Business & Its Context
Factors of Production are defined as productive resources used by businesses to produce a good or service. Name one of the 5 factors of production.
Natural Resources
Labor (Human Resources)
Economic Capital
Entrepreneurship
Knowledge
Define Management
the process of guiding the development, maintenance, and allocation of resources to attain organizational goals
This is one of the 5 Ps in the marketing strategy that is used to inform, persuade, or remind a target market about a product.
Promotion
In 1985, Coca-Cola introduced this product, which was removed from the market 79 days later due to thousands of calls complaining about the new flavor.
New Coke
A business owner must be able to adapt to changes in the external environment. Name one of the 7 external sub-environments.
Demographic
Economic
Global
Political/Legal
Social
Technological
This is defined as using the least possible amount of resources to get work done
Efficiency
Name 1 of the 2 pricing strategies most often used in Marketing
Price Skimming
Penetration Pricing
Microsoft released Power BI, which is what type of software that offers managers up-to-the-minute info from each division of the company on 1 screen?
Dashboard software
In this type of economic system, an individual can own property
Capitalism
Name 1 of the 3 types of Managerial Roles
Informational
Interpersonal
Decisional
The marketing team considers all entities involved in the passing of goods and services from the producer to the consumer, which is called what type of channel?
Distribution
Penny Lane and Honey Moon coffee shops offer this type of promotion to reinforce regular customers to continue purchasing their products
Frequent-buyer cards
This is the study of how society uses its limited resources to produce & distribute resources and goods
Economics
Name 1 of the 3 types of Managerial Skills
Technical
Human Relations
Conceptual
This marketing concept focuses on forging long-term partnerships with customers, offering value, and providing customer satisfaction.
Relationship Marketing
This company began as a DVD rental company in 1998 and then launched a streaming service in 2007 in response to technological changes in the external environment.
Netflix
This is the major differentiator among various economic systems
Whether the government or individuals decide
With this type of leadership style, a manager turns over authority and control to the group, and members of the group have freedom to accomplish tasks.
Free-Rein
This marketing concept focuses on gathering environmental data to identify current and future market opportunities and threats.
Environmental Scanning
This is a nonprofit organization founded in 2010 by 2 veterans following a Haiti earthquake in an effort to provide other veterans a sense of purpose, a sense of community, and the feeling of self-worth. Today the company employs ~60 staff + 180,000 volunteers.
Team Rubicon