MIE 201 TEST 5 FULLY SOLVED TEST PAPER
GRADED A+
◉ revenue.
Answer: - money that a company brings in through the sale of goods
and services
◉ business model.
Answer: - a concise description of how a business intends to
generate revenue
◉ profit.
Answer: - the amount of money left over after expenses (all the costs
involved in doing business) have been deducted from the revenue
◉ expenses.
Answer: - all the costs of doing business that are necessary to earn
revenue
◉ competitive advantage.
Answer: - some aspect of a product or company that makes it more
appealing to its target customers
,◉ risk and reward relationship.
Answer: - fundamental to modern day economies
- a company needs some promise of reward before it is willing to
take the risks involved in creating/selling products
- risks are attached directly to decisions so bad decision = company
suffers
◉ barrier to entry.
Answer: - any resource or capability of a company must have before
it can start competing in a given market (large sum of money,
equipment, land, etc.)
◉ business mindset.
Answer: - a view of business that considers the myriad decisions
that must be made and the many problems that must be overcome
before companies can deliver the products that satisfy customer
needs
◉ what to consider using the business mindset?.
Answer: - functionality of products?
- marketing of products?
- image of company?
- price of products?
,- availability / where to sell product through?
- services?
◉ relationship b/w business and society.
Answer: - weighing the positive and negative effects
- businesses can benefit communities and nations in multiple ways
but they can also negatively impact society it just depends
◉ major functional areas in a business enterprise.
Answer: - research and development
- information technology
- manufacturing / production / operations
- marketing and sales
- finance and accounting
- human resources
- business services
◉ research and development (R&D).
Answer: - functional area responsible for conceiving and designing
new products
- sometimes known as product design or engineering
, - essential for survival b/c it provides the ideas and designs that
allow business firms to meet customer needs in competitive markets
◉ information technology (IT).
Answer: - systems that promote communication and information
usage through the company or that allow companies to offer new
services to their customers
◉ manufacturing, production, or operations (operations managers).
Answer: - an area where the company makes whatever it makes (for
goods-producing businesses) or does whatever it does (for service
businesses)
- responsible for purchasing, logistics, facilities management
◉ marketing and sales.
Answer: - charged with identifying opportunities in the marketplace
- working with R&D to develop the products to address those
opportunities
- creating branding and advertising strategies to communicate with
potential customers, and setting prices
- sales and marketing might not be aligned in some businesses
- 3 functions (sales/distribution/customer support)
◉ what are the three functions of marketing and sales?.
GRADED A+
◉ revenue.
Answer: - money that a company brings in through the sale of goods
and services
◉ business model.
Answer: - a concise description of how a business intends to
generate revenue
◉ profit.
Answer: - the amount of money left over after expenses (all the costs
involved in doing business) have been deducted from the revenue
◉ expenses.
Answer: - all the costs of doing business that are necessary to earn
revenue
◉ competitive advantage.
Answer: - some aspect of a product or company that makes it more
appealing to its target customers
,◉ risk and reward relationship.
Answer: - fundamental to modern day economies
- a company needs some promise of reward before it is willing to
take the risks involved in creating/selling products
- risks are attached directly to decisions so bad decision = company
suffers
◉ barrier to entry.
Answer: - any resource or capability of a company must have before
it can start competing in a given market (large sum of money,
equipment, land, etc.)
◉ business mindset.
Answer: - a view of business that considers the myriad decisions
that must be made and the many problems that must be overcome
before companies can deliver the products that satisfy customer
needs
◉ what to consider using the business mindset?.
Answer: - functionality of products?
- marketing of products?
- image of company?
- price of products?
,- availability / where to sell product through?
- services?
◉ relationship b/w business and society.
Answer: - weighing the positive and negative effects
- businesses can benefit communities and nations in multiple ways
but they can also negatively impact society it just depends
◉ major functional areas in a business enterprise.
Answer: - research and development
- information technology
- manufacturing / production / operations
- marketing and sales
- finance and accounting
- human resources
- business services
◉ research and development (R&D).
Answer: - functional area responsible for conceiving and designing
new products
- sometimes known as product design or engineering
, - essential for survival b/c it provides the ideas and designs that
allow business firms to meet customer needs in competitive markets
◉ information technology (IT).
Answer: - systems that promote communication and information
usage through the company or that allow companies to offer new
services to their customers
◉ manufacturing, production, or operations (operations managers).
Answer: - an area where the company makes whatever it makes (for
goods-producing businesses) or does whatever it does (for service
businesses)
- responsible for purchasing, logistics, facilities management
◉ marketing and sales.
Answer: - charged with identifying opportunities in the marketplace
- working with R&D to develop the products to address those
opportunities
- creating branding and advertising strategies to communicate with
potential customers, and setting prices
- sales and marketing might not be aligned in some businesses
- 3 functions (sales/distribution/customer support)
◉ what are the three functions of marketing and sales?.
