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Questions and Answers
What is a key factor that limits growth, productivity, and employment in the economy?
What is a key factor that limits growth, productivity, and employment in the economy?
- Competition (correct)
- Government regulation
- Sustainability practices
- Investment in technology
Which technique focuses on creating value by understanding and meeting customer needs?
Which technique focuses on creating value by understanding and meeting customer needs?
- Expanding distribution channels
- Delivering true value (correct)
- Increasing production volume
- Emphasizing product's aesthetics
What method is advised for adjusting prices to make products more accessible?
What method is advised for adjusting prices to make products more accessible?
- Dynamic pricing strategy
- Cost-plus pricing
- Change your pricing (correct)
- Value-based pricing
What is an important step in effective decision-making?
What is an important step in effective decision-making?
What principle should you apply to highlight the benefits of your product to customers?
What principle should you apply to highlight the benefits of your product to customers?
Flashcards
Principle in Creating a Business
Principle in Creating a Business
A fundamental truth serving as a basis for a belief or behavior system in business.
Effective Decision-Making Steps
Effective Decision-Making Steps
A series of steps for making sound business decisions.
Competition
Competition
A fundamental factor that limits economic growth, productivity, and employment.
Create Utility and Usefulness
Create Utility and Usefulness
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Competitive Advantage
Competitive Advantage
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Study Notes
Applied Economics - Chapter 3, Lesson 10
- Principles in Creating a Business: Scalability, big ideas, systems, sustainability are fundamental for success.
- Business Growth: A business must be dynamic and thrive in various economic conditions.
- Vision and Purpose: A business' vision should embody a higher purpose.
- Autonomy and Profitability: A business can thrive independently and be profitable.
- Standards: A business sets standards for success.
- Decision-Making Steps: Identify the decision, gather information, identify alternatives, weigh evidence, choose among alternatives; take action, review decision and consequences.
- Decision-Making Tools: Decision matrix, T-chart, decision tree, multivoting, Pareto analysis, cost-benefit, conjoint analysis.
- Technical Marketing Techniques: Create utility and usefulness in products. Change pricing to match consumer range. Emphasize product's key benefit. Provide value to customers.
- Methods of Competitive Advantages: Cost leadership, differentiation. Defensive strategies: alliances, collusion.
- Business Competition Types: Performance competition, head-to-head, controlling supplies, advertising, distribution, predatory competition, supplier relationships.
- Impact of Suppliers to Business: Quality, timeliness, competitiveness, innovation, finance.
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