UNH ADMN 400 Exam 1 Material Questions & Answers Already Passed!!

impact of business on economy/society - Answer--small businesses contribute to local economies by bringing growth and innovation to the community in which the business is established distinctive competencies - Answer-1. New niche in an established market -Identifying a segment of the market that is not currently being exploited by other companies 2. New market -Identifying new markets by either transferring a product/service from one established geographic market to another, or by creating entirely new industries ethics (in the workplace) - Answer-beliefs, moral standards, govern a person's behavior social responsibility (CSR) - Answer-the concern of a business for the welfare of society trends in ethics and corporate social responsibility - Answer-strategic changes in corporate philanthropy, a new social contract between employers and employees, and the growth of global ethics and corporate social responsibility. CSR= Sustainable Development Goals. Synergistic Approach. Measurement. Corporate Activism. the Art of Innovation - Answer--Determine how you can make meaningful change in the world (Make meaning, not money) -Develop a mantra (Why you exist in 2-3 words) -Roll the dice (Create something that is deep, intelligent, complete, empowering, and eloquent) -Don't worry be crappy (New, meaningful products/services aren't always perfect. Just be ready to evolve.) -Perfect your pitch (Know how to effectively talk about your innovation) How to Come up with Hundreds of Business Ideas key ideas - Answer-1. Business ideas that solve problems 2. Solve things that may become problems 3. Adapt to evolving needs 4. Save people money5. Make people's lives easier 6. Make chores or things that feel like tasks less unpleasant 7. Turn a hobby or something you're passionate about into a business 8. Fulfill a need 9. Appeal to a base emotion 10. Experience more 11. Steal others' ideas