Chapter 1

The advent of ________ has put buyers and sellers on much more equal footing

social media

service business

Service businesses create value by performing activities that deliver some benefit to the customer

A business that relies on human resources more than on buildings, machinery, material resources, and land would be a ________ business.

labor-intensive

Economic Environment

Virtually every decision a company makes is influenced by the economic environment, the conditions and forces that (a) affect the cost and availability of goods, services, and labor and (b) thereby shape the behavior of buyers and sellers.

Business Model

A company's business model is a clear, simple outline of how the business intends to generate revenue.

competitive advantage

A competitive advantage makes a company's products or the company as a whole more appealing to its chosen customers.

A(an) ___________ is any profit-seeking organization that provides goods and services designed to satisfy customers' needs.

Business

A/an ________ is a framework of how a business intends to generate revenue.

Business Model

________ refers to a view of business that considers the many decisions that must be made and the potential problems that must be overcome before the organization can deliver its products or services.

Business mindset

Just Bakes, a bakery outlet in Cincinnati, is famous for the uniqueness of its bakery items, such as the baguette supreme, made from mixed-flour dough. The outlet also has an online ordering system that offers original gift baskets. Most of its target customers find it to be more appealing. In this example, Just Bakes has a(n) ________.

Competitive Advantage

social media

Due to social media, consumers are no longer passive recipients of broadcast advertising messages. Instead, they participate in unstructured conversations with companies and with each other. The result has been a profound power shift that puts buyers on much more equal footing with sellers.

legal and regulatory

Legal and regulatory environment refers to the laws and regulations at the local, state, national, and even international level.

labor-intensive

Service businesses tend to be labor-intensive businesses, in that they rely more on human resources than buildings, machinery, and equipment to prosper.

The conditions and forces that affect the cost and availability of goods, services and labor, and shape the behavior of buyers and sellers are BEST described as the ________ environment.

economic

The ________ function of a business involves the recruiting, hiring and support of its personnel.

human resources- function is responsible for recruiting, hiring, developing, and supporting employees.

Taxation, fees, efforts to coordinate multiple regulatory agencies, labor rules, environmental restrictions, protection for assets such as patents and brand names, roads and other infrastructure, and the transparency and consistency of decision making are a part of the ________ environment.

legal and regulatory

Lisa has a small language training business. She provides French and Spanish lessons to several customers in the neighborhood. What type of business does Lisa have?

service business