Business Chp 1

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

Labor

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

barriers to entry

An organization that seeks to operate effectively to achieve it's goals without focusing on profit as a motive is a ___________

non profit organization

Businesses can impact society in both positive and negative ways. Occupying land and displacing existing businesses are examples of _________

disrupting communities

Intangible products have a physical presence

FALSE

Profit refers to the money the company brings in through the sale of goods and services.

FALSE

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

FALSE

Business is any profit seeking organization that provides goods and services designed to satisfy customer needs

TRUE

A _________ is a framework of how a business intends to generate revenue

business model

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

competitive advantage

What key aspect of running a business includes the ability to offer valuable goods and services while contributing to society

corporate social responsibility

What types of technologies are strong enough to create or destroy a business.

disruptive

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

The policies and practices of government bodies would shape the _____________ environment for a business.

legal and regulatory

Creating branding and advertising strategies to communicate with potential customers would fall under the ________ function of a business.

marketing

The term used to describe 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

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

sales

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

social

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

stakeholders