Business Chapter 1 Review

Creating branding and advertising strategies to communicate with potential customers would fall under the

marketing the function of a business

refers to the resources or capabilities a company must have before it can start competing in a given market

Barrier to entry

refers to some aspect of a product or company that makes it more appealing to target customers

competitive advantage

The policies and practices of government bodies would shape the

legal and regulatory environment for a business

a framework of how a business intends to generate revenue

Business Model

True of False: The term stakeholders refers only to those people who have invested money in the company's stock

False

True or False: Intangible products have a physical presence

False

term used to decide the difference between revenue and expenses

Profit

activities are intended to identify new ideas and designs that have the potential to result in new goods and services.

Research and Development

what key aspect of running a business includes the ability to offer valuable good and service while contributing to society

a corporate social responsibility

Business can impact society in both positive and negative ways. Occupying ;and and displacing existing business are examples of

disrupting communities

What types of technologies are strong enough to create or destroy companies?

disruptive

True or False: profit refers to the money the company brings in through the sales of goods and service

false

Which of the following positions would be responsible for establishing the long-term financial goals of the company, investing funds, and raising capital?

finance officer

Which of the following is one of the biggest expenses a company faces?

labor

an organization that seeks to operate efficiently to achieve its goals without focusing on profit as a motive

nonprofit organization

function of a business develops relationships with potential customers and persuades the to buy the company's goods and services

sales

Population trends that change the composition of consumer markets and the workforce are a part of a company's

social environment

All groups affected by a company's activities are referred to as its

stakeholders

True or False: a business is any profit seeking organization that provides goods and service designed to satisfy customers needs

true