start-up, establish month to month steps to profitably operate the business
What is E-Commerce stand for? and what does it do?
Electronic Commerce, any business activity using electronic communication when goods and services are exchanged
What are the four basic rights President Kennedy's Consumer Bill of Rights maintained?
To have a choice of goods and services
To be protected from unsafe products
To have a voice in product and marketing decisions made by government and businesses
To be informed and protected against fraud, deceit, and misleading statements and to be educated in the wise use of financial resources
Setting standards, Evaluating performance based on these standards, Solving any problems revealed by the evaluation
Where can a business get their sources of capital from?
Friends and relatives, or from banks, credit unions and/or loan companies
What college did Tyrann Matthieu go to? Which NFL team did he win a super bowl with? What team does he currently play for? Who wins tonight's game?(ONLY ONE RIGHT ANSWER :) )
LSU, Kansas city chiefs, New Orleans Saints, New Orleans Saints!!!!!