BCOR 1015 exam 1 Questions & Answers Already Graded A+

business - Answer-any profit-seeking organization that provides goods and services designed to satisfy customers' needs revenue - Answer-money 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-money left over after all the costs involved in doing business have been deducted from revenue competitive advantage - Answer-some aspect of a product or company that makes it more appealing to target customers. some companies aim for lower prices while others aim for quality or uniqueness. consumers benefit from better products and more choices, and companies get to focus in what they do best nonprofit organizations - Answer-organizations that provide goods and services without having a profit motive, such as museums, most universities, and charities goods producing business - Answer-companies that create value by making things, most of which are tangible, digital products such as software and music downloads are an exception. often very capital intensive. they require large amounts of money to get started service business - Answer-companies that create value by performing activities that deliver some benefit to customers, such as finance, healthcare, transportation, construction, and banking. rely more on human resources barrier to entry - Answer-any resource or capability a company must have before it can start competing in a given market. this can include government testing and approval, tightly controlled markets, strict licensing procedures, limited supplies of raw materials, and the need for highly skilled employeessocial environment - Answer-trends and forces in society at large. for example, all companies are affected by population trends that change the composition of consumer markets and the workforce stakeholders - Answer-internal and external groups affected by a company's decisions and activities technological environment - Answer-forces resulting from the practical application of science to innovations, products, and practices legal and regulatory environment - Answer-laws and regulations at local, state, and national levels. the policies and practices of government bodies also establish an overall level of support for businesses operating within their jurisdiction market environment - Answer-a company's target customers, the buying influences that shape the behavior of those customers, and competitors that market similar products to those customers research and development (R&D) - Answer-functional area responsible for conceiving and designing new products information technology - Answer-systems that promote communication and information usage through the company or that allow companies to offer new services to their customers