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Questions and Answers
What is the term for the process of creating a distinct identity for a business in the minds of its target audience?
What is referred to as the contest or rivalry among companies selling similar products or services?
What is the term for the study of scarcity, focusing on the production, distribution, and consumption of goods and services?
What is the term for a parcel of land and structures permanently attached to the land?
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What is the term for an individual or organization that purchases or may potentially purchase a good, product, or service from another business?
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What is the term for a focused set of people or businesses who want to purchase a specific offering?
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What is the term for the potential benefits that are missed out when choosing one alternative over another?
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What type of loan is secured by the property being purchased?
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What is the term for the profits realized from selling an investment?
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What is the term for the loss of value of an asset?
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What is the term for the process of evaluating the efficiency of a particular action or project?
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What type of institution facilitates the flow of funds between savers and borrowers?
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What is the definition of inflation?
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What is the primary purpose of a marketing plan?
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What is the definition of a service?
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What is the primary difference between needs and wants?
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What is the primary purpose of a mission statement?
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What does the SMART formula ensure?
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What is the primary purpose of inbound logistics in the value chain?
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What is the main goal of companies that adopt focus strategies?
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What is the term for the phenomenon of interconnectedness of economies, societies, and cultures across the world?
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What is the benefit of companies collaborating with other firms, sharing resources, and leveraging each other's strengths?
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What is the primary purpose of General Liability Insurance?
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What is the term for the theory of decision-making that emphasizes the importance of making small, gradual changes over time?
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What is the primary purpose of Industry Analysis?
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Which element of the Seven S Model refers to the capabilities and competencies required for an organization's activities?
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What is the benefit of a well-designed structure in an organization?
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What is Competitive Strategies primarily concerned with?
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What does Portfolio Strategies primarily involve?
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What is the primary focus of Style & Shared Values in the Seven S Model?
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Study Notes
Marketing Concepts
- Marketing: activities to promote buying or selling of products or services
- Branding: creating a distinct identity for a business in the minds of the target audience and the general population
- Competition: contest or rivalry among companies selling similar products and/or targeting the same target audience
- Customers: individuals or organizations who purchase, have purchased, or may potentially purchase a good, product, or service from another business or organization
- Market Niche: a focused set of people or businesses who want to purchase a specific offering
- Brand Ambassador: a person who represents and advertises a company, supports its offers and acts as the embodiment of the company's corporate identity through words and actions
- Logo: a point of identification; the symbol that customers used to recognize a brand
Business Concepts
- Business Goal: an endpoint, accomplishment, or target an organization wants to achieve in the short term or long term
- Value Chain: a set of activities that a company performs to deliver a valuable product or service to its customers
- Inbound Logistics: activity in the value chain that involves receiving, storing, and distributing inputs to the production process
- Procurement: acquisition of inputs such as raw materials, supplies, and equipment
- Human Resource Management: involves recruitment, training, and development of employees
Real Estate and Economics
- Real Estate: a parcel of land and structures that are permanently attached to the land
- Supply: the market's ability to produce a good or service
- Demand: the market's desire to purchase the good or service
- Economics: the study of scarcity; a social science that focuses on the production, distribution, and consumption of goods and services
- Opportunity Cost: represents the potential benefits that a business, an investor, or an individual consumer misses out on when choosing one alternative over another
Financial Concepts
- Mortgage Loan: a secured loan where the borrower pledges the property being purchased as collateral for the loan
- Commodities: raw materials used to manufacture consumer products
- Financial Institution: facilitates the flow of funds between savers and borrowers, managing financial risks, and providing various financial products and services to individuals, businesses, and governments
- Depreciation: loss of value of an asset
- Investment: placing funds in a project with the intention of making a profit in the future
- Capital Gains: the profits that are realized by selling an investment, such as stocks, bonds, or real estate
- Cost Effectiveness: a concept used to evaluate the efficiency of a particular action, project, or investment by comparing the costs incurred with the benefits achieved
Marketing Strategies and Architecture
- Architecture Marketing: the practice of promoting architectural services, projects, and firms to attract clients, showcase expertise, and build brand reputation within the architecture industry
- Marketing Plan: a strategic document that outlines an organization's marketing objectives, strategies, tactics, and activities to achieve its business goals within a defined time frame
- Service: an intangible offering provided by one party to another in exchange for payment
- Needs: basic necessities and requirements essential for survival and well-being
- Wants: desires or preferences for goods, services, or experiences that go beyond basic necessities
- Competitor: an entity, such as a company or organization, that offers similar products or services to the same target market as another entity
- Marketing Medium: the communication vehicle used to deliver the marketing message
- Smart Formula: a framework commonly used in goal-setting to ensure that objectives are specific, measurable, achievable, realistic, and time-specific
- Marketing Budget: a financial plan that outlines the funds allocated to various marketing activities and initiatives within a specific timeframe
- Mission Statement: a concise declaration that communicates the purpose, values, and goals of an organization
Organization and Management
- Structure: the way in which the organization is organized and the relationships between different departments and functions
- Industry Analysis: evaluates competitive landscape and identifies market trends
- Systems: processes and procedures used to manage an organization's activities
- Competitive Strategies: a long-term plan of action to gain a competitive advantage over rivals
- Staff: critical resource for any organization in the Seven S Model
- Portfolio Strategies: a plan that outlines the investments an individual or organization will make and how they will be managed
- Skills: capabilities and competencies required for organization's activities
- Style & Shared Values: leadership style and culture of the organization, and beliefs and principles that guide the behavior of employees
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Description
Test your knowledge on business management concepts such as marketing, branding, competition, and customers. Learn how these concepts apply to architecture and improve your understanding of the business side of the industry.
