Business Ethics and Strategy

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Questions and Answers

A company demonstrates social responsibility by adhering to a(n) ______, which ensures fair trade practices and ethical sourcing.

code of conduct

When a business adjusts its strategies based on consumer feedback and behavior patterns, it's primarily applying principles of ______.

marketing

The concept of ______ refers to the moral principles and standards that guide the behavior of individuals and organizations in the business world.

business ethics

Understanding how cultural norms influence purchasing decisions is crucial in ______ because these insights help tailor marketing strategies.

<p>consumer behavior</p> Signup and view all the answers

[Blank] involves decisions related to investment, financing, and asset management to achieve the firm’s financial goals.

<p>financial management</p> Signup and view all the answers

Efficient ______ ensures that products are available to consumers at the right time and place, optimizing distribution networks.

<p>supply chain logistics</p> Signup and view all the answers

A marketing strategy that focuses on building long-term relationships with customers and providing personalized experiences is known as ______.

<p>relationship marketing</p> Signup and view all the answers

When a company decides to invest in renewable energy sources, it demonstrates a commitment to ______, which can enhance its public image.

<p>environmental sustainability</p> Signup and view all the answers

Analyzing consumer ______ and preferences helps businesses identify new opportunities for product development and market segmentation.

<p>buying habits</p> Signup and view all the answers

Effective ______ helps companies optimize inventory levels, reduce costs, and improve overall efficiency in production and distribution.

<p>operations management</p> Signup and view all the answers

Flashcards

Business Ethics

A business's moral principles and values that guide behavior.

Financial Management

The process of planning, organizing, directing, and controlling a company's financial resources.

Consumer Behavior

The study of individuals, groups, and organizations and all the activities associated with the purchase, use and disposal of goods and services.

Supply Chain Logistics

The process of strategically managing the flow and storage of raw materials, work-in-process inventory, and finished goods from point of origin to point of consumption.

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Marketing Mix (4Ps)

The 4Ps are product, price, place, and promotion. These are key components used to market a business.

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Marketing

Creating, communicating, and delivering value to customers to benefit the organization and its stakeholders.

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SWOT Analysis

A tool to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or business strategy.

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Porter's Five Forces

A framework to understand a company's competitive intensity and profitability

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Business Model

The approach that an organization takes to create, deliver, and capture value.

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