Marketing
This term is defined as the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
What is marketing?
What is labor?
This stands for Gross Domestic Product and is the market value of all final goods and services produced either annually or quarterly.
What is GDP?
This term refers to an individual who starts their own business based on an idea they have or a product they have created while assuming most of the risks and reaping most of the rewards of the business.
Managers who use this management style tell employees what to do, and employees are expected to follow orders.
What is autocratic?
This term references the percentage of a brand's share of sales in a competing market.
What is market share?
What is division of labor?
This stands for Gross National Product and includes the income produced by the country’s citizens—both those who live in the country and those who are working overseas. It excludes the income produced by non-citizens.
What is GNP?
Before a business owner can create a new business, they need to validate whether their _____ has the potential to succeed.
What is an idea?
Managers who use this management style encourage employees to give feedback and openly collaborate with management.
What is consultative?
A group of people who are most likely to become customers of a product or service.
What is a target market?
This economy is found in rural or developing countries, does not have government involvement, and is based on beliefs, customs and tradition.
What is a trade-off?
This term refers to a permanent employee who works at least 40 hours each week and is paid a salary by the company.
What is a full-time employee?
Managers who use this management style are a mix between autocratic and consultative and have the final say over important decisions, but they still give employees the opportunity to voice their opinion.
What is persuasive?
The process of dividing a broad market into smaller groups of people with shared characteristics.
What is market segmentation?
The majority of this economy is controlled or regulated by a centralized authority, often a federal government.
What is a command economy?
This term refers to the non-monetary costs associated with making a trade-off.
What is opportunity cost?
This term refers to person hired by a company on a project-by-project basis to complete a set of tasks and is not provided benefits or a salary from a company.
Managers who use this management style work together with employees to reach a mutual agreement on issues affecting the company.
What is democratic?
A helpful framework for identifying the internal and external factors affecting a business in the economy.
What is SWOT analysis?
Also known as a free enterprise system, this economy has limited government involvement, and the law of supply and demand determines the goods and services produced.
What is a market economy?
This term refers to the three indicators that measure future economic conditions, current economic conditions, or conditions in the recent past, which can reveal trends about the overall direction the economy is headed.
What are economic indicators?
This term involves continuously testing and improving different versions of a product with customers until they find the one that offers the greatest value.
What is lean methodology?
Managers who use this management style are the most laid-back and are more of a mentor than a leader.
What is laissez-faire?