Podcast
Questions and Answers
The firm's major products or services are known as its ______.
The firm's major products or services are known as its ______.
offerings
An organization chart illustrates the internal ______ of a company.
An organization chart illustrates the internal ______ of a company.
structure
A ______ is a business organization owned by one person, personally liable for its debts.
A ______ is a business organization owned by one person, personally liable for its debts.
sole proprietorship
In a partnership, the business is owned by two or more ______.
In a partnership, the business is owned by two or more ______.
Signup and view all the answers
Corporations are separate entities and stakeholders are not personally responsible for ______.
Corporations are separate entities and stakeholders are not personally responsible for ______.
Signup and view all the answers
Organizational planning helps with establishing ______, focusing energy and resources.
Organizational planning helps with establishing ______, focusing energy and resources.
Signup and view all the answers
The ______ refers to where you want to take your business.
The ______ refers to where you want to take your business.
Signup and view all the answers
Employees in a functional organizational chart are grouped according to their ______.
Employees in a functional organizational chart are grouped according to their ______.
Signup and view all the answers
A business plan is a written document describing the nature of the business, the sales and marketing strategy, and the financial ______.
A business plan is a written document describing the nature of the business, the sales and marketing strategy, and the financial ______.
Signup and view all the answers
Business Name (BN) shall refer to ANY name that is different from the true name of an ______ which is used or signed in connection with her/his business.
Business Name (BN) shall refer to ANY name that is different from the true name of an ______ which is used or signed in connection with her/his business.
Signup and view all the answers
The dominant word in a business name does not contain purely ______ words.
The dominant word in a business name does not contain purely ______ words.
Signup and view all the answers
A business description usually begins with a short explanation of the ______.
A business description usually begins with a short explanation of the ______.
Signup and view all the answers
A vision statement should be short, preferably one ______, and should involve as many managers as possible in its development.
A vision statement should be short, preferably one ______, and should involve as many managers as possible in its development.
Signup and view all the answers
The mission statement answers the pivotal question, 'What is our ______?'
The mission statement answers the pivotal question, 'What is our ______?'
Signup and view all the answers
FONT-BASED LOGOS consist of just the company name in a carefully chosen ______ that makes it stand out.
FONT-BASED LOGOS consist of just the company name in a carefully chosen ______ that makes it stand out.
Signup and view all the answers
ABSTRACT SYMBOLS, such as Nike's swoosh, are immediately identified with the company's brand and ______.
ABSTRACT SYMBOLS, such as Nike's swoosh, are immediately identified with the company's brand and ______.
Signup and view all the answers
Employees in a global company might be grouped according to their ______.
Employees in a global company might be grouped according to their ______.
Signup and view all the answers
Job description and job ______ are integral parts of job analysis.
Job description and job ______ are integral parts of job analysis.
Signup and view all the answers
A well-designed salary structure allows management to reward ______ and skills development.
A well-designed salary structure allows management to reward ______ and skills development.
Signup and view all the answers
A Gantt chart visually represents a project plan over ______.
A Gantt chart visually represents a project plan over ______.
Signup and view all the answers
Total Quality Management (TQM) involves all employees in continual ______.
Total Quality Management (TQM) involves all employees in continual ______.
Signup and view all the answers
A production/service ______ is designed to identify types of quality problems at each work station.
A production/service ______ is designed to identify types of quality problems at each work station.
Signup and view all the answers
Marketing is about creating, communicating, and delivering ______ to customers.
Marketing is about creating, communicating, and delivering ______ to customers.
Signup and view all the answers
FIFO stands for First-In-First-______.
FIFO stands for First-In-First-______.
Signup and view all the answers
The marketing mix involves different choices organizations make to bring a product or service to ______.
The marketing mix involves different choices organizations make to bring a product or service to ______.
Signup and view all the answers
Penetration pricing is aimed at taking advantage of a 'low' price to secure high ______ in the market.
Penetration pricing is aimed at taking advantage of a 'low' price to secure high ______ in the market.
Signup and view all the answers
Market skimming is suitable for products that have short ______ cycles.
Market skimming is suitable for products that have short ______ cycles.
Signup and view all the answers
Value pricing is determined by customer perceptions about the ______ of the product/service.
Value pricing is determined by customer perceptions about the ______ of the product/service.
Signup and view all the answers
Loss leader pricing involves selling goods below ______ to encourage sales.
Loss leader pricing involves selling goods below ______ to encourage sales.
Signup and view all the answers
Psychological pricing links with value pricing and is designed to play on consumer ______.
Psychological pricing links with value pricing and is designed to play on consumer ______.
Signup and view all the answers
Competitor pricing involves matching the prices set by ______ leaders in the market.
Competitor pricing involves matching the prices set by ______ leaders in the market.
