Intro to Bus: Unit 2 Part 1 Exam

What stage defines the market entry stage?

Small business owners must be aware of ______ and quickly adapt.

What type of approach focuses on continuous improvement and quality production of their product(s)?

This principle provides customers with best possible product/service & always treat them with respect & understanding

What enables a firm to grow by branching out and reaching into new industries?

What is a business that gathers raw products in their natural state?

A new business undertaking involves risk and is called an(n) ______ .

_____ management helps keep businesses successfully afloat or swimming with the sharks.

Internal expansion, external growth (merger), or diversification into related industries are all ways firms seek to

Harvesting stage captures the value created in previous stages, by turning assets into cash, through a business exit or

What changes raw materials into more finished products?

Walgreens, McDonalds, and Century 21 are examples of ____________.

To build a good business, you need a ____________.

What is NOT an advantage of a corporation.

Entrepreneurs need to be persistent, risk takers, self-confident, and responsible.

This principle is studying marketing through traditional/digital media to effectively share a company’s product/service

What is it called when employees do enough to keep their owners happy, but then pursue other objectives?

What purchases goods from a wholesalers and resells them to the consumer?

Reasons to start a _______ include, pooling resources and saving money as a group.

Global expansion, acquisitions & mergers, as cash is plentiful & inefficiencies are completely flushed out is what stage

What is NOT an advantages of a sole proprietorship.

What can be defined by its own unique needs, preferences, or identity that makes it different from larger markets?

_________ is necessary for potential investors and financing agencies to get money for your business.

What are businesses that make finished products out of processed goods?

What is NOT a benefit to a partnership?