Intro Business Chapter 1 PART TWO (again)
___ usually make the important decisions that affect their companies future
Higher-level managers
Which of the following explains why businesses must satisfy needs first, then wants? Globalization, business tariffs, competition is intense, limited resources
limited resources
To identify possible courses of action, you should take time to consider
Alternatives
For companies to compete successfully in a global market, they must combine quality, excellent service, and Market share, popularity, choice, competitive prices
Competitive prices
A person who uses goods or services is called
Consumer
Business success depend on how well key activities are managed, performed, and Financed, researched, coordinated, publicized
Coordinated
Good choices are easier to use if you use the process of
Decision-making
The decision to stop manufacturing products is often because of decreased Price, business size, demand, competition
Demand
Once your decision is put into effect, you should
Evaluate it
When consumers choose not to purchase a business's products or services, the business usually Suceeds, loses, wins, fails
Fails
If you had $10 to spend, which of the following needs is the best choice? New Bike, food, haircut, new shoes
Food
When buying something, you should use all the decision-making process steps _________.
For important purchases
Which of the following satisfies a public want? Rent, library, new table, home computer for your business
Library
The act of gathering and analyzing information about the wants, needs, and preferences of consumers in a certain market
Market Research
Which is/are examples of resources? Roller skates and car, insurance/sports and entertainment, a tax preparer, money/fuel/labor
Money, fuel, labor
Before spending on your wants, which of the following should you spend money? Goods, services, needs, wants
Needs
Business is any commercial activity that seeks
Profit
The reward that motivates businesses to supply goods and services is
Profit motive
Competition is possible because companies have the freedom to produce the products they think will be most Popular, profitable, inexpensive unusual
Profitable
Wants that are widely shared by many people are called
Public wants
Items that people can use to make or obtain what they need or want are called
Resources
Resources limit the number of needs and wants people can
Satisfy
Tasks that business perform for consumers are known as
Services
To determine the pros and cons of a decision you should take time to consider
[ALL OF THESE] > Your values, goals, choices
Companies thrive on
competition