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