Business Basics
The money a business earns from selling goods and services.
What is revenue?
A conflict between two morally acceptable choices.
What is an ethical dilemma?
The person who actually buys and uses a product.
Who is the consumer?
The process of creating, communicating, delivering, and exchanging value for customers.
What is marketing?
The increasing connection of businesses, economies, and cultures around the world.
What is globalization?
The people or groups affected by a company's decisions.
What are stakeholders?
A company's responsibility to society beyond making profits.
What is Corporate Social Responsibility (CSR)?
The first stage of the consumer decision-making process, where a consumer realizes they have a need.
What is problem recognition?
The unique value or benefit a company promises customers.
What is a value proposition?
Governments use these taxes on imported goods to protect domestic industries or generate revenue.
What are tariffs?
Marketing, Finance, Operations, and Human Resources are examples of these.
What are functional areas of business?
A company secretly pays influencers to promote products without disclosing sponsorships.
What is unethical marketing?
A student's love of adventure leading them to buy hiking gear is an example of this type of influence.
What is a psychological factor?
Dividing customers into groups such as students, retirees, and parents.
What is market segmentation?
A Canadian restaurant chain enters a new country and must redesign its menu because local customs and beliefs influence consumer preferences.
What are cultural differences?
This person accepts the risks and rewards of starting a business.
Who is an entrepreneur?
The highest level of Carroll's CSR Pyramid focuses on giving back to communities through charitable activities.
What is philanthropic responsibility?
A customer chooses a familiar cereal brand without considering alternatives, despite competitors offering lower prices.
What is brand loyalty?
A gym discovers that most of its members are busy professionals. It creates 30-minute workouts, premium memberships, and targeted ads for this group.
What is target marketing?
A business evaluates a country's government stability, inflation rates, consumer trends, environmental regulations, and technology adoption before entering the market.
What is a PESTLE analysis?
A small business notices sales dropping despite positive customer reviews. Further investigation shows consumers are spending less because borrowing costs have increased and disposable income has fallen.
What is an economic factor in the business environment?
A company legally avoids taxes through offshore strategies. Shareholders approve, but the public criticizes the company. Which level of Carroll's CSR Pyramid is most likely being questioned?
What is ethical responsibility?
This stage of the consumer decision-making process occurs after information search and before the purchase decision
What is evaluation of alternatives?
A company evaluates what it does well, where it struggles, potential areas for growth, and challenges posed by competitors before creating a new strategy.
What is a SWOT analysis?
Before expanding into a new country, a business researches local laws, economic conditions, consumer preferences, and cultural norms.
What is market research?