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