UNIT-1
The definition of a business
A decision-mking orgnization established to produce goods and provide services
This tool forecasts future labor needs by comparing current workforce skills with future business requirements
What is workforce planning?
Finance obtained from within the business, such as retained profit.
What is internal finance?
This is the process of dividing a market into distinct groups of consumers with similar needs, characteristics, or behaviors.
What is market segmentation?
This part of a SWOT analysis looks at the internal positive factors of a business that give it a competitive advantage.
What are strengths?
The main functions of a business?
What is HR, Finance, Marketing, operation
A benefit of internal recruitment is that it improves this among employees
What is Morale?
Selling shares to outside investors is an example of this type of finance
What is equity finance?
This element focuses on the features, design, quality, brand name, and packaging of the new smartphone.
What is product?
This business analysis tool examines external factors that affect an organization, including social, technological, economic, environmental, political, legal, and ethical influences.
What is STEEPLE analysis?
This person takes the financial risk of starting and managing a new business venture.
Who is an entrepreneur?
Non-monetary rewards such as recognition and praise fall under this category, does not follow Maslow’s Theory of Motivation
What are non-financial rewards?
This short-term source of finance allows a business to withdraw more than it has in its bank account.
What is bank overdraft?
This type of promotion uses mass media channels such as TV, radio, and newspapers to reach a large audience.
What is above-the-line (ATL) promotion?
This business model focuses on reducing waste by reusing, repairing, recycling, and regenerating products and materials, keeping resources in use for as long as possible instead of following a traditional “take–make–dispose” approach.
What is a circular business model?
This type of organization operates in the public sector and is owned and controlled by the government.
What is a public sector organization?
Frederick Herzberg classified achievement and recognition as this type of factor
What are motivators?
If a business has a product that sells for $83.75 and they sell 80 products what is their revenue
what is 6700?
For a multinational company, this builds recognition across global markets, encourages customer loyalty, allows premium pricing, and differentiates products from competitors.
What is the importance of branding?
This strategic tool classifies a company’s products into four categories — Stars, Cash Cows, Question Marks, and Dogs — based on market growth rate and market share.
What is the Boston Consulting Matrix (BCG Matrix)?
The purchase of assets such as machinery or building that will be used in the business for more than one year.
What capital expenditure?
For a small business, this offers low-cost promotion, direct interaction with customers, targeted advertising, and viral marketing opportunities.
What is an advantage of using social media marketing?
This matrix helps businesses decide how to allocate resources by comparing products or markets based on market attractiveness and business strength/competitive position.
What is the Ansoff Matrix?