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Business 201 > Business 201 - Chapter 1 > Flashcards

Business 201 - Chapter 1 Flashcards

0
Q

Commercial Endevor

A

Markets served
Products and services offered
Needs they profess to meet in the marketplace

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1
Q

Role of business?

A 
Solutions marketplace desires
Right customer
Right place
Right time
Right price
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2
Q

Employee Interaction

A

The value creating skills an employee brings to the marketplace
Specialized skills that exist within the labor force

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3
Q

Assets

A

Infrastructure and resource base of the organization

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4
Q

Labor

A

Human resources

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5
Q

Capital

A

Money needed within organization

Operating cash requirments

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6
Q

Managerial Accumen

A

Foresight, drive, knowledge, ability, decision making, competency, ingenuity of top level managers
Establish a direction

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7
Q

Business Model/System

A

Assets+Labor+Capital+Managerial Accumen

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8
Q

Competitive advantage

A

Your product or service has more value than similar competitors products

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9
Q

3C Assesment

A

Developed by managers to help make decisions.

Capabilities, Competencies, Capacity

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10
Q

SMAC

A

Specific Measurable Actionable Controllable

Qualities of planning cycle? add more

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11
Q

Planning Cycles designed to?

A

Promote Growth

Each cycle designed to direct the positioning of the company within the marketplace

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12
Q

What causes failure to meet objectives

A

Poor planning, poor operational execution, or a combination of both

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13
Q

Describe Direction/Positioning Phase Questions

A

What you want to do?
Why do you want to do it?
Can we do it?

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14
Q

Describe Implementation Phase Questions

A

How will we do it?
What needs to be changed to succeed?
Where will resources be allocated

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15
Q

Describe Assessment Phrase Questions

A

Did we meet our goal?
What needs to be changed or improved?
What systems require fine tuning?
What further capacity adjustments are required?

16
Q

Main objective of NFP

A

The service they provide, not wealth creation.

17
Q

Fundamental Objectives of Business

A

Short term profit
Long term growth and profitability
Social and environmental responsibility

18
Q

Role of NFP in the marketplace?

A

Fill needs that would not be met due to lack of profitability

19
Q

Too much emphasis on short term profit could result in?

A

Decisions that are detrimental to long term opportunities or social environmental responsibility

20
Q

Profit(Bottom line)= ?

A

Total Revenue - Total Expenditure

21
Q

Profitability

A

Efficiency and effectiveness of an organization to use its assets and capital to generate profits

22
Q

Benefits of using profitability for a comparison between organizations.

A

Levels the comparison of large and small organizations

23
Q

Stockholder

A

person or company or organization that owns at least one share of stock in a company
Partial ownership of the company

24
Q

Value Proposition

A

Statement of who the product/service is geared for

The benefits the purchaser with realize as a result of using the product/service

25
Q

Components of Value Proposition

A 
Service Benefits
Product Benefits
Brand Benefits
Cost Benefits
Emotional Benefits
26
Q

What is the strength of the value proposition?

A

The perceived sum of each component of the value proposition.

27
Q

Perceived positive value = ?

A

Value Propositions sum - price

28
Q

Market Segment

A

Portion of the market deemed to possess the characteristics an organization can target to generate a preference for their products/services

29
Q

Operating Expenditure

A

Expenses of normal business operations

30
Q

Strategy

A

Development of plans and decisions that guide the direction and determine long term preformance

31
Q

Tactics

A

Immediate actions executed to meet short term objectives set forth in the current planning cycle

32
Q

Planning Cycle Components

A 
3C Assessment
Business Plan Development
Business Plan Execution
Company Performance and Profitability
Company Growth and Reinvention

Business 201 (5 decks)

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