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Chapter 1 Business 101
Another way to say lifestyles
What is the primary purpose of business
Chapter 1 Business 101
20 terms
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StudBud Administration
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Introduction to Business
Flashcards
20 cards
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Questions
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Answers
1
What is the primary purpose of business
pay taxes
to make money
to provide jobs
provide goods and services that consumers want and need
2
Another way to say lifestyles
target
psychographics
Demographics
Values
3
Acronym used for identifying external forces that businesses face
GEST
SWOT
ASAP
PEST
4
Economy factors include
Labor practices
The ability of customers to get loans
Infrastructure
Demographics
5
In the PEST analysis, S stands for
Social Studies
Social Responsibilty
Society
Social Causes
6
Political factors include
technology
philanthropy
change in customer tastes
regulations and laws
7
The department that raises financing and sets up accounts
Operations
Accounting and Finance
Marketing and Sales
Management
8
Apple is a successful company because
no competition
inexpensive prices
Government influence
products, customers, luck, and Steve Jobs
9
Customers who are willing to buy your product and can afford to
consumers
customer audience
prospects
target market
10
The business decision to donate money to charity is called
soliciting
donation
gift giving
philanthropy
11
Department responsible for acquiring resources, planning output & methods of production
Operations and Production
Management
Accounting
Sales and Marketing
12
Research and Development is responsible for
new product development
planning output
acquiring resources
market research
13
Businesses can operate in a vacuum
True
False
14
This department is responsible for the work of others
Operations
Management
Sales
Accounting
15
Social Responsibility includes
All of the above
Labor practices
Being a good corporate citizen
Business Ethics
16
This department is responsible for promotion and selling
Marketing and Sales
Operations
Accounting
Management
17
The department that handles after sales service is
Marketing
Customer Service
Human Resources
Accounting
18
In the PEST analysis, the T stands for
Trends (customer)
Target Market
Trade laws
Target
19
Age, gender, education segmentation
psychographics
demographics
values
target market
20
Human Resources is responsible for
firing
recruiting
hiring
all of the above
