Podcast
Questions and Answers
Which of the following best defines business strategy?
Which of the following best defines business strategy?
- The research and development process of creating a product
- The strategies a company uses to reach its goals and get customers (correct)
- The process of making money in a company
- The goals a company wants to achieve
What is a company's mission?
What is a company's mission?
- The goals it has for its customers
- The goals it has for its management
- The goals it has for its workers
- The goals it has for itself (correct)
Why is marketing important in selling a product?
Why is marketing important in selling a product?
- Because it helps make people want to buy the product (correct)
- Because it helps learn about customers and develop a product
- Because it helps create a great product or service
- Because it helps define a company's mission
What does R&D stand for?
What does R&D stand for?
Why might a company's mission change over time?
Why might a company's mission change over time?
Which of the following is NOT mentioned as a strategy for business management?
Which of the following is NOT mentioned as a strategy for business management?
What does R&D stand for?
What does R&D stand for?
What is the purpose of marketing in selling a product?
What is the purpose of marketing in selling a product?
Why is having a clear company mission important?
Why is having a clear company mission important?
What is business management?
What is business management?
Flashcards
Business Strategy
Business Strategy
A company's overall plan to achieve its goals and attract customers.
Company Mission
Company Mission
The main reason a company exists and its goals.
Marketing's Role in Selling
Marketing's Role in Selling
The set of activities used to create desire for a product.
R&D (Research and Development)
R&D (Research and Development)
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Reasons for a Company's Mission to Change
Reasons for a Company's Mission to Change
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Business Management
Business Management
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Importance of a Clear Company Mission
Importance of a Clear Company Mission
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The Purpose of Business Management
The Purpose of Business Management
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Study Notes
Business Strategy and Management
- Business strategy is a company's plan to achieve its goals and objectives.
- A company's mission is its overall purpose and direction, defining what it wants to achieve and how it will do it.
Marketing and Selling
- Marketing is important in selling a product as it helps to identify customer needs, create products that meet those needs, and communicate the value of the product to potential customers.
Research and Development
- R&D stands for Research and Development, which is the process of creating new products, services, or processes, or improving existing ones.
Changing Mission
- A company's mission might change over time due to changes in the market, industry, or internal circumstances, requiring adaptation to stay relevant and competitive.
Business Management
- Business management involves planning, organizing, and supervising business activities to achieve goals and objectives.
- Having a clear company mission is important as it provides direction, focus, and motivation for employees, and helps to guide decision-making.
Strategy Options
- There are various strategies for business management, but one option that is NOT mentioned is "doing nothing" or taking no action.
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