Contemporary Business - Business In Action Chapters 1-4

Front 1

Why study business?

Back 1

To learn what comes with being a business, such as customers, suppliers, payroll, productions costs, taxes, and legal issues​

Front 2

What is a business? How might “business” be described?

Back 2

A business is any profit-seeking organization that provides goods and services designed to satisfy customers' needs. ​

Front 3

What is revenue? Profit?

Back 3

Revenue is money a company brings in through the sale of goods and services. Profit is the money left over after all costs involved involved in doing business have been deducted from revenue. ​

Front 4

Why is risk an important concept to understand in business?

Back 4

Risk is an important concept to understand in business because all businesses have some risks, and these risks can hurt companies but in most cases are expected to pay-off in the long run as future rewards.

Front 5

Briefly list and explain the major types of businesses.

Back 5

There are two major types of businesses; Goods-producing businesses and Service businesses. Goods-producing businesses create value by making things. Service businesses create value by performing activities that deliver some benefit to the consumer. ​

Front 6

Explain the concept of barriers to entry and provide an example.

Back 6

Barriers to entry are any resources or capabilities a company must have before it can start competing in a given market. Some examples of barriers to entry include government testing and approval, money, equipment, land, and other resources. ​

Front 7

What is a business mindset?

Back 7

A business mindset is a view of business that considers the myriad decisions that must be made and the many problems that must be overcome before companies can deliver the products that satisfy customer needs. ​

Front 8

What are the roles of business in society? Are there any negatives?

Back 8

Some roles of business in society are Offering valuable goods and services, Providing employment, Paying taxes​, and Contributing to national growth, stability, and security. There are, however, negative results that can come from companies that do wrong things such as irresponsible risk taking. ​Other negatives include Generating pollution, Creating health and safe risks, Disrupting communities, and Causing financial instability. ​

Front 9

The Economic Environment

Back 9

External economic forces that act on a company and others in the economy. These economic forces can affect the cost and availability of goods and shape the behavior of buyers and sellers.

Front 10

The Market Environment

Back 10

A company's target customers, the buying influences that shape the behavior of those customers, and competitors that market similar products to those customers. ​

Front 11

The Legal and Regulatory Environment

Back 11

Laws and regulations at the local, state, national, and even international level. ​

Front 12

The Social Environment

Back 12

Trends and forces in society at large. ​

Front 13

The Technological Environment

Back 13

Forces resulting from the practical application of science to innovations, products, and processes.

Front 14

Research and Development

Back 14

Functional area responsible for conceiving and designing new products.

Front 15

Manufacturing, Production, and Operations

Back 15

This area of the company makes whatever the company makes(goods), or does whatever the company does (service).

Front 16

Marketing, Sales, Distribution, and Customer Support

Back 16

Marketing identifies opportunities in the marketplace, Sales develops relationships with potential customers and persuades them​, ​Distribution can be involved before and after the sale, Customer Service makes sure customers have the support in information they need. ​

Front 17

Finance and Accounting

Back 17

Financial Managers are responsible for planning financially and Accounting Managers are responsible for monitoring and reporting funds​.

Front 18

Human Resources

Back 18

Human Resources are responsible for recruiting, hiring, developing, and supporting employees.

Front 19

Business Services

Back 19

These exist to help companies with specific needs in accounting, law, banking, real estate and other areas. These services can be done by in-house staff, external firms, or both. ​

Front 20

Define professionalism

Back 20

Professionalism is the quality of performing at a high level and conducting oneself with purpose and pride​.

Front 21

Striving to Excel

Back 21

Strive to perform at the highest possible level​; commit to continuous learning and improvement. ​

Front 22

Being Dependable and Accountable

Back 22

This means meeting your commitments, including staying on schedule and staying within budget.

Front 23

Being a Team Player

Back 23

You need to pay attention to your own situation, pull your own weight, while on the other hand ​you need to pay attention the the over-all team to make sure they succeed. ​

Front 24

Communicating Effectively

Back 24

To communicate more effectively you need to provide practical information, give facts rather than vague impressions, don't present options as facts, present information in a concise, efficient manner, clarify expectations and responsibilities, and offer compelling, persuasive arguments and recommendations. ​

Front 25

Demonstrating Etiquette

Back 25

Practice the expected norms of behavior in any particular situation. ​

Front 26

Making Ethical Decisions

Back 26

Carefully weight​ all the options when confronted with ethical dilemmas. ​

Front 27

Maintaining a Confident, Positive Outlook

Back 27

believe in what you're doing, and believe in yourself and your ability to solve problems and overcome obstacles.