Signup and view all the answers
Cost-plus pricing calculates the selling price by adding a ______ to the cost of the product.
Cost-plus pricing calculates the selling price by adding a ______ to the cost of the product.
Signup and view all the answers
Study Notes
Business Plan Components
- A business plan documents the business's nature, sales/marketing strategy, and financial background.
- It includes a projected profit and loss statement.
- A business name (BN) is any name used in connection with a business, different from the owner's true name, which is used on receipts or elsewhere.
Anatomy of a Business Name
- Dominant word: words or letter combinations without generic meaning.
- Descriptor: words describing the business nature.
- Infix: specialized descriptor differentiating business type.
Business Logo Types
- Font-based logos: company name in a distinct font.
- Literal illustrations: company name alongside an image relevant to the business (e.g., bread for a bakery).
- Abstract symbols: images immediately associated with the company brand (e.g., Nike swoosh).
Mission and Vision Statements
- Vision statement: answers "What do we want to become?" (short, preferably one sentence).
- Mission statement: declares the organization's reason for being, answers "What is our business?", and outlines the organization's objectives, strategies, and serves as a statement of purpose, philosophy, or beliefs.
Mission Statement Components
- Customers: identifies the target customer base.
- Products/services: lists primary products or services.
- Markets: geographical areas the business operates in.
- Technology: the company's technological infrastructure.
- Concern for survival, growth, and profitability.
- Philosophy: the core beliefs and values of the business.
- Self-concept: company's unique strengths and competitive advantages.
- Concern for public image: social and environmental responsibility.
- Concern for employees: employee value to the business.
Business Organizations
- Sole Proprietorship: one person owns and is personally liable for business debts.
- Partnership: two or more people own and are personally liable for business debts.
- Corporation: a separate legal entity, with shareholders not personally liable.
Organizational Planning
- Organization planning helps set priorities, manage energy and resources, and ensure employees and stakeholders work towards a common goal, while allowing adjustments to changing environments.
- Key aspects of organizational planning include destination, initial point, journey, and checkpoints.
Organizational Charts
- Visual representations of an organization's internal structure.
- Employees and positions are shown with lines connecting levels in the organization.
- Types include hierarchical, functional, geographical, product, matrix, horizontal/flat, network, line, team-based, functional, product-based, geographical, process-based, and circular structures.
Job Descriptions and Specifications
- Job descriptions detail the job's tasks, responsibilities, and duties.
- Job specifications outline the skills, experience, and qualifications required.
- Both are crucial for recruitment and selection processes.
Job Analysis
- A primary method for data collection for job descriptions and specifications.
Personnel Salary Structure
- Well-designed salary structure allows management to fairly reward performance and encourage skill development.
Gantt Charts
- Visual representation of project schedules including task assignments and timelines.
Total Quality Management
- A customer-focused organizational management system that involves all employees in continuous improvement.
Production/Service Check Sheets
- Simple form identifying quality issues at each work station, per shift, machine, or operator.
Production/Service Flowcharts
- Visual representation of tasks in a process, with steps shown in order.
Distribution Channel Strategy
- Distribution strategies describe how products move from producer to consumer.
- Four typical channel structures are Producer-Consumer, Producer-Retailer-Consumer, Producer-Wholesaler-Retailer-Consumer, and Producer-Agent-Wholesaler-Retailer-Consumer.
Marketing
- Organizational function creating, communicating, and delivering value to customers.
Marketing Mix
- A set of decisions businesses make to bring a product to market.
- Two main types are 4P's and 7P's, developed in the 1960s and 1980s respectively.
Pricing Strategies
- Penetration pricing: low price to achieve high volume.
- Market skimming: high initial price to maximize profit from early adopters.
- Value pricing: pricing based on perceived value.
- Loss leader: pricing below cost to encourage sales.
- Psychological pricing: prices ending in .99 or .95
- Competitor pricing: pricing similar to the competitor.
Packaging
- Packaging contains information about products, stands out from competitors, is functional, safe, easy to remove and promotes product benefits.
PESTLE Analysis
- An external analysis tool for identifying opportunities and threats from political, economic, social, technological, legal, and environmental factors.
Porter's Five Forces
- Analyzes the competitive intensity and attractiveness of an industry.
- Forces include buyer power, supplier power, threat of substitutes, threat of new entrants, and rivalry among competitors.
Porter's Generic Value Chain
- A framework that identifies activities that create value in a business.
SWOT Analysis
- An analysis tool that identifies a company's strengths, weaknesses, opportunities, and threats to guide decision-making.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
Test your knowledge on the key components of a business plan, including the significance of business names, logos, and mission statements. This quiz covers the essential elements that every successful business plan should entail. Discover what makes a compelling vision and mission statement.